Considering the evolution of technology, the span of generations is seen to be changed as well.
From the Lost Generation (born between 1883-1900’s), Greatest Generation (born between 1990’s 1924), Silent Generation (born between 1925- 1942), Baby Boomers (born 1946-1964), Generation X (born 1960’s-1980’s), to Millennials or Generation Y (born between 1980’s- early 2000’s).
With the above, millennials are the ones whom sellers should focus on in 2016 due to many reasons, however, the major benefits are:
I- Millennials spendings
Considering the age of millennials a decade ago- many may have thought it not to be worthy investing behind attracting audience falling in the generation who are mostly students and unemployed. However, in this New Year 2016 millennials have grown and can be considered as a powerful segment when it comes to buying their basic needs online.
An article on CNBC.com stated a research by Youbrand estimated a combined global spending of $2.45 trillion by the millennial in 2015. However, many retailers still consider millennials to be not so attractive audience due to their income uncertainty.
A report by Statista shows the forecast of millennials expenditure by 2020, this category spends about 600 billion U.S. dollars in 2013.
Considering the average spending each year by millennials, eCommerce business owners can surely expect to make a large amount of revenue from this generation in the coming years.
This report by Statista will show how millennials will outsize the number of baby boomers by 2030.
III- Usage of social media by millennial
Millennials have been shaped by technology and are considered to be spending almost 8 hours per day online.
The evolution of social media has penetrated this generation and is also considered to the most used source by millennials after cell phone and text.
If you are convinced about the importance of millennial for your online business, below tips and tricks can help you target millennial, rightly in 2016!
I- Don’t sell, show!
Millennials also referred to “This Generation,” technology has been the intrinsic part of their lives, hence, being loud about your products in the same way as you do for your regular customer base may not impact their purchase decisions.
What you can do?
YouTube is considered to one of the most used source by millennials (81%) after teens (81.9%) who fall under the age group of 14-17 years. Considering this, you can target YouTube in your digital marketing campaigns and make maximum business out of “This generation” while exploring new sales opportunities.
To attract millennials, it is important to ensure your marketing messages are tailored to appeal this segment. Instead of running the same old sales pitch adopting visual marketing will give you a chance to attract more attention and make it fun to share them too.
II- Encourage them to engage
Considering this report by Statista, millennials are seeing to spending more time in using social media apps as it makes it easy to engage and share views about their favorite brand and products from the place they are.
Facebook is the leading social media app among millennials, followed by Instagram and Snapchat.
What you can do?
Millennials trust user-generated content 50% more than any other media. It means frequently encouraging user-generated content activities can help you attract and retain more and more millennials for your eCommerce business.
Starbucks’ “White Cup Contest” can be an effective example. This opened an opportunity for customers to get their content displayed online.
Adopting such marketing tactics will create an excitement among millennial, and earn your user-generated content that is 20% more influential while making purchase decisions, while, 35% more memorable than other media.
Targeting older generations, traditional news did the game. However, 33% of “This Generation” rely on blogs to stay connected with the latest trends and styles. Considering blog page as an influential factor in a millennial’s purchase decision, ensure you adopt this strategy for your eCommerce business.
III- Show value
“This Generation” believes in a “Give and Take” relationship. Now, that does not mean it always has to be large discounts. Targeting millennials in a way that offers them a value will encourage more and more of them to be loyal to your brand.
What you can do?
Traditional generation would have been encouraged by that 10% -20% small discounts; however, millennial would not find it worth for making a purchases. Offering discount is no doubt an attractive marketing tactic, but “This Generation” will expect a value for every purchase they make.
The above is an effective strategy of an online fashion brand that will not only encourage millennial to opt for the discount but also, adds a value by giving them an opportunity to be updated with the latest styles and trends.
With multiple options available for “This Generation,” to make purchases online, it’s important you attract them with products and information to match their exact needs. As millennial still focuses on the tangible- allowing customized shopping experience can help you divert and retain a large number of audience for your eCommerce store.
IV- Adopt latest technology trend
To break through millennials who were born in the age of technology, you need to ensure they can access information and make purchases of your products in all ways they are used to.
What you can do?
It’s not one channel anymore, and millennials influenced with the latest technology are most likely to look-up for brands who allow the most convenient shopping experience, each time.
Effective tactics like same-day delivery and in-store purchase experience are some of the winning Omni-channel shopping experience; however, adding innovative shopping options can help you gain a competitive advantage when targeting “This Generation.”
Millennials being attached to more than one device, it becomes important you allow them to not only access your brand information but also help them to make quick purchases.
An article by Total Youth Research mentioned the usage of smartphone by millennial across the globe.
Considering smartphones to be widely owned by millennials, create a shopping experience that can be optimized for any devices they are used to.
One of the most populated generations is moving towards its maximum spending years, therefore, “This Generation” is considered to reshape the economy and can contribute towards the success of your eCommerce growth too.