Retailers Should Focus On Millennials
Millennials have the biggest market influence and significant purchasing power due to their never-ending and never stopping access to technology. They are also very large in population size.
Over 85% of millennials own a smartphone, as compared to 71% of the total population in the United States. This means that the mobile first experiences of millennials would change how consumers buy and sell, and reshape the economy.
According to Mediapost, a quarter of millennials surveyed stated that all their online purchases were from smartphones. Marketers in retail have started to notice the trends, but some are not taking actions fast enough.
The millennial effect - are retailers prepared for it?
The shopping preferences of millennials are special in their own way, and is often a mixture of online and offline. So what can retailers do to win over millennials? Here you can find the 7 steps to success.
1. Customer journey
It is important to have a holistic customer experience throughout the entire customer journey. Retailers have to integrate consumer touch points before, during and after the purchase has been made.
2. Seamless interactions
It is critical to provide a seamless online and in-store experience for customers. Millennials like to interact with retailers via different platforms, and their expectations are similar for in-store and online interactions.
Majority of the millennials will do their research online before stepping into a store, and they expect different channels or platforms to integrate with each other to ensure that their purchases are executed easily.
3. The effectiveness of visual and guidance
Visual is the first contact and initial impact to consumers. Retailers need to come up with ways on how to present their product details along with attractive images, ads and more. Personalisation is crucial as it helps to generate loyalty and allow consumers to discover the most relevant content to them. This guides them to the path of purchase.
4. An optimised website and app
It is crucial to create a shopping experience that has been optimised for all types of devices, as it is a norm to have more than 1 smart device now. A mobile responsive website and app that is optimised for both smartphones and tablets are critical for retailers. Customers would expect a seamless experience, and a long checkout process would not sit well with the technology savvy millennials.
5. Sharing on social media
For millennials, sharing on social media what they have bought or are looking at is a norm and necessity for them. By providing a social sharing option as part of the brand marketing, it would help to increase engagement.
6. Geo targeting
Location data is allowed in the smartphones of more than 50% of the millennial population. This younger generation is more willing to exchange their personal information in exchange for more relevant and contextual offers.
7. Loyalty coupons and programmes
Consumers love coupons, particularly millennials, and they are always on the lookout for it. Loyalty programmes would also help to keep consumers bound to your brand.
By catering to the needs, spending tendencies and habits of millennials, retailers can stay competitive in the retail landscape. According to Accenture, millennials spend approximately $600 billion a year in the United States, which is predicted to rise to $1.4 trillion by 2020.
This mobile first generation is set to change the retail industry with their distinct shopping habits. With their never-ending connectivity to mobile devices coupled with purchasing power, retailers will have a golden opportunity to capture the attention and loyalty of millennials.
YOOSE is a global audience intelligence platform that aims to connect marketers with their most valuable consumer segments. We have been delivering innovative and powerful mobile campaigns for global brands since 2008. Evolving beyond location based solutions, YOOSE understands how a combination of location and audience profiling is changing the way brands interact with their consumers. We combine cutting edge innovative technology with deep expertise, experience and passion to help global brands and advertisers capture the opportunities of this fast-paced, ever-changing world of location based mobile advertising.
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