Amazon, Target, Nike and Best Buy tick Millennial boxes as they make connections with key consumers
Millennials shop more frequently at physical stores, but spend more money when shopping online, according to Checkout Tracking, NPD Group’s receipt mining service.
NPD said Amazon and Target are among the nine major online retailers recognised by the researcher as ‘Millennial Magnets’ for the connection they made with these shoppers in 2016.
It said Amazon had the largest overall e-commerce penetration among Millennial buyers in 2016, based on its Checkout Tracking information. Target was identified as having the top increase in e-commerce penetration among Millennial buyers of all general merchandise retailers in 2016.
The remaining retailers, which spanned a variety of industries, had notable increases in e-commerce Millennial penetration, within their respective industries, compared to 2015. They included Nike for footwear, Best Buy for consumer electronics, jet.com for health & beauty, Toys R Us for toys, Wayfair.com for textiles, Walmart for homewares and Asos for apparel.
“The Millennial buyer is business critical but complicated, often finding appeal in smaller, more specialised shopping options,” said Andy Mantis, executive VP of Checkout Tracking. “The advances these major household-name brands have made with the Millennial audience will be valuable, as they spend more than twice as much per receipt when shopping online in several categories.”