Vantiv Omnicommerce Tracker™ - February 2016
The Millennial Touch
Retailers are acutely aware of the value that Millennials can add to their bottom lines. But turning this revenue potential into reality can be tricky for even the savviest businesses. Millennials represent not only new sources of profitability, but also high expectations that can be difficult to meet. So how are retailers rising to this challenge?
The answer is that many retailers are struggling to keep up. As these buyers become even more plugged into mobile and social shopping experiences, indications are that Millennials are more loyal to brands that keep pace with the latest technology. Add to that their post-recession enthusiasm for comparison shopping and discounts, and customized shopping experiences through all shopping channels – both in-store and online – has never been more important.
One tactic that’s bridging the gap is the use of push notifications via location-based mobile apps to encourage in-store visits. A recent study by Retale found that nearly 84 percent of Millennials act on these notifications. Another is the use of in-store beacon technology that pushes offers to in-store visitors and encourages sales. With these new tactics also comes the flip side of ensuring the utmost in privacy and data security, as Millennials are increasingly sensitive to the safety of their personal information.
February’s Omnicommerce Tracker, produced by Vantiv and PYMNTS.com, takes a deeper dive into these topics and more. It covers:
- The realities of implementing beacons and geotargeting technology
- Hurdles that are slowing down the adoption of mobile payments
- Overall investments that merchants are making in mobile technology
- The advantages and disadvantages of both pureplay retail and omnichannel operating models
Sharing is sweet. Send it along with some sample tweets:
- Does everything #Millennials touch turn to gold? February’s #Omnicommerce Tracker takes a closer look. @pymnts
- #Millennials want targeted interactions w/ retailers. But not at the expense of their privacy. #Omnicommerce Tracker @pymnts
- Have beacons and #geotargeting technology become a reality for shoppers? #Omnicommerce Tracker tells all. @pymnts
- What’s really going on w/ #mobilepayments adoption? Hint: fragmentation remains a challenge. #Omnicommerce Tracker @pymnts
Find more intelligence on the rush to sell-on-demand through our coverage of the latest OmniReadi Index, which tracks 100 of the country's largest retailers.
This month we'll also begin the short series Millennial Madness looking at the do's and don'ts of creating commerce experiences for this landscape-shaping generation.