Millennial Buying Habits and The Purchase Stage of the Buyer’s Journey – The Buyer’s Journey 04

Today’s episode is all about the Purchase stage of The Buyer’s Journey. What is it? How does it work? Listen in and find out! Plus, it seems like there isn’t a single industry that millennials aren’t killing these days. So, our resident millennials Josh and Matt discuss an eMarketer report on millennial buying habits and offer anecdotes and suggestions to retailers looking to capture this diverse audience.

What is the Purchase Stage?

The purchase stage of The Buyer’s Journey is easiest to explain. To simply put it, the Purchase Stage is when your customer purchases your product or service. But just because this is the center of the stage doesn’t mean it’s the only thing that matters. For example: how is a customer purchasing your product? On what device? What does your product’s packaging look like? If you offer a service, what does the online portal look like? What about the thank you for purchasing e-mail? These are all things that matter during the purchase stage. You want your customer to be satisfied with their product, and one way to do this (other than by having a great product or service) is to think about those questions in advance. While many marketers could leave this to your company to figure out, we at Commexis do offer creative services such as packaging design, logo design, e-mail copywriting services, etc.

Audience Profile

Here’s an example audience profile of the Purchase phase:

Jenna is a 24 year old who is about to move into her first apartment in Philadelphia. Because she’ll be moving out of her parent’s house soon, she’s in need of a vacuum to keep her new place tidy. Jenna has already gone through the Awareness and Consideration stages of The Buyer’s Journey and she has decided to buy her Byson vacuum. Jenna purchases her vacuum online on her smartphone and when it arrives, she’s very satisfied with her purchase. She likes the way the outer packaging looks (though she’s quick to recycle the cardboard, anyway) and the instruction manual is clear and concise. Jenna gives the vacuum a test run and it works as expected. Within the packaging, Jenna also finds a card advertising a 15% off coupon on her next purchase if she signs up for Byson’s emails. Jenna thinks this is a great idea and goes to sign-up. Now, Jenna is going into the Retention Stage.

eMarketer and Millennial Buying Habits

Mark Dolliver on eMarketer gives a fantastic breakdown of millennial buying habits on and offline. The a notable statistic, though not particularly surprising, is that millennials shop the most online compared to other generations.

Of course, this makes sense given the high density of millennials using online devices on a daily basis. When we narrow our focus to Amazon, however, there are some even more eye-opening finds. Dolliver reports that, “44% of 18-to-34s in a Max Borges survey in June said they would rather give up sex for a year than quit Amazon.” Quite the loyalty to free two-day shipping, as well as the myriad of Amazon reviews.

Convenience, of course, isn’t the only factor in determining where to shop. Millennials want the best deal. Dolliver spoke to Michelle Skupin, senior director of marketing and communications at RetailMeNot, who “pointed to research her company has done (in conjunction with Kelton Global) in which nearly seven in 10 millennials said they “cannot complete a purchase without searching for a deal or offer.” Clearly the best price trumps the ability to get items quickly.

Check out our next episode tomorrow where we’ll discuss the ins-and-outs of the Purchase stage of The Buyer’s Journey.

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