In the competitive world of retail, attracting millennials has become a #1 priority for businesses. And for good reason, the stats speak volumes.
In the US alone, approximately 80 million millennials are responsible for a staggering $600 billion in annual spending.
This figure has been anticipated to reach $1.4 trillion by 2020, constituting 30% of all retail sales. Ignoring this demographic could have a significant impact on a retailer’s bottom line.
What makes millennials different is their digital prowess and their swift purchasing decisions. When they find something they like at a reasonable price, they are quick to make a purchase.
However, they do have high expectations. These types of shoppers prefer a seamless buying process and are unforgiving if anything stands between them and the perfect shopping experience.
Slow-loading websites, inattentive employees, or the absence of mobile payment options can send them straight into the arms of competitors.
It’s crucial to recognize that millennials have a myriad of retail choices, and they are quick to explore these options. Despite their high standards, they are not inherently disloyal.
So, let’s start with the basics first: