More than 50% of Millennials try to buy products from a company that supports causes they care about. The future of retail lays in online business and understanding how to engage millennials as consumer to succeed.
“I know what you did in your last Marketing campaign, do you?”
By 2020, Millennials will account for 30% of retail sales in the US, according to a prediction cited in an infographic below.
Companies have been struggling to engage millennials as many of the traditional methods of advertising have proven ineffective at capturing their attention. Can markets capture a market that is about $ 200 billion in annual buying power in the United States alone?
The United States is maybe listed here as an example, but the show is not much more different in Europe, Middle East or Asia. The generation is proven to have habits which are completely different than traditional consumers.
The customer experience company CUBE looked at how Millennials shop, what their values are, and how marketers could adapt to target the proper.
We all wish we could look into the mind of a millennial. Well in the infographic we can do so and it states following.
Millennials primary focus is on amassing life experiences rather than tangible objects. They avoid large financial commitments to pay off debts and increase their savings. This shift in spending priorities will define the generation of years to come.
So it is essential for marketers to understand how to appeal to this changing values. So the question stays, can you put messaging about quality and durability on your packings, website, and content?
Engage Millennials is about understanding their values which are around essentialism, the snapchat effect, frictionless experiences, radical transparency, omnipresent social, local love, gamified loyalty, and built for me.
In the infographic, you can read about examples which tackle all this. Read more in the “How to engage Millennials for customer insight and marketing”.