Are you a retailer or ecommerce entrepreneur seeking to attract Millennial shoppers? Then you’ll be interested in what a new report from Nielsen has to say about this important demographic — and what it takes to attract them to your physical or online store.
- Offer deals. Even though about 70 percent of Millennials believe their finances will be “good” or “excellent” in the next 12 months, 55 percent still believe the US is in a recession. Millennials were hard hit by the recession, and it has changed how they shop. (The two stores they frequent most often? Walmart and Target.) About one-third of them never make purchases without a coupon or promotional code.
- Promote your business online. Of course, this goes without saying when it comes to Millennials, but one reason a strong online presence matters so much is that Millennials do tons of research before they buy anything. More than four out of 10 report they research at least four different sources before making a purchase. Make sure your business is easy to find on local search directories, that you have plenty of positive ratings and reviews online, and that your website contains lots of information about the products you sell.
- Know what matters to Millennials. There are some things Millennials aren’t willing to scrimp on despite their tight budgets. Technology is one, while apparel is another: 35 percent say when they have extra money, they spend it on clothing. If you are in one of these niches, you can appeal to Millennials with quality and service.
- Take advantage of the local edge. Some 40 percent of Millennials believe so strongly in shopping local that they’re willing to pay more for locally made goods or products made in the US. Almost three-fourths of Millennials say it’s important to purchase American-made products. If you own a retail store, play up your role in the community and your status as a small, independent business. If you own an ecommerce site, you can emphasize your entrepreneurial status and any American-made items you sell.
- Target the top earners. While the stereotype of Millennials may be an over-educated college grad working at Starbucks and living in their parents’ basement, the reality is much different. Nearly three out of 10 Millennials earn more than $75,000 a year. This subset of upscale Millennials is an especially valuable consumer group to target. However, keep in mind that even affluent Millennials love discounts: 43 percent of this group reports using coupons at least once a month.
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Maria Valdez Haubrich
Maria Valdez Haubrich is Chief Liaison Officer of GrowBiz Media, a media company that helps entrepreneurs start and grow their businesses. Visit her company’s blog at SmallBizDaily.com.