By Alicia Fiorletta, Senior Editor
As a Millennial, I always get amusement out of the variety of research studies being conducted about my generation.
Although some implications about Millennials sometimes cause my blood to boil — such as TIME Magazine’s piece, called “Millennials: The Me, Me, Me Generation” — there are some I find to be more accurate and valuable, especially to retailers.
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New research from Merchant Warehouse and Retail Pro International delved into the knowledge gap that I personally believe exists between retailers and Millennial shoppers. Specifically, the survey honed in on how Millennials are shopping, and what they’re seeking from their favorite retailers.
Following are a few key findings, outlined in a press release, and my personal take on them:
1. Every Millennial yearns for mobile access to information and resources, especially offers and loyalty programs. Up to 60% of respondents said they do pre-purchase research via retailer web sites.
My take: Yes, yes yes! Because we have access to so much information, it’s only natural that we try and make better buying decisions. Retailers know that we rely on mobile phones. They’re our pocket saviors and they, in essence, give us everything we could want or need. So, I ask: Why aren’t you giving us easier access to your resources? Especially if we want to buy something from your store? If anything, you’re inhibiting us when all we want is to feel empowered.
2. If you offer a discount, we’ll make a purchase. Nearly half of Millennial consumers said they’d be willing to go to a retailer location to use a coupon if it offered at least 20% off.
My take: As many articles have pointed out, most Millennials entered the workforce in one of the most trialing periods of the last two decades. Between the recession and volatile unemployment rates, we trying to be a little smarter about what we buy and how we buy. In fact, a recent article from American Bankerindicated that consumers born in the early 1980s are “going to have more debt by age 45 than previous generations did at the same age.” Oof. But retailers, that doesn’t mean we don’t love you! We just want you to work with us! You want us to be loyal? Give us a reason by offering unique discounts and excellent customer service. We’ll pay you back in the future, we promise!
3. Retailers are lagging in their omnichannel strategies. More than half (53%) of Millennial respondents said their shopping experiences with their favorite retailer was “seamless,” but “admitted that retailer sites are often lacking in extensive functionality.”
My take: There really isn’t much more to say here. Retail TouchPoints has published several stories that indicated retailers need to create more compelling brand experiences. Technology is an integral part of consumers’ every day lives—especially Millennials. They use social media, mobile devices, and download apps like it’s no big deal. I, personally, am looking for fun, interactive components that are featured on e-Commerce sites. Give me wish lists, social syndication and videos, people!
Here are a few more interesting findings from the survey:
- 68% of Millennials primarily use credit and debit cards, while 25% switch between paper (cash, coupons) and plastic (debit, credit).
- More than 90% of respondents said they prefer to buy in-store than online.
- Consumers who are 18-29 years old mostly shop in-store for apparel (73%), footwear (76%) and home goods (62%).
- It’s evident that more retailers are trying to connect and engage with Millennials. However, there still are a lot of myths that need to be busted.
What do you believe to be the biggest myth about Millennials? How is your retail organization better connecting with this group of consumers?
