Millennials' Demand Report: Online Retail in the Age of Amazon

INVIQA released a new report, "What Millennials Want: Online Retail in the Age of Amazon". By 2030, millennials will become mainstream consumers, contributing 35% of consumer spending. They are also pushing the boundaries of customer experience and spending more money on Amazon. 79% of millennials shopped on Amazon in the last month, compared to 62% of Generation Z.

As online retailers across industries struggle to defend themselves in a shrinking retail space in the shadow of Amazon, it is important to discover and understand the needs and behaviors of millennials as they strive to get consumers to buy directly from their stores.

Amazon is the default e-commerce platform for millennials to shop. 59% of millennials (16-36 years old) go to Amazon before visiting other e-commerce websites. Its convenience, price and rich product range are very much in line with the needs of millennials.

Amazon Prime offers fast, free shipping and one-click purchasing, which has attracted more than 100 million members worldwide, who spend 50% more than non-members.

The retail giant's easy returns process and vast inventory are another advantage in its dominance. 23% of millennials said they shop on Amazon because of its wide selection of products. And Amazon is still expanding its merchandise.

Amazon, on the other hand, has been using data from consumers, sellers and competing brands to test consumer attitudes toward specific products and prices. It has used these insights to launch more than 70 private brands and has earned a reputation for leveraging consumer data.

Amazon is taking over the e-commerce market and using its scale and data to create new e-commerce businesses to sell new things, which is disrupting more and more industries.

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