It’s no secret that the millennial generation, especially current college students, are on the lookout for a good deal. In fact, according to a recent report by CouponFollow, 80% of millennials say that finding the best deals will impact their online shopping decisions. Since millennials hold a massive purchasing power, this target market is one that should not be overlooked by retailers.
Here is a closer look at the purchasing decisions of 1,000 Americans between the ages of 20-35 and what their shopping habits mean for retailers, both online and offline:
- When shopping online, 69% of millennials search for coupon codes and the majority of millennials will spend at least 3 minutes searching for coupon codes
- 56% of millennials follow brands on social media to gain early access to deals and savings
- 60% of millennials search for coupon codes before shopping – younger consumers are feeling the challenges of adulthood and are actively looking for ways to preserve resources
- 79% of millennials say that finding the best deals will impact their purchasing decision when shopping online
- The future of retail requires a hybrid approach – in order to make a tangible impact, retailers must bridge the gap between online and offline experience
Even though retailers know millennials want access to discounts, they don’t know how to properly offer the discounts or engage with them. Here’s 3 of our favorite ways for retailers to target the millennial market:
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, so meet them where they are. They use their phones to search for products, check pricing, look for coupon codes, read reviews, and complete transactions, so the more mobile friendly you can make your experience, the better. And heads up: 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.
Fine tune your offer:
Millennials appreciate a good deal; 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. 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.
Although they are internet-savvy enough to hunt down your hidden landing pages and find active coupon codes, they prefer to hear directly from you. 95% of millennials want brands to woo them, and they will respond positively to coupons and other offers mailed to their homes or sent to their inboxes. 67% of college students want to learn about a company’s student discounts in their enewsletter, and over half recommend adding a link to your student discount to your footer or on your homepage if you want to reach them.