Report: Amazon Captures Millennials
March 5, 2020—According to a new Lang Marketing report, Amazon was rated the most relevant brand for millennials.
Millennials (Americans born between 1981 and 2000) today range in age from 20 to 39 years. For the next twenty years, Millennials will be the key generation driving the U.S. economy, as Baby Boomers fade from the scene and Generation Z consumers began to gain economic traction.
In the report, Millennials rate Amazon as the most relevant brand, beating out tech giants like Apple and Google, along with consumer product/service brands like Sony, Starbucks and Nike to name only a few.
Amazon has two features that are pointed directly at key Millennial values: peer to peer ratings of products and wide selection of brands and prices. And in order to attract Millennials, you have to have the right tactics.
o2o (online to offline) transactions can overcome the need for quick parts delivery by enabling consumers to schedule repair at outlets several days in advance, allowing time for Amazon to ship the necessary parts to the repair site.
This o2o strategy shifts the focus of auto repair buying decisions by consumers from specific repair outlets to platforms such as Amazon.
Amazon's interest in the aftermarket is based largely on the access it can provide to the much bigger mobility market, which in the future will amount to trillions of dollars.
"Amazon's top ranking by Millennials has significant implications for the development of auto parts sales by Amazon, which has shown a growing interest in the aftermarket and the access it can provide to the trillion-dollar mobility market," said Jim Lang, president of Lang Marketing.
While Millennials are the key demographic of consumers, Generation Z is another generation you'll want to pay attention to.