Page 33 - Cross-Border Magazine Nr.3

~ Millennials ~

TOP 5 THINGS MILLENNIALS

LOOK FOR WHEN CHOOSING

TO BUY CROSS-BORDER

Text: Melissa O’Malley, Director Global Initiatives at PayPal // Photos: Stock

Millennials are an unstoppable force when it comes to online shopping. They have taken to
their phones, tablets, and computers to search for items from around the globe. Their prefer-
ences and habits make their buying patterns unique, and merchants can better attract and
retain millennial customers when catering to these particularities.

Ready to sell into this valuable customer, no matter where they -- or you! -- are around the world?
Here are 5 things millennials told us they look for when shopping online.

1) COMPETITIVE PRICING an important driver for 38% of millennial cross-border shop-

pers in our survey, and 49% cite that a secure way to pay is a top
Millennials are looking for deals. Price is a more important motivator. They are also more likely to check currency conversion
factor than product or company location, as 64% of millennials rates before making purchases in foreign currencies, so offering a
we polled say it doesn’t matter to them where items are shipped convenient tool to accomplish this can keep them on your site.
from, as long as the total price is good. Coupons, promotions, and
discounts drive 36% of the millennials polled to shop cross-border,
so offering items at a reduced price can entice younger shoppers. 4) EASY RETURN POLICY

Globally, millennials are more likely to return items purchased
2) QUICK AND FREE SHIPPING cross-border than the general population, with over 20% polled
saying they have sent back goods. Free shipping appeals to mil-
Millennials have grown up in a fast-paced, always-on world, and lennials, with 38% of shoppers stating that free return shipping
they expect the goods they order online to be equally available. is an important driver. Promoting a favorable return policy can
Over half of millennials in our research cite free shipping as a help create company appeal.
driver for their cross-border shopping activities, and millennials
are significantly more likely than the general population to shop
cross-border because of faster delivery times. Slow and costly de- 5) CONVENIENT PAYMENT
liveries are also two of the top barriers to their consumer activity. AND CHECKOUT METHOD

Millennials are a quick-moving bunch, and they don’t want
3) TRANSPARENCY online checkouts to slow them down. As a group, they are more
likely to choose a payment method because it offers a faster
Millennial shoppers want to know that they get what they pay for checkout process, and they are more likely to be driven to cross-
and their online transactions are reliable. Proof of authenticity is border shopping by payments available in their local currency.

Catering to millennial purchasing preferences can help merchants tap into a powerful consumer demographic: they are the most tech
savvy, diverse and connected cohort the world has ever known. They spend the most on online commerce and make up more than half
of those who intend to buy online. Millennials are a dynamic group, and engaging with these online shoppers is an effective way to
grow your international business.

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