Millennials are frugal shoppers. They typically don’t have as much money as their parents did, so they are committed to comparing prices when making a purchase. Retailers have to learn new tricks to earn and keep their business.
Millennials are changing retail in four noticeable ways. Furnished with an unlimited selection and transparent pricing, Millennials know exactly what they want and where they will purchase it. Also, they expect to be rewarded for giving retailers their business, but they don’t want to be limited to any specific brand. In addition, they cannot be bothered with the drama and hassle of a crowded mall on a Saturday afternoon; rather they prefer the ease and comfort of online buying from home. Finally, they see going to the store as a form of entertainment that should be shared with friends.
Less Impulse Buys. Most Millennials know exactly what they are going to buy before they even leave for the store. They believe in bargain hunting and do not have the funds to support impulse buys. Millennials research all prices and selection, usually online, before choosing a store. This means that they visit fewer stores, but may actually spend more at each store. Retailers cannot rely on impulse buys to increase profits. Instead, they must learn to attract savvy shoppers who do their homework before heading out the door.
Entertaining Incentive Packages
Millennials prefer making purchases from merchants that reward them with incentives to buy again. Services like Foursquare and Facebook Places turn buying into a game because they offer rewards that can be redeemed with a common currency. Instead of store-specific rewards, customers can redeem rewards across many different retailers. Merchants can keep up with this trend by learning to collaborate with each other to offer shoppers rewards at multiple locations. They must recognize that shoppers will want to cash in on their rewards at multiple stores, but they will still expect their privacy to be protected.
Online Retailers Are Less Hectic Yet Lacks The Personal Connection That They Crave
Millennials sometimes want to avoid the stress of the mall. Some days they do not have the patience for crowded parking lots or long check-out lines. Rather, they may prefer the comfort and convenience of buying online, particularly true on the busiest shopping days of the year.
Instead of braving the crowds at the store on Black Friday, they are more likely to shop from the convenience of their own homes on Cyber Monday. Online purchasing clubs like Gilt.com, Shopitome.com and Designer Social provide a useful means for comparing prices. They allow shoppers to find the exact products they want for the best price. Retailers can attract online shoppers by offering perks such as free shipping, easy returns, and peer reviews.
Spending Time with Friends & Building Relationships
One distinguishing characteristic of Millennial shoppers is that they prefer to shop with peers. They seem to rely on the assurance that their purchases will be consistent with those of others in their social group. Also, they see visiting stores with friends as a fun, relaxing pastime. In fact, they may choose a vacation destination based on access to retail areas. Also, women are not the only ones doing the buying.
Male Millennials shop more often than their counterparts from previous generations. Many admit that they shop for clothes several times per month, if not at least once per week. Retailers need to recognize that Millennials see shopping as a social event. They can attract customers by finding ways to make going to the store an entertaining event like a social gathering. Online retailers can achieve this with peer-sharing tools such as social networking, blogs, and live chat customer services.
Transparency is Key
Millennials are media savvy and socially conscious. Retailers must recognize that their customers are aware that they are the focus of marketing. Brands that want to succeed must keep the lines of communication open with their customers. It is important for them to be frank and disclose any inaccuracies or oversights.
At The Shops @ Rockvale we are dedicated to bringing new technology, better user experience and a better shopping environment. Keep checking back to our location for our new stores and improvements that we will be making to the grounds and facilities.
The Shops @Rockvale
35 South Willowdale Drive Suite 127 Lancaster, PA 17602