Do you own and/or manage a business? If so, you value your time and appreciate actionable tips and suggestions to make you more effective. Well, appealing to the millennial shopping trends can help you achieve continued success for years to come.
Millennials have some serious purchasing power. According to Ad Age, 17- to 34-year-olds will spend $200 billion annually starting in 2017, and $10 trillion over their lifetime.
https://squareup.com/townsquare/6-millennial-shopping-trends-your-business-needs-to-keep-up-with/
Understanding the shopping habits of your target market will help you reach them, and allow you the ability to service their needs with your own products and services. The SquareUp article listed above provides a few great tips. Here’s a summary:
Put mobile first
Mobile-optimized websites are no longer nice-to-have, they are a necessity. In fact, your website may not even rank on the top search sites (say, Google) if your website isn’t geared towards mobile device usage.
Own a physical store location? Make it mobile-friendly and interactive. Some tips include accepting contactless payments such as Apple Pay and Android Pay.
Invest in a social media strategy
Digital media (posting on Instagram, Snapchat, Facebook, etc.) has been cited as 55% of millennia’s source of shopping, news and information. Think of a social media presence as an extension of your customer service and marketing strategy. This is where and how many communicate intimately with your (business) brand.
The article notes the following:
Studies have found that millennials trust expert opinions from “strangers” over brands (and even their friends) when it comes to making purchasing decisions. Toward that end, businesses should consider social partnerships with influencers or experts in their space.
Provide a seamless shopping experience
Whether your sales come through online or offline sources, many millennials shop and compare online, and then physically purchase the items offline. There is an added benefit to receiving the items purchased instantaneously, and being able to touch and feel the product offline is an advantage online services can’t ever replicate.
Price products competitively
Goes without saying but pricing can often make the difference between your product/service and someone else’s. Click here for some information on my previously published Pricing Series.
Offer a loyalty program.
Bond Brand Loyalty data shows 68 percent of millennials value rewards to the point they would change where they shopped if it meant earning more rewards. Seems like a no-brainer but it should be said, you can benefit greatly from having a customer loyalty reward program. Learn how to set one TODAY up by reading this article.
Make your store a pleasant place to be
According to a recent report by Cassandra, an organization that studies millennial trends, the generation is also particular about what types of environments they prefer to shop in. The report found that 70 percent of millennials surveyed dislike loud and busy stores and instead gravitate toward calming environments.
Whether you operate a large brick-and-mortar store, or a small shoppe, making the space attractive to your target market will encourage to stay longer, shop more, and remember your brand as the go-to place to shop.
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What shopping trends have YOU noticed? Which tips or suggestions resonate best with your current business? Comment below, we’d love to learn your thoughts!