Millennials represent the largest group of consumers, and more than 67 percent prefer to shop online rather than in store. In our fast-paced, busy world, these digital-first buyers value quick and efficient online purchasing and hassle free delivery experiences.
Millennial consumers prefer shopping through online marketplaces like Amazon and eBay, where a broader range of products can be accessed quickly and shipped in the same order.
A study by UPS Inc. and comScore Inc., found that 97 percent of millennial U.S. consumers who shop online have made a purchase on an online marketplace. Of those marketplace shoppers, 90 percent shop on Amazon.
Millennial consumers highly appreciate online marketplaces, as they allow the viewing of more than one purchase option at a time, allowing customers to compare product details and prices with ease.
According to a 2020 survey by Invesp, over 54 percent of millennial consumers said they prefer online shopping experiences that allow them to easily compare products. When it comes to deciding which product to purchase, they believe that it is more convenient to do the research by themselves rather than going to a brick-and-mortar store and asking a salesperson for help.
Merit, a leading B2B marketing and services company, found that 73 percent of millennials in the workforce are involved in either influencing or making buying decisions for their companies. Therefore, B2B brands and distributors must take note of millennial consumer expectations and the growing demand for digital experiences, or they will risk falling behind their competitors.
By launching their very own marketplace, B2B distributors can provide a one-stop-shop for all items for consumers, which will help to increase average order value and improve customer loyalty in the process.
Distributors who want to innovate their E-commerce for long-term growth should launch an online marketplace through a guaranteed, holistic approach, such as the MarketPush B2B marketplace solution.