In today's scenario, the millennials are keen towards the mobile technology wherein they expect to use the best of it in all aspects of their lives. Online channels help the millennials to enhance their shopping experiences by taking a glance at the reviews, ratings, value, and pricing of the products. This can be attributed to the streamlined services coupled with the free trials and delivery, and additional discounts offered by the apps. But, at the same time, how their mood affects their decision is still a question. For instance, if the consumers are in a good mood, they are likely to shop more. However, if they are in a low mood, they might not shop for anything. This study includes the mind and mood analysis of the young millennial consumers while shopping for apparels online. The study will involve in-depth interviews of 21 customers. The analysis will be done through the Leximancer tool. Additionally, this chapter would help the retailers understand the range of mood, which the customers display while purchasing apparels online and accordingly devise their strategies.
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Online channels help the millennial to enhance their shopping experiences by taking a glance on the review and ratings, along with the value and pricing of the products. Furthermore, the individual apps for shopping stores and retailer brands are also expected to favorably impact the changing shopping trends over the forecast period. This can be attributed to the streamlined services coupled with the free trials, delivery, and additional discounts offered by the apps. The social media platforms also play an important role in this segment. Every millennial nowadays, are engaged in using any one of the social media sites for uploading and sharing their experiences with the brands that they use (Engagement, 2017).
Millennial includes the people born in between the years 1980 and 2000, i.e. the generation which truly is a digital one. This generation focuses on getting all the insights and information of the various products through different online channels in order to get the best value as well as services. They emphasize more on the shopping experience, product quality, and prices of the products (Baird, 2017). The millennial belong to the era of globalization, and numerous technological developments, which are further anticipated to enhance their behavioral pattern and mindsets. These customers are grown up with internet and smartphones, which helps suffice their needs. The convenience as well as accessibility of the mobile apps acts as a favorable factor to maintain the loyalty of these customers. Additionally, the social networking platforms which help in knowing the whereabouts and experiences of the customers, enhances their shopping trends. Furthermore, factors such as extracting all information related to the products including reviews, feedback and ratings are expected to change the perceptions and mindset of the customers.
In today’s scenario, spending powers of the millennial are the maximum as compared to other generations. However, maintaining the brand loyalty of these customers is expected to be one of the challenges. The retailers need to design their strategies accordingly, to keep the millennial customers motivated and attracted towards them. Increasing innovations and developments in technologies are expected to boost the millennial shopping trends and demand. The millennial are very brand specific. This generation is more interested in the services which are much convenient, faster and easier. These people emphasize more on purchasing the products which are derived through the ethical practices and social conscious. The retailers need to lay more stress on the consumer mindset and changing preferences with time.
According to a study, the frequency of the millennial online shopping purchase in Asia, Western Europe, and North America vary from that of the purchase trends of the millennial in the regions of Middle East, Africa, and Latin America. Western Europe and North America region is expected to witness larger online sale on account of the larger disposable income as compared to the other developing economies of the world (KPMG, The truth about online consumers, 2017). E-commerce segment, specifically for the apparel is anticipated to witness significant growth. The millennial follow several brands on the online retail shopping platform. This can be attributed to the factor that they are very sensitive towards pricing and majorly, opt for the products which are on discount. For instance, online retail apps such as Zara, helps to keep the tab on the fresh arrivals, as well as filter large assortments easily. Additionally, this app also consists of a built-in barcode scanner which is engaged in offering information related to the customer in-store findings. This includes whether the store has that particular product in size or whether the product is out of stock or the users are looking for different colors. Similarly, Asos.com is a British online beauty and fashion hub which is engaged in selling nearly 850 brands along with its own range of accessories and fashionable clothing. Furthermore, this app also offers free shipping up to the orders of certain price level and can also get synchronized with the apple watch for various sale alerts.