31
August
2017

Millennials – Facts Modern Retailers Must Know

Customers of all segments are important for retailers, but more so the millennials. The number of millennials living in the world is staggering. They are the tech savvy, modern contingent who have all information starting from peer reviews, product details, comparisons, etc. easily available to them. Owing to the ample number of shopping options available to them, they are not exactly what one might want to call brand loyalists. Brands and retailers sure have their work cut out.

millennials retail shopping

Millennials matter to brands and retailers, and for good reason. But before they can make a lasting impression in their minds for a considerable amount of time, there are a couple of aspects about millennials that they must know. The following areas will certainly be of interest to all modern-day retailers.

Love for Stores – ‘Need for Retailers to enhance the in-Store Engagement’

As online shopping continues to prosper and physical retail bankruptcies get more prominent, retailers might feel that their primary area of focus should be primarily digital. This is far from being true. Latest findings suggest that as many as 50% of millennials still prefer to shop in-store. Retailers will be missing a trick or two if they choose to ignore physical stores at this point of time.

millennials-shop

(Image Credit: Smarterhq)

Retailers need to understand that they can’t just stick to their digital initiatives. As the figures reveal, physical retail is just as important, if not more. Retailers should look to enhance the in-store experience of the millennials whenever they walk in if they want to make a lasting impression. One way of doing that is by ensuring elevated levels of in-store engagement always. That can be achieved through competent customer service, personalizing the shoppers’ journey, interactive merchandising & POS displays, etc.

Brand Loyalty can be associated with Millennials

As mentioned before, millennials are not considered to be brand loyalists. But that does not mean that they can’t ever be loyal. Millennials might not be renowned for their brand loyalty, but latest findings reveal that their chances of being loyal goes up by 28% if they receive a highly personalized form of communication. Retailers should take note of this and look to make connections with their customers on an individualized basis. Brands and retailers should understand that the idea of mass marketing will stand no chance at this day and age. Every customer is different from the other, so is their need and expectation from the retailers.

The millennials want a lot of relevance and context in what is marketed to them while they shop. Irrespective of whether they are shopping online or at a physical store, they come to love and expect personalized communication. Retailers should look to collect as many customer data they can from the various customer touch points across different platforms. They should then use the available data to bring to the customers similar experiences both online and in-store. The chances of millennials being loyal increases significantly if they receive highly contextualized, and personalized offers on a regular basis. They don’t want offers in abundance. They want offers that are relevant in abundance.

From the brick-and-mortar perspective, offering a highly personalized form of communication will automatically enhance the in-store engagement of the customers while they are shopping at a physical store. This will also add to the overall in-store experience of the customers.

Most retailers believe that digital is the platform to focus on. They also make a preconceived mistake by assuming that the millennials can never be loyal. As we see, they are not true at all. These are two aspects about millennials which offer a bit of a reality check to modern-day retailers.

About Abhishek Mitra

Content is King and Abhishek Mitra firmly lives by it. He is highly committed & passionate in what he does and it's evident through the content that he produces. An MBA Graduate in Media & Entertainment from Whistling Woods International (Mumbai), Abhishek has acquired expertise on developing content pertaining to various verticals overtime due to the sheer knack for it. Apart from being an inspirational scriptwriter in his teenage days, he has worked as an academic research writer in the past. Presently, he handles the content for Tickto.

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