Millennials, they have been regarded as everything. From fearless to lazy and too powerful, they are everything. However, whatever anyone may talk or think about this group, one thing is understandable: Generation Y or as we may like to call them ‘the millennials’ pursue to have an impeccable impact on society and the economy in particular.
As per the reports provided by Nielsen, Millennials disburse nearly $65 billion a year and affect almost one trillion dollars in consumer spending in total. This is considered as a lot of power spending, which is precisely the reason why if someone’s in the industry, there’s always a reason talking about Generation Y.
Jasmine Glasheen, who is a renowned marketer, a writer from Retail Minded has her views about this. Jasmine is also working as a contributing editor for RetailWire and a consistent contributor for different publications in the technology, business, and retail sectors with the likes of NectarOrm, Fiverr, RetailWire, and Retail Minded.
Calling herself as a millennial, Jasmine knowns the insides regarding the shopping preferences of this generation and shares some of her valuable insights regarding the selling and engaging to the Generation: Y.
1. Top Proposed Action Steps for Retailers:
The first action step that retailers should worry about is mixing up with the locals in general. Millennials like the feeling when their hard-earned money is going for a good cause or has a value associated with it, therefore, the source from the local growers and makers whenever it’s feasible and publicizes the cooperation well.
The second most important thing which retailers must always focus on is that their websites should be compatible with the iPhone.
Finally, the third and the most important one: It is important to remember that the points for prices are the most valuable of all. Millennials are not millionaires by birth. The brands that perfectly cater to their requirements win mainly because they know how to master the selling of sustainable products at decent price points.
2. Things Retailers should understand about Millennials:
The most important thing which retailers need to understand is the fact that Millennials are not peculiar people at all. Undoubtedly, they shop using smartphones and have a long affection for goods sourced locally, but they are regarded as engaging the shopping experience in person and being addressed by well-trained and dynamic retail staff.
3. Best Retailers Examples Doing an Amazing Work at Engaging the Millennials:
The best possible example that we can think of is Moosejaw. The brand itself is communicating with the millennials in a manner in which they can easily understand. Moosejaw has created witty elements attached to it with a point of mockery which millennials will appreciate and is something which is satirical to the extent.
Hopefully, in the possible future, the organization will keep its marketing strategy on point with the millennials despite the fact that Walmart bought them.
The brands which are not doing their best; the big box retailers of a myriad which aren’t getting particular with a thought-provoking inventory or sharpening the local markets. These brands are representing ‘the man’ of this generation.