Millennial Shopping Trends That Would Benefit Retail Businesses
Majority of the consumers in the retail industry today is the millennials. According to various studies, about 54% of them shop online. In addition to that, 40% of the millennials refer to numerous reviews present online before making a purchase. Thus, it is safe to conclude that this section of consumers is extremely tech-savvy, well-connected, and prefers the convenience of shopping over other factors.
Consequently, it becomes inevitable for retailers to fulfil their needs and offer a great shopping experience. In this article, we would discuss a few shopping trends of the millennials that retailers need to incorporate within their business.
This set of consumers is always on their smartphones. Using this as leverage, retailers that do not have an online store could consider running one. Additionally, retailers should also invest in and deploy mobile POS solutions at their brick-and-mortar stores. mPOS solutions like Ginesys’ Zwing enable employees to engage with customers right on the floor and ensure lesser turnaround time in completing transactions. Installing various self-checkout kiosks within the store would also enhance the ease of shopping experience for the customers, especially for the millennials.
2. Social Media Engagement
Social media plays a crucial role in the way consumers shop today. Having an active presence on social media and engaging with followers across these platforms is a great way to acquire new customers and retain the existing ones.
Since online reviews have a major impact on millennials’ shopping decisions, it is critical that retailers receive positive reviews on their products and services. It goes unsaid that brands must provide exceptional products and experiences to their customers. Along with that, retailers could also partner with several social media influencers and reviewers in order to boost their online marketing strategies.
3. Experiential Retail
In the retail arena, the importance of memorable customer experience is growing by the day. Millennials have innumerable options among players in the market that provide the same products. Moreover, these products are also available online. One of the best bets is to provide a unique shopping experience. For instance, a leading global cosmetic brand has installed VR-powered magic mirrors that allow customers to view various shades of a product without physically trying them on. Another leading sportswear brand offers various sports simulators such as basketball within the store premises as a part of their shopping experience. Additionally, employees of this brand record and analyze customers’ gait and suggest the most suited footwear for them.
While it might not be possible for all retailers to provide such experiences, the key takeaway is that retailers need to provide such one-off memorable experiences that customers keep coming back. This would not only ensure that millennial buyers become loyal customers of the brand but become brand ambassadors as well.