Millennials are now the biggest demographic with disposable income in the US today. This is the generation born between the 1980s and 1990s. Statistics show that Millenials will make up the majority of the US workforce by the year 2025, which also means that most of them still have their prime earning (and spending) years ahead of them. Thus, eCommerce businesses with sound marketing strategies focused on this demographic should yield steady returns for the next few decades.
Millennials also have a distinct psychology from the previous generations. How they were raised and the technology they learned growing up definitely affected their buying habits. Here are some other reasons why eCommerce businesses should concentrate on this segment:
They are an Influence to be Reckoned With
There are about 80 million Millennials in the US today. Aside from being the biggest segment of the population, representing trillions in sales, they are also a force to be reckoned with in terms of influence on brands and what the next generation of shopping will be like.
Being the children of the technology age, Millennials are dependent on their gadgets. Not only are they constantly connected to their devices, they also influence the next generation's use of these gadgets as well as their shopping habits. eCommerce marketers should recognize that when they target Millennials they are also targeting their sphere of influence as well.
It should also be emphasized that Millennials are very involved with the brands they like. They're very active in searching for reviews, reading feedback and providing their own as well. They're also open to giving positive and negative feedback on almost every product they use, as can be seen by their propensity to fill out surveys on customer experience, the products they want and the content they consume.
Millennials Demand Value for Money
Growing up during the recession has caused these group to be more careful with their purchases. This means that they are prone to taking their time and evaluating the value of the product. They will take to social media to look for reviews and ask pertinent questions to find out more about a product they are interested in.
This generation is also wise about getting the most out of their hard-earned money. They will look for deals, promos, and discounts and are not ashamed of using coupons. They would even wait patiently for a flash sale or an auction just to get more for their money. While they would often forego unnecessary expenses, Millennials are famous for window shopping online. They can spend hours clicking on sites, looking at products.
They are Always Online
Graphic via Content Science Review
Never forget their need to be and do things online. Being raised on technology means they know the power they have at their fingertips and are only too willing to use it. This is why brands who were too slow to embrace online shopping are now being left in the dust. This generation loves to check things out online first before buying anything. So companies who want to cater to them should focus on marketing online over other all other types of marketing mediums.
Graphic via Social4Retail
Capturing the Interest of Millennial Consumers
It's obvious that Millennials have a different approach to shopping. This is why online retailers must find a way to relate to them and capture their loyalty and their dollars. Since this generation has an active online presence, your business should be felt online too.
Using conventional marketing tactics won't work here. It's vital that you engage with them honestly and realistically. This means providing content with the same behavioral, emotional, and psychological benefits that turned them to social media. Place yourself in the running by providing high-quality images that provide ideas and inspiration and make sure they're optimized for sharing and for mobile.
It's also a good idea to make pricing a priority. Millennials are always looking for good deals. So pushing a marketing plan that incorporates promos, discounts and coupons are a good bet. Add some free shipping and you'll be able to drive traffic to your site.[Featured image via Graphica YouTube]