Millennials and Baby Boomers differ vastly in their shopping behaviors, yet they also demonstrate strikingly similar buying values. In a digital age wherein the power and the money of America’s largest generations influence ecommerce revenue performance, the challenge for retailers is to maintain awareness of the range of shopper expectations and accommodate for ever-changing needs.
The first step in attracting, winning, and retaining Millennial and Baby Boomer shoppers is understanding their buying behaviors. Below, we’ve compiled a side-by-side comparison, including differences and similarities between the generations based on the study, “Retail Today Defined by The Power and The Money; How Millennials and Baby Boomers are shaping the today and tomorrow of global retail.” Read the full study for more insights on Millennial and Baby Boomer shoppers.
Millennials currently hold “the power,” leading in progressive trends, their wide adoption of technology, and their ability to shape the shopping experiences of the future. For example, 38 percent of Millennials desire to do more mobile shopping, 36.7 percent want to pay for items in-store using mobile devices, and 30 percent are excited by the idea of delivery by drones.
On the other hand, Baby Boomers hold “the money.” With more disposable income than their children, they are interested in the ability to see and touch before buying – 48.6 percent feel more secure in shopping in-store.
What do these two demographics have in common? They both desire a seamless in-store and online experience, expect in-store staff to be equipped with technology to better assist them, and want to regularly check product information in-store using their mobile devices.
Read the full study for more insights into Millennial and Baby Boomer shoppers and their buying behaviors, and learn how Oracle Commerce Cloud enables retailers to attract, win, and retain Millennial and Baby Boomer shoppers at cloud.oracle.com/commerce.
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