In our 2013 Black Friday study, we revealed four types of shoppers that retailers should consider this season. To understand how these shopper types can help you develop a more targeted strategy, let's look at one of the most hotly pursued: the Millennial Generation Shopper.
As we revealed in a previous post, this shopper is typically 26 years old, younger than any of the other shopper profiles we've identified. But what do retailers need to do to attract the Millennial Generation Shopper? And more importantly, how can consumer insights help brands reach this group of consumers? We see at least three marketing opportunities:
- Offer amazing deals.
Instilling urgency is important if you want people to buy, but even more so if you're trying to sell to Millennials. Almost 8 out of 10 Millennial shoppers confess they are easily swayed toward impulse buys when they see a sale they really like, more than any other age group.
But creating urgency isn't enough. Our data shows that Millennials plan to stay put when they use mobile devices to shop. Because they are not out and about, these shoppers have more time to look at other websites and compare prices and features. If you'd like the Millennial Generation Shopper to shop now, then offering amazing deals and creating urgency go hand-in-hand with getting people to click the "buy" button.
Offering great deals also applies to brick-and-mortar stores, since 62% of Millennial Generation Shoppers have no problem lining up for good deals. Make it worthwhile for people to line up, and nudge them with items they are likely to buy impulsively.
- Get social.
We found that 63% of Millennial Generation Shoppers are likely to browse social media sites such as Pinterest, Twitter, and Facebook ahead of time to find Black Friday and Cyber Monday deals. This is notably more than any other age group that we talked to. If you have some deals coming up, tweet, post, and pin them before Black Friday and Cyber Monday to help Millennial Generation Shoppers discover them.
Of course, participating on social can help you reach consumers beyond Millennials. In a previous study, we revealed how social media drives roughly the same online and in-store sales. By understanding your customers' preferences on social media, you're more likely to share content that will resonate with people and that will help drive sales.
- Make your mobile website easy to navigate.
While Millennial Generation Shoppers are more likely to use mobile phones when shopping online from work or home, they are also most likely than any other age groups to browse products on their smartphones when they visit a store. Of the mobile shoppers that we interviewed, 62% admit to visiting a retailer's website to browse products. Many of your Millennial buyers probably use their phones to learn more about the product they are on the verge of buying or to compare prices to get the best deals (59%) while they are in your store.
Retailers now recognize that a mobile-responsive website is a must-have item. What Black Friday shopping patterns make clear is that your mobile-friendly presence must equally serve at-home and in-store shoppers. That means including features that spur spontaneous in-store purchases, as well as features that turn online browsers into online purchasers.
Continue to engage Millennials
While our data provides some guidance on how to sell to Millennials, an MTV study suggests that younger Millennials significantly differ from their older counterparts. While there are some characteristics that pertain to the Millennial generation as a whole, retailers should aim to expand on these findings and uncover the nuances within this generation of shoppers and determine how those differences affect their brand.
Lastly, we've seen time and time again how the preferences of Millennials change over time. The dynamic nature of Millennial consumption habits means brands should aim to continuously engage this generation through social media, insight communities, and other means if they'd like to remain relevant as tastes, attitudes, and behaviors change.