Inside the Mind of the Millennial Shopper
Are millennials all that different from the rest of us? In many ways, yes, yes they are.
New research from Cue Connect (Consumer Moments of Truth) has identified five millennial shopping personas and the expectations and behaviors associated with each. If you're interested in optimizing the shopping experience of millennials, the report provides some rather valuable insights.
The Social Shopper
Nearly 50% of consumers are either somewhat or very much influenced by friends and family when making a purchasing decision. How are retailers tracking social interactions and making marketing decisions based on this?
The Bargain Hunter
57.4% of survey respondents claimed they are more likely to buy a product from a retailer’s site when the retailer emails them a discount code.
The Elite Shopper
47.6% of respondents claimed that they feel most valued by retailers who reward them with loyalty points.
The Impulse Buyer
Almost 50% of respondents have made a purchase based on the “suggested items” option on a retailer’s site. Are you smart enough to suggest items that will convert to a sale? Can you automate custom suggestions?
The Frugal Fannie
37.2% of respondents claimed that they’re motivated to shop only when they absolutely need something. Have you built enough loyalty to make sure these customers buy it from you? Do you know where to start?
Based on the Cue Connect research, Internet retailers should start tracking social interactions and making their marketing decisions based on this data, using solutions to automate discount and coupon codes (as well as suggested items), and customizing their loyalty strategy to fit customers's aspirations.
“Retailers who want to win big are going to be forced to approach their brand from a place of empathy. Tying the consumer experience to emotion is to millennials what direct mail was to baby boomers. Millennials have to feel understood and are insatiable when it comes to immediacy for more personalized touchpoints and better service,” said Berkley Bowen, CEO and founder, Cue Connect. “This research tells us that ‘surprise and delight’ is imperative. These insights will help retailers better understand, and therefore engage with, their most important – and arguably, smartest – shoppers today: millennials.”