Millennials truly are making their presence known. A 2016 report from Pew Research Center entitled “Millennials Overtake Baby Boomers as America’s Largest Generation,” shows this generation continues to grow as immigrants in the country. The report indicates that the number of millennial consumers is rapidly increasing, too.
Retail rapidly moves along with the rise of millennial shoppers. It moves with the ever-changing culture of shopping, especially with new technology this generation uses. So how exactly are businesses redefining the shopping experience for millennials?
Entrepreneur shares that millennials switch from one mobile device to another on an average of 27 times per hour. This means that you need to market and connect your brand using various platforms. You have to make sure that your website has a responsive design so that consumers can access it on any mobile device they own.
Financial technology has been making headlines because it is making transactions easier for consumers. For example, fintech platform Vyze can offer retail businesses the capability to provide shoppers with multiple financing options at checkout.
Almost everyone is on social media, which means greater reach, more opportunities for your business. So while it’s important to have a website, don’t overlook the value of your business profile on social media. It’s a powerful platform that will provide more exposure for your business—without the big costs.
Customer Collaboration and Co-Creation
If you want to engage your customers, then collaborating with them may be the way to give your business an edge. With millennials, Alex Castellarnau of Dropbox says, companies are only the progenitors of products and services—the customers “finish it” for them. This generation wants to become co-creators of the company to maintain interest in the brand.
As a retail business, it’s important to keep up with trends and technology. Doing so will allow you to appeal to a new generation of shoppers—beyond millennials.