Looking to reach millennials?
Recently, the National Retail Federation found that consumer spending was likely to surge as much as 10% above the $83.6 billion spent last year on back to school purchases. With such large potential revenue at stake, retailers were faced with the challenge of ensuring that their mobile, web, tablet, and social media experience was on per since millennials mobile shopping habits have a large influence on their shopping behavior. Simultaneously, they also needed to provide a personalized experience for the customers shopping at brick and mortar stores.
While back to school provides a big opportunity for retailers to reach millennials, they need to be focused on reaching this market all year long. Here are three ways your company can start connecting with the millennial market today:
Make mobile optimization a priority.
83% of college students have smart phones, and 61% of millennials claim they could not live without their cell phones. They use their phones to search for products, check pricing, look for coupon codes, read reviews, and complete transactions, which means that you must have a mobile presence to capture this market. And since one in five will make a purchase on their phones during the back-to-school shopping season, and an even higher percentage will shop on their tablets, take special care to make the mobile experience is flawless.
Fine tune your offer.
Millennials appreciate a good deal, so extending a special, exclusive offer just for them can make a huge impact on where they decide to spend their money. 96% use coupons, 9 out of 10 create a budget, and ⅔ are depositing money from each paycheck into their savings accounts. That doesn’t mean you can’t create enticing offers AND maintain your margins, though, especially if you ensure there are protections in place to fence your offer across your channels, like digital verification. Keep in mind that a 20% discount is enough to get the attention of 78% of college students and make an impact on their purchasing decisions. Free shipping and free returns are also appealing to college aged shoppers- 55% would take advantage free 2-day shipping for college students.
Make it personal.
Millennials are 44% more likely to opt out of communications from a brand that bombards them with generic, mass emails. On the other hand, companies that deliver personalized online experiences see their sales increase 19%. You can construct scalable campaigns with a personal feel by creating truly exclusive offers and recognition events, segmenting your lists, building relevant landing pages, and taking a targeted approach to advertising.