Millennials, the shoppers born between 1981 and 1996, the early 2000s, love mobile phones and discounts.
For the next decade, millennials will be the largest employee force and the largest consumer group simultaneously. Currently, Millennials are on the cusp of their highest income-earning potential.
- Around 80% of millennials are influenced by price (Forbes)
- 54% of millennials only buy when they find a deal, coupon or discount (RetailMeNot)
- 80% of Millennials have used a discount code or coupon in the last 12 months
- 50% of Millennials get their discount codes via email
Millennials are known for loving brands that are authentic, Ethical, transparent. Still, the surveys show nothing beats a good discount. Not a surprise that resale-platforms like Thredup, Depop and others are booming. The resale-market is currently $20 billion and expected to be $33 billion by 2021.
All of this is fueled by the digitization of retail, where millennial shoppers can find the same products at reduced prices online and the rise of coupon-collecting apps. As a result, millennials expect a discount.
More than 50% of millennials use their smartphone to find a deal even when they are in-store. (Study by Accenture)
One thing we have to remember, millennials are not cheap. Their reason to find a good deal is related to their budget.
According to Business Insider, Millennials makeup to 20% less than Boomers (People born between 1946 and 1964, during the post–World War II baby boom - Wikipedia) and are saddled with debt high housing prices.
The discussion is not if this is the right way how millennials should shop; the debate should be how your company adapt this insight information.
Millennials are multichannel. This generation grew up with digital gadgets like GameBoys, and these days, consumers have an increasingly longer varied path to purchase.
Implementing a multichannel eCommerce strategy is a must
GOOGLE MY BUSINESS
If you don't own your Google Business Listing, stop listening and create one right now. It's free!
Google My Business has a super cool new feature for you to take advantage of. In a few easy steps, you can add special offers, promotions, coupons and more.
People searching on Google for your business or service you offer, they will get your offers in the right column. As well o Google Maps.
Google knows people are searching for a great deal to save money. Google will push your offers in the search results.
No doubt millennials are the kings and queens of social media, and placing your offers on Facebook, Twitter, Instagram, and other will help you grab customers before they've ever heard about you, ever came to your shop.
When using social media to promote your offers, don't be pushy; social media is a place for stories and engaging with customers. Deals offer a great to start the conversation if you move from just advertising the deal to talk about products and benefits.
Don't be shy to perfectionist about what you post. Embrace the idea of featuring user-generating content. Share customers selfies on your Story. If you get a review, quote your customer and share it and more.
Let the Millenials be part of your marketing; let the Millenials be your star.
Email is boring; who is still using email? Well, most of us. Email marketing is up to 40x more effective than social media, according to a study done by McKinsey and company.
Use your email list, and you will get more response to your offers. Don't send out every day an email. Find the right balance. Example: First Thursday of the month. Make it a habit.
Ask any person what are the most used apps on their phone, and people will answer messenger apps. Facebook Messenger, Telegram, WhatsApp
1,5 billion people send more than 60 billion messages a day (information I got via statista.com)
We see that Facebook is trying to push eCommerce into their Messenger Apps, and they have a good reason. Millennials don't want more apps; they want one app with access to everything.
Make sure you have your deals available inside your the Messenger Apps your customers are using.
I recommend Masha.ai, a chatbot first solution, where you Millenials can find all the best deals, including yours, while on the beach, commuting or while watching Netflix. This solution isn't free, but very cheap; it is only $1 / month and no commission on the sales. Find out more.
Millennials prefer to buy products and services that are a good value for the money, and most of them, between 18-35, are looking for a deal.
That doesn't mean they want cheap products. The surveys also saw that 29% responded they would not buy the word "cheap". Millennials want durable and high quality, and reasonable prices.
Keep this information in mind when you create your next great deal, offer and place them on Google My Business, post then on Social Media, send them out by Email and make them available inside the most used apps in the world, Messenger Apps