Millennials are the biggest generation worldwide and they know what they want. They are going to define the future of retailing and are the first truly digital generation.
Inspire and give customers a unique experience
Millennials are individuals in the age group of 18-34 years old and now number 83.1 million in the US alone. The digital Millennials are well funded, well educated, critical and quite clever consumers.
Since the options are endless online it is vital that the brick and mortar stores are capable of inspiring their customers and offer them a unique experience when visiting the stores or entering the online store.
In this article, we have gathered information to provide you with an insight on the shopping behavior of Millennials.
68 percent of Millennials expect an integrated, seamless experience regardless of the channel
This means Millennials demands to be able to use a computer, smartphone and the store when browsing for the best products and services. The future will be characterized by a bigger focus on omnichannel and the Millennials certainly demand it.
Millennials are 52 percent more likely than any other generation to report making impulse purchases simply to pamper themselves
Numerous research points out that Millennials do not respond well towards traditional advertising methods. If the brick and mortar stores can create an atmosphere, inspire and offer a customer-centered experience, there could be a possibility of triggering Millennials to impulse buys. The difference is significant compared to Baby Boomers (age group 51-69 years) as 8 of 10 of their purchases are driven by practical decisions.
Millennials can be extremely loyal customers if they feel they have been treated right
In Accenture’s research of the Millennials, close to 40 percent of the leading executives in the retailing industry states that their biggest concern about Millennials is their lack of loyalty. However, the research also shows, that Millennials actually can be extremely loyal customers. According to Accenture, Millennials wants a shopping experience centred around them and targeted offers as well as loyalty- and membership clubs can be a game changer.
SMS marketing can be effective
SMS marketing influences the buying behavior for nearly half of the Millennials. Besides SMS, the Accenture research shows that 95 percent of Millennials say they want their brands to court them actively, and coupons sent via email or mailed to their homes currently have the most influence on them.
User-generated content is vital
84 percent of Millennials say that user-generated content influences their shopping. Peer reviews are trusted as professional reviews, and it is far more effective when other consumers talk on behalf of the brand than if the brand itself communicates to the consumers. The content can be product reviews or a picture uploaded by a user in connection with a Facebook competition.