For years, millennials have changed how business is done. Between the new remote work policies in the pandemic to their proclivity for allegedly killing industries, millennials have kept businesses on their toes for the last few years. Subsequently, a new business trend common amongst the oft-blamed generation could change the way many think about how we do business. We had a chance to talk with Donny Ouyang, the CEO of BlackCart — a company offering ecommerce businesses a try-before-you-buy option that is attracting millions of customers — to discuss the shifting trends in the ecommerce industry, the new technologies powering those shifts, and the risk involved in actually trusting your customers.
Millennials Need to Try Before They Buy
While many still view millennials as entitled teens and rambunctious 20-somethings, the reality is that the oldest millennials are now in their 40s, and represent some serious purchasing power. In fact, millennials are expected to spend $1.4 trillion per year, which means finding out how they like to shop is vital to any ecommerce business. Fortunately, BlackCart and other such businesses have tapped into a new trend for millennials that gets them on board: allowing them to try before they buy. BlackCart has tapped into this desire with great success, and then some. The company launched just prior to the pandemic and has already powered $250 million in transactions in the last year. BlackCart empowers ecommerce businesses to take advantage of the try-before-you-buy trend by providing a simple plug-in for their websites. Much like subscription sites, it allows these businesses to send products to customers before they buy, then allows them 7 days to figure out which ones they want and send back the remaining items. Want to launch your own online store? The Best Ecommerce Website Builders can make it easy for you However, with the pandemic driving online ecommerce up, and in-person purchases down, allowing customers to try before they buy is increasingly more difficult. With innovative new tech though, business can provide these sought-after feature to make sure they aren’t left behind during the millennial spending wave.
Business and Trust
In a predominantly online world, trying before you buy is hard. Between shipping costs, logistics, and fraud concerns, the average business does not want to simply send its products out into the world in the hope of someone actually buying them. Still, trust is the basis on which a good business is built, and if you want to tap into the massive spending potential of the average millennial, you’re going to need to take this approach. And rest assured, there are plenty of precedents to take the risk for the sake of your new customer. Simply put, the risk is worth it. From the massive upside to the fact that your average customer is looking to make a purchase rather than scam a small business, the reality is that you’ve got a lot more to gain from trusting millennials than you do from fearing them.
