Adapting your retail business for Millennial buyers
Millennial shoppers are a significant target for many retail stores. The millennial generation is the most educated and diverse, and their choices often reflect that. They’re typically not looking for a high-priced item; they’re looking for the best price. Millennial shoppers emphasize the quality and sustainability of products and prefer to buy from brands that share those values.
If you are struggling to appeal to this generation, then paying attention to these points can help you identify where you can make changes and grab a piece of the action. The actual timeframe of when the Millennial, or Gen Y, generation is actively disputed, but is considered 1982 to 2004.
Millennials love tech
They were the first generation to grow up in an age where technologies were commonplace. These technologies include the World Wide Web and cell phones to name a couple. As a result, these channels of communication have become their preferred modes of communication. Businesses that wish to target these audiences must adapt to their communication channels to be successful.
The following is the sequence in which one survey says Millennial shoppers like to communicate: text messages and emails followed by social media posts, phone calls, and in-person contacts. Apart from that, social evidence in the form of a reference from a friend or family member is quite compelling with Millennials.
To maximize the effectiveness of word-of-mouth marketing, organizations should devote time and resources to enhancing their reputation. This is done by looking at how your team interacts with people and the user experience.
Mobile optimization is key
Your e-commerce marketing strategy should include large graphics, easy-to-tap buttons, and flawless mobile loading. According to the findings of recent studies, at least 72 percent of users choose mobile-friendly websites. It is pretty easy to gauge how you are doing in this department. Run mobile responsiveness tests online to alert you to any issues.
In the same way that a responsive website is necessary, a mobile-friendly checkout process is essential. Traditional long forms designed for a desktop checkout will not work for millennial buyers who primarily shop on mobile devices. If your Millennial customer is shopping with you and has items in their basket ready to checkout, the process is hard to complete or navigate via mobile. Chances are they will click off and not complete the purchase.
If you are an e-commerce seller such as THE ICONIC and you have an easy-to-use mobile checkout, you will have a significant advantage for Millennial customers over your competitors.
Influencer marketing works
Regarding influencer marketing, you should be aware that working with smaller-scale influencers will be both less expensive and more effective than working with larger-scale influencers. Ninety-four percent of marketing professionals that employ influencer marketing believe that it is beneficial.
You should go above and beyond to meet the needs of the tech-savvy Millennial audience, as they will be your most powerful advocates. This group of customers will be the ones who write reviews on the internet, and their peers will be the ones who read those reviews. In fact, according to one survey, eight out of ten Millennials will not purchase an item unless they had first read a review of it. Therefore, encourage customers to provide feedback and to write reviews – and be sure to reply as quickly as possible to any difficulties that arise.
Sustainability sways Millennials
Millennials are the most environmentally concerned generation to date, and for the most part, they put the well-being of others before their own financial gain.
It isn’t only in the retail sector that this applies to; the millennial workforce will look to a company’s social and economic conscience before deciding if they are a company they would like to work for. Additionally, it is widely known that Millennial customers are prepared to spend more on items and services perceived to be provided by socially-responsible companies.
As a result, companies and organizations are being forced to change how they conduct themselves; it is no longer possible to conduct business in the same manner as previously. Purpose-driven strategies drive organizations to think about future sustainability and what offers value to both people and the environment, rather than just the company’s financial bottom line, to remain popular with the Millennial market.
Bottom line: Millennials admire companies that care about people and the environment.
Reward loyalty
There is no denying that competition is fierce for most firms. If you sell a product, there is a good possibility that another company does as well. Millennial shoppers are well aware of this. They aren’t scared to shop from any enterprises within an industry if they have no other alternative. Consequently, treating Millennial audiences with respect is one of the most effective methods to gain and maintain their loyalty.
Part of this strategy is compensating customers for choosing your company over the competition. You can accomplish this by implementing a customer loyalty program or delivering personalized offers based on their preferences. In addition, businesses should try to provide prompt and pleasant customer service to all customers, regardless of their intended market segment. It stands to reason that the better you treat your customers, the more likely they will remain loyal to your brand.
Competitive pricing
When it comes to price-matching products, Millennials are exceptionally skilled. They also have no reservations about purchasing from the company that offers the lowest price. As a result, you should always price your products competitively. If a customer detects that your product’s price is higher than similar products on the market, you’re more likely to lose the transaction. It would probably be a good idea to stay abreast of what your competitors are doing. This is so you can react to new product launches or price changes that can affect your sales.
Millennials hold a tremendous amount of power when it comes to purchasing ability. And they know this. You have probably heard all the headlines of how Millennials have killed the diamond trade. Or how they place avocados over homeownership. On the surface, these things are true. It merely indicates that, unlike previous generations, Millennials have different priorities. This translates to varying requirements for this generation than their older counterparts.
Be able to adapt your offerings and marketing approaches to accommodate an increased conscious effort for sustainability. Millennials can help you to attract, keep, and support your company by integrating newer, more technological methods. That can go a long way to helping you future proof your company and prepare for the next generation takeover.
