According to recent estimates from the U.S. Census Bureau, millennials, who are born between 1981 and 1997, are now the largest living population as their number is greater than 75 million. And of course, they are a very important retail segment. Retailers should really pay close attention to this generation, and even implement new marketing tactics as this group is very different than the previous ones in terms of deciding to buy something and developing brand loyalties
A study conducted by researchers from Vantiv showed what do millennials seek for in their retail experience. So here are some tips that could largely help selling to the probably most important retail group.
If millennials love something, they love their mobile phones, and they mostly use them to access websites they want, this means that retailer’s mobile version of the website must look attractive and provide a great experience. The mobile version should not be just a “version” of the desktop website but well planned.
The mobile website has to be a great representation of a brand and its image and include product photos, reviews, descriptions and also provide the users with the store locations. Mobile sites are easiest and most secure way for users to find, evaluate and eventually buy products.
Millennials are the first to completely embrace mobile payment systems such as Android Pay, Apple Pay, and Samsung Pay. These methods are very fast and convenient, and very secure. Mobile payment use is growing enormously fast, and the arrival of wearable technology and increased marketing of acceptance by retailers in ensuring that growth to stay.
Millennials often judge the companies based on their use of technology like mobile payment and they don’t like the ones that are not up to date.
There are many advances in how retailers can process transactions and Millennials expect them all. This includes the mobile payment, of course, the new terminals that really speed up the transaction and ability to pay via mobile anywhere in-store.
They also know what they want, and they want it shipped free and fast. They are really used to rapid and low-cost/free shipping, and the same day delivery is becoming more and more popular. Better have this in mind because it really can influence a purchase decision when two companies are offering the similar or same product.
Another thing that Millennials love is a good deal. And who doesn’t? Be assured that they will look really hard to find it. This is why coupons are still very important in the retail strategy. It is even better if the coupons are customized based on a Millennial’s shopping history or interests. For Millennials, those coupons must be redeemable online and as a digital image on their mobile device in-store. iBeacon is a very clever app that lures the Millennials. This app will deliver special deals when customers are walking by or near the store and most likely to buy.
The important word is Omni-commerce, this refers to a seamless customer shopping experience, regardless of which channel are they using. This includes offering certain product suggestions based on customers’ current searches and past purchases. Or give them the ability to find out if a product is available at the local store and create the shopping list online. Omni-commerce is really a crucial thing in developing customer relationships and a strategy that all smart retailers want to implement.
Good websites take care that the product is properly presented so it could be truly understood when someone wants to buy it. This includes an efficient way to navigate the site, clear and understandable explanations of specifications and quality images.
The customer review is also not to be forgotten; it is important to show both positive and negative because showing negative reviews will show how well you respond to customer concerns.
Millennials have become the largest segment of the population and are now an incredibly important group for retailers to consider when coming up with new strategies. Especially now that they have very specific demands and shopping characteristics.