Fast Facts | Retailing for Millennials
Millennials, so-called Digital Natives—born and raised with the internet, want improved access to product information and resources, personalized and through fast, efficient shopping processes including how they pay. Here's a bite-sized snapshot of what Vantiv and iModerate research found.
What to know
Vantiv and iModerate asked two questions of 1,001 digital natives (<35 years old). A new kind of shopper, they see a future where companies leverage technology to create more convenient, efficient, less expensive shopping experiences—fast. They're driven by their smartphones too.
Summary of findings
- Cut down on comparison time. They want apps/sites that allow them to: instantly identify items; read reviews; compare similar items at different price points; know where products are available; and, at what prices.
- Tailor product information to their needs. They want personalization, e.g. avatars, that let them interact with product for size, fit etc. They want to engage with product literally.
- Expect mobile compatible websites. They just don't see current mobile experiences as anything like their online, desktop experiences—and they want them to be the same.
- Push applicable discounts. Geolocation and pushing digital coupons to their phones is big. They're incentivized to spend when they're made offers. They also want easier in-store acceptance of digital coupons
- Expedite the checkout process. Help them bust lines, scan while shopping and pay with their phones. They want to reduce time spent in line and at the register.
- Offer special delivery. They already envision drones and teleportation. They want same-day, free/less expensive shipping that makes online as desirable as in-store.
So what does your business need to be doing, thinking?
- Mobile experience needs an upgrade. Whether you're a retailer or a financial services provider, you're mobile experience needs to feel like the real-world. The Millennial customer wants to feel like they're in the store or in your branch.
- Shipping is priority. Millennials are already thinking about drones and teleportation. Define the new-edge of same-day, inexpensive or free shipping to stimulate online purchase.
- Coupons + phones. Incentivize them to save, even as they walk into your store with a smartphone. "Now" them. Reward them with savings.
- Tap-and-go. Be their line-buster. No long checkout process. Think of how mobile apps play a role in speedy scan and checkout experiences. And for this group, mobile payments are very real.
Source: Vantiv-iModerate Digital Natives Investigation, June 2015