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In the competitive world of retail, attracting millennials has become a #1 priority for businesses. And for good reason, the stats speak volumes.
In the US alone, approximately 80 million millennials are responsible for a staggering $600 billion in annual spending.
This figure has been anticipated to reach $1.4 trillion by 2020, constituting 30% of all retail sales. Ignoring this demographic could have a significant impact on a retailer’s bottom line.
What makes millennials different is their digital prowess and their swift purchasing decisions. When they find something they like at a reasonable price, they are quick to make a purchase.
However, they do have high expectations. These types of shoppers prefer a seamless buying process and are unforgiving if anything stands between them and the perfect shopping experience.
Slow-loading websites, inattentive employees, or the absence of mobile payment options can send them straight into the arms of competitors.
It’s crucial to recognize that millennials have a myriad of retail choices, and they are quick to explore these options. Despite their high standards, they are not inherently disloyal.
So, let’s start with the basics first:
When it comes to marketing communication, the frequency of emails can be a concern for many retailers.
However, with millennials, more communication is better than less. They not only expect but want the brands they are interested in to engage with them actively. So, don’t worry about sending too many emails – it is all about the content and relevance.
This is where audience segmentation plays a vital role, especially for this demographic. Dive deep into your data and segment your audience based on their preferred brands, price points, styles, and more.
Keep a close eye on their shopping history and browsing patterns. Generalized coupons and promos won’t cut it here. What ONLY works magic here, are personalized discounts tailored to their preferences.
In fact, when a millennial is eager to make a purchase and can’t find a coupon, you risk losing that customer. This is why it’s important to ensure they always have access to active discounts and promos for items or product categories they really like.
Throughout the shopping journey, every action taken by a consumer -whether it is adding items to a cart, making a purchase, or even returning merchandise – are workflow. Think of workflows as dynamic cycles: a consumer acts, triggering a response from you, which in turn prompts another action from the consumer. For instance, if a consumer places an item in a cart and then leaves without buying, it should trigger a reminder email or perhaps a discount code offer. If that email leads to a successful purchase, the workflow has done its job.
Boost Engagement with Personalized Emails!
When it comes to capturing the attention of savvy millennials, personalized emails are like your secret weapon. Tailoring your messages based on their preferences and behaviors increases open rates and conversions.
The trick lies in tailoring your engagement for each workflow.
Millennials, for instance, love to share their feedback about products. That’s why every purchase should be followed up with an invitation to review the items bought. You can even sweeten the deal by offering them a coupon or discount code. This not only encourages them to write a review but also motivates them to shop again.
By now, every retailer knows the importance of mobile. So much so that many are starting to believe that millennials do everything on their smartphones. Mobile has indeed become vital to success, but it is an additional step that does not replace older shopping behaviors — millennials use smartphones, tablets, and computers, and visit brick-and-mortar locations.
The way to keep them engaged is to make sure that all of these channels are connected.
All of this means that you have to view the omnichannel experience as a singular universe. Keep checkout information on your site so that billing can be done via multiple devices.
When it comes to tracking their behaviors, opt for unique identifiers that work across different devices. Avoid relying solely on cookies, which might limit you to one browser on one platform.
Think about the connected world millennials live in. Messages from brands, bosses, friends, and family bombard them constantly. In this digital barrage, they’ve honed exceptional filters.
If a message isn’t relevant or engaging, it’s like it never even happened – it simply goes unnoticed.
Watch the short video below to learn how you can send the right message, at the right time to increase email marketing success by 6x.
Timing is absolutely crucial when engaging with millennials. Once you’ve acquired their email address, you have a brief window of opportunity. If you haven’t grabbed their attention within 90 days, chances are, they’re lost in the digital ether forever.
Steps to Initial Engagement with Millennials:
Millennials are not only service-driven and price-sensitive but also highly vocal about the brands they adore and critical of the ones they don’t.
It’s a challenge, yes, but it’s also a tremendous opportunity. Investing in the right retail marketing strategies and tactics to capture this audience might demand effort, but the returns are substantial.
In today’s fast-paced digital world, targeting millennials is a BIG challenge.
By embracing these strategies, retailers can not only capture the millennial market but also build enduring relationships, ensuring a loyal customer base for years to come.
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