Retailing for Millennials, Part 1 - Top 8 Do's and Don'ts
Millennials are coming of age and bringing $200 billion of annual spending power with them. Raised with the internet and under 35 years old, these so-called “Digital Natives” present both opportunities and challenges for retailers. While modern platforms like blogs, social media, and responsive websites can help influence shopping decisions, traditional tactics like paid media and advertising don’t pack the same punch that they used to. And once a Digital Native is drawn to a shopping experience, there are touchpoints along the way that can make (or break) the sale. What’s more, their ever-rising expectations are defying the constraints of retail as we know it.
So what should retailers be thinking about when marketing to these always-connected customers? Vantiv teamed up with iModerate to find out more about what Millennials are looking for in their retail experiences. One thing is clear – they’re envisioning a future where companies use technology to expedite and custom-tailor shopping experiences. Here’s the first in a four-part series dedicated to the do’s and don’ts of retailing for Millennials.
- Let them compare and contrast. Quickly.
DO: Give Digital Natives easy ways to evaluate products side-by-side so they can make informed decisions with price in mind.
How do they want this to look in real life? Here are some direct quotes.
“I wish there was an app that could scan the barcode of an item and then go through all the stores in the area to tell me where that item can be bought for the cheapest price.” – Male, 21-34
“I wish I could search one item on a website that would search a variety of stores for me. Like (travel websites) do with flights/hotels.” – Female, 21-34
“I want to compare all websites for local prices on items in an easy way.” – Female, 21-34
DON’T: Make it difficult for Millennials to find you. Be sure that your business appears in searches on price comparison apps.
Stay tuned for Part 2 that discusses Digital Natives’ desire for seamless omnicommerce, how online tools can help set the right product expectations, and why free shipping is so important.
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