Paul Milner, Marketing Director, Displaydata
You’re sure to have seen the acres of newsprint given over to millennials – often called Generation Y (Gen Y) – and how to market to this hard-to-reach audience? And, like me, you may have thought, “Why the fuss?” Here are some reasons:
- According to research from Youbrand, millennials’ combined spending power globally was $2.45 trillion in 2015
- There are 2 billion millennials in the world
- In major economies, such as the US and UK, millennials are now the largest generation
- By 2025, in the US, millennials’ annual net income will approach $8 trillion
New experiences are needed
Three things stand out for me when marketing to millennials. First, is that 60% want a
consistent experience whether they shop online, in-store or mobile. Second, user-generated content (blogs, online reviews, etc.) are 50% more trusted than traditional media. And third, it’s impossible to underestimate just how important the smartphone is to this audience: they spend, on average, a day a week on them.
When it comes to delivering a consistent experience, retailers have made good strides in this area. Investment in delivering an ‘omnichannel’ experience has enabled shoppers to mix the way they buy, try and return goods across channels. But, I believe more can be done in-store to appeal to millennials’ tech-savvy natures. Here are 5 things to think about:
- Get pricing right: Research shows that authenticity matters to millennials so it’s important to ensure that pricing is accurate and the same, online and in-store.
- Embrace showrooming: With 57% of millennials using smartphones to compare items in-store, why not embrace this trend and display pricing from competitors on your shelf-edge labels?
- Share reviews: Similarly, with millennials holding a high level of trust in peer reviews, why not display product reviews next to your items?
- Speak to smartphones: With Bluetooth locationing technology linked to your app on shoppers’ smartphones, you can monitor millennials around your store and send them timely offers, coupons and recommendations. Recent research shows the popularity of coupons – 63% of US millennials used social networks to look for coupons Q3 2015 while 41% say that the coupon is one of the primary ways to enhance grocery shopping.
- Make it easy to order: Displaying stock levels on your shelf-edges, along with a QR code that can be scanned by a smartphone to link the shopper to a simple home delivery process, can help secure potentially lost sales due to out-of-stock issues.
One of the easiest ways to achieve all the above is to install Electronic Shelf Labels (ESLs) in your stores. The labels require minimal infrastructure and allow you to easily and remotely change pricing, promotions, stock levels, reviews and more on any shelf-edge, anywhere in seconds. Our Price Now Price Everywhere animation shows you how.