Millennials continue to be the driving force behind social commerce because of their passion for social media, according to the latest study conducted by the Center for Marketing Research at the University of Massachusetts Dartmouth. The infographic below illustrates their social commerce usage.
The study provides an in-depth look at current purchasing habits and trends of Millennials using three of the most widely used social media platforms — Facebook, Twitter and Pinterest. Millennials themselves identified the lead conversion tactics they respond to.
Participants were asked specifically about the new “buy” buttons currently being tested by Facebook and Twitter. Of note, nearly half of Millennials use their smart phones to make purchases online.
Highlights of the study include:
- 35% of Millennials are likely to use a “buy” button on Facebook and 24% are likely to use one on Twitter, should those be provided by the platforms.
- Facebook declines but is still the most popular platform among Millennials when looking to interact with companies/brands online. While their numbers have fallen slightly, Twitter and Pinterest have made modest gains. Fifty-five percent of respondents currently like at least one brand on Facebook (down from 62% last year). Twitter has 29% (up from 23%) and Pinterest has 16% (up from 11%) of Millennials following or pinning a company/brand.
- Nike is the most liked/followed brand on Facebook and Twitter for the second straight year.
- Hair, Beauty and Apparel continues to be the category in which most products are purchased by Millennials across all platforms studied.
- Pinterest again has the highest online sales conversion rate relative to users of larger platforms. The user-friendly, highly visual design of the website facilitates information search and evaluation of alternatives. Pinterest makes the transaction process flow with optimal ease for consumers.
- 48% of Millennials use smart phones to make purchases online and 21% use tablets.
The study noted that, unlike past generations, Millennials are not influenced by traditional ‘push’ marketing strategies. Born and raised in the age of technology, Millennials consume information when and how they want to. This poses a challenge to brands in developing strategies that will attract Millennials — with their combined purchasing power of $2.45 trillion worldwide by 2015 — to their social commerce sites.
This infographic summarizes key findings of the study: