A majority of millennial women are using an app or web bookmarks to keep track of items they see online, comparing prices and styles before making a final purchase. In fact, 62% of these women consider themselves "wait-until-later" shoppers. And only 3% of women did not think it important to compare prices, styles, colors and more before buying.
"At Thinkover, we always knew that millennial women like to shop, but we wanted some quantitative data about how they shop," Adriana Neumann, CEO at digital platform Thinkover, told FierceRetail. "Our survey found that millennial women balance their love of shopping with sophisticated buying strategies. They compare, they contrast, they wait for sales—a whopping 89% in fact—and they are decidedly not the impulse purchasers the media make them out to be."
In addition, the study by Thinkover found that apps are the perfect platform for 89% of these millennial women to keep an eye on an item to see when it will go on sale. In addition, 55% of this demographic says they continuously check a retailer's website for sales and 75% are upset if they miss an online sale.
What else keeps these women from hitting the buy button sooner? Almost 78% of respondents said they prefer to share an item with a friend or family before making a purchase. The average millennial woman will wait a week in total before making the final purchase.
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And gone are the days of the computer for millennials, as 79% of women ages 15 through 35 do a majority of their online shopping on mobile devices. And making this process seamless is extremely important. For example, being able to locate a saved item on a retailer's website at a later date is a huge sticking point for young female shoppers.
Retailers need to be tailoring the experience to reach this demographic, as 94% of them spend over an hour a day shopping online. But keeping in mind that 60% of these women frequently forget about items that previously interested them, retailers have to work to keep the item that researched at top of mind.
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"No surprise that Thinkover is the fastest-growing shopping app among millennial women," Neumann said. "We created a 'Thinkover Place' where they can take a deep breath and engage in sensible shopping—rather than rushing in to buy. This creates an enormous opportunity for retailers who want to engage with this shopping behavior using the Thinkover Engagement Platform as an advertising and content channel.”