How can retailers win over millennial shoppers?
Retailers need to rethink the shopping experience if they want to better connect with today’s millennials, according to a new study.
In a survey of U.S. consumers by Toronto-based retail design firm Shikatani Lacroix, nearly half of millennials (47%) said they value the experience a brand provides more than the actual product value, compared to 22% of boomers and 38% of Gen X.
In addition, nearly 48% of millennials feel more loyal to a brand that provides interesting experiences, compared to 35% of Gen X and 17% of boomers. And 42% of millennials indicated they enjoy experiences that allowed them to feel part of the story, compared to 38% of Gen X and 20% of boomers.
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The message for the retailer is you have to make
What exactly are they looking for in a store experience? Some of the most important factors are:
•interactive: 42% millennials; 24% boomers
•entertaining: 39% millennials; 29% boomers
•rewards me for my loyalty: 36% millennials; 31% boomers
•memorable: 38% millennials; 30.5% boomers
•allows me to discover something new: 37% millennials; 28% boomers
•teaches me something: 37% millennials; 32% boomers
The study found millennials are heavier users and more familiar than the general population with immersive technologies such as in-store touch-screens, 3D movies, virtual reality goggles and video computer conferencing. But, interestingly, millennials and boomers are aligned when it comes to how immersive technologies help them make a purchase decision.
Among the options that help millennials and boomers make a purchase decision are:
•the store staff are tablet-enabled to allow me to receive competitive price comparisons in addition to quick check out: 32.5% millennials; 40% boomers
•the store offers virtual demonstration areas that I can view with 3D glasses: 31% millennials; 45% boomers
•when I enter the store I receive a personalized message and offer on my smartphone: 30% millennials; 44% boomers
•the store features interactive touch-screens where I can receive a wealth of product information: 31% millennials; 40% boomers
•the store offers virtual fitting rooms where I can try a wide range of products quickly: 33.5% millennials; 42% boomers
•I can view a 3D simulated walk-through of the store before my visit so I can find the item I am looking for: 34% millennials; 40% boomers
Lacroix said these findings were kind of a surprise, but it demonstrates that immersive technologies in a retail environment do have a significant influence. “It shows a fertile ground for retailers wanting to test new technologies,” he said.
The full study can be downloaded here.
This article first appeared on MarketingMag.ca