Millennials, defined as the cohort born between 1980 and 1994, stand out amongst their peers in their adoption and use of technology, especially for essential purchases.
The internet provides convenience and immediate access for purchases of all kinds. Millennials – a generation identified by its use of digital tools – have the know-how and resources to make large scale purchases seamlessly and conveniently.
There is a wealth of technology out there online, and this is how millennials are using technology to make large-scale purchases:
Real Estate
Table of Contents
Studies suggest that millennials take more time to decide what to watch on Netflix than to find an excellent real estate agent, but matching with the wrong agent can lead to costly long-term mistakes.
This is why more and more millennials are turning to the Nobul app for guidance. Nobul uses proprietary technology to scan millions of transactions and reviews to find the most reliable real estate professionals. It also shares an agent’s commission rates, experience, and closures.
Founded by CEO Regan McGee, Nobul’s primary audience is millennial first-time homebuyers.
“Millennial first-time home buyers are our target demographic,” McGee explained to Yahoo Finance Canada. “We currently do the vast majority of our transactions as buy transactions with first-time buyers. Just like many other disruptor technology platforms, first-time millennials are going to generally tell their parents about it.”
More millennials also buy physically unseen properties by touring them virtually through virtual reality headsets. Real estate companies set up virtual tours with powerful panoramic cameras and advanced staging software.
Some millennials also rely on drone footage to get intimate looks at potential investments. They either explore the property through pre-captured footage or view it in real-time with a drone operator, who expertly guides unmanned air vehicles through corridors.
Furniture
Working millennials are often too busy to head to furniture stores and find the perfect items for their homes. Instead, they shop for furniture on the Internet and ensure that purchases are the right fit by carefully reading item descriptions using measuring tapes. Some millennials also use augmented reality apps to visualize how furniture will look in their homes.
Cars
Buying cars through websites and mobile apps would have been unthinkable for older generations. But some millennial shoppers are comfortable purchasing vehicles online after customizing them to suit their needs. For example, they can pick a car’s trim, color, tyres, powertrain, and seat fabrics.
Many millennials also have enough faith in technology to share confidential documents like credit reports, social security numbers, bank statements, job letters with dealers through their websites.
With artificial intelligence, websites can instantly analyze information to approve shoppers for car loans. If they’re not approved, the platforms lead millennials to financial partners that offer loans at higher interest rates.
Clothes
Again, buying clothes on the Internet would have been unthinkable for previous generations. But millennials are happy to purchase garments online through their favorite retailers.
Retailers understand the mindset of millennial shoppers and offer generous return policies that have no penalties for returned items. Millennials may buy several items to try out before settling on just one by taking advantage of these rules.
Many retailers also offer virtual reality and augmented reality apps to enhance the home shopping experience. While virtual reality headsets allow millennials to tour retail stores from their homes, augmented reality apps help them visualize outfits.
These are just some exciting ways millennials use technology for important purchases. As technology becomes powerful, expect future generations to find more innovative ways to leverage it for shopping needs.
Image Source: BigStockPhoto.com (Licensed)
Site Disclaimer
The Content in this post and on this site is for informational and entertainment purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by HII or any third party service provider to buy or sell any securities or other financial instruments.
Nothing in this post or on this site constitutes professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this post or on this site.
You recognize that when making investments, an investor may get back less than the amount invested. Information on past performance, where given, is not necessarily a guide to future performance.
Related Categories: Shopping, Reviews
