MarTech Advisor: How Millennials are Shaping the Future of Retail
April 30, 2019 In the News
Millennials are now the largest demographic cohort totaling 92 million. That’s almost 20 percent larger than the Baby Boomers and a whopping 50 percent larger than Generation X. According to Ad Age, 17- to 34-year-olds will spend $200 billion annually, and $10 trillion over their lifetime. That’s an incredible amount of spending power. In fact, that’s 21 percent of consumer discretionary purchases and it surpasses the combined spending power of the Baby Boomers for the first time in history.
So, as a retailer and a brand, how do you appeal to millennials? That’s a mystery many companies are spending time and money investigating. Crack that code and your company instantly becomes a leader in its market. There are several insights in this article about Millennials’ shopping habits that can help your business crack the code, and improve sales:
- How Millennials Shop
- Millennials Require Speed and Convenience
- How to Capture Millennial Shoppers
Read the details of this article on Martech Advisor.com: https://www.martechadvisor.com/articles/ecommerce/how-millennials-are-shaping-the-future-of-retail/
In summary, product, brand, and price are no longer enough to garner clicks from Millennials. Retailers also need to add personalized and convenient delivery features that make it easy for shoppers to receive their order — whether the customer is shopping online or not. This not only makes for an immersive experience but a seamless one too. This combination of immersive and seamless experiences is at the heart of New Retail and are critical factors for appealing to Millennials and the trillions of dollars in buying power they possess.