Retail stores are slowly dying, and we millennials may be, unknowingly, the cause of it. In 2017, we’ve seen a retail meltdown, with several worldwide brands like Macy’s and Sears announcing the closure of more than 100 stores. On the other side, e-commerce giants like Amazon are hauling in billions dollars of sales, breaking the records year by year. What is happening?
Being a millennial, I believe that traditional retail is dying and possibly will not survive through next ten years unless retailers level up their playing field. A study by Blackhawk Engagement Solutions suggests that millennials are leading the change in purchasing behaviors, and in order the stay ahead of the game, it is incredibly important for retailers understand how to better appeal to millennials. Omnichannel is the big thing now, as consumers — millennials included — prefer to have different methods of shopping available to them, simultaneously. If millennials are changing their shopping habits, retailers will need to have to know-how, and devise strategies to suit and adapt to our new shopping habits.
We’re using mobile
Admit it. How many of us feel we are missing out “something” when we do not have our smartphones with us? Since Steve Jobs announced the first iPhone in the world, our lives changed. Now, smartphone has become an integral part of our daily lives. We used our smartphones to stay connected with our families and friends, the news, and even to buy things. And we even use them to shop online, from the comfort of our own couches, cars, or even while commuting home on the train. Mobile and social shopping has become our preferred way of shopping due to its convenience. We can do it everywhere.
Many times, we research on social media before buying
Before making a purchase, 47% of millennials are influenced by research they conduct on social media on products, reviews, and discount deals. Most spend a few minutes searching for coupons and deals before committing to a purchase, and implement discount and promotions strategies. Comparing prices and reviews, finding coupons, and saving money have become new steps in the shopping process. Social media has now become the number one intelligence channel for shopping research. You can see what others truly think about the item, any sales that may be going on, tips for shipping, and actually interact with a brand.
We’ve all become smart and savvy shoppers
Due to the influence of technology, millennials are savvy and smart shoppers, who are very sensitive to prices. Millennials don’t mind liking a brand on Facebook, or scanning a QR code, just to get more discounts. If we find higher discounts on products somewhere else, we don’t mind switching brands.
We really like saving delivery fees
Buying online and getting orders delivered to our houses is good. However, buying online, picking it up in-store, and getting an incentive, is even better! Millennials don’t mind picking up item at store if entitled discounts like “$20 off $100.”
We’re more engaged in loyalty programs
Loyalty programs are still great tools for engaging with millennials. A study shows that 69% of millennials are part of a loyalty program.
About the Author:
Derek Ang is a millennial and is passionate about shopping smarter and saving money.