7/15/15
The year 2015 is the year for Millennials, also known as Generation Y. This group has now surpassed Baby Boomers as the largest living generation in the United States. Born between 1982 and 2000, the U.S. Census Bureau* reports Millennials number 83.1 million.
With the introduction of PCs and the Internet during the 1970s and 1980s, Millennials have been shaped by computing technology and are the most technology diverse population ever. Their expectations surrounding products and brands are quite different from previous generations, particularly when it comes to creativity and innovation.
Retail managers and retail sales reps who understand the buying behaviors and preferences of Millennials have a head start on winning over and maintaining a customer base poised to make a significant impact on retail sales.
Millennials search out product and brand information via online reviews and blogs prior to making a purchase. Although they conduct online research for products, they prefer to make their final purchases in-store.
A large percentage will conduct research while they’re on the way to the store and use social networks to read reviews and find opinions about a service, product, or brand. Based on their tendency for in-depth product investigation, retail sales reps should expect an extremely well-informed customer in the Millennial.
Millennials have one of the highest rates of post-secondary enrollment which, unfortunately, has led to one of the highest percentages of student loan debt in history. Couple this with coming of age in an economic downturn, and you’ll find that Millennials are quite price conscious and want the most value for their dollars.
Many look for mobile apps, products, and brands that offer coupons, discounts, and loyalty programs. They want devices with the latest innovative technology, but at an affordable price.
You know all those people you see with their heads bowed down over the screen of a smartphone? Yep, more than likely, they are a Millennial. In fact, over 85% own smartphones and many report spending four hours or more using them to access the Internet on a daily basis.
Because they do all of that information gathering on social networks, those products and brands without a social media presence might be deemed irrelevant by the Millennial. Using social media to announce new products, technologies, or discounts is an effective method of reaching this target audience.
Once Millennials look up from those smartphone screens, they expect a different shopping experience than in times past. This group of customers wants both a physical and digital experience. They want to touch, demo, and interact with products and technology.
The Intel® Experience is a perfect example of how customers can explore the latest technologies in an immersive and interactive way within a retail store setting. Tech retailers that provide unique, in-store experiences can make the Millennial a repeat and loyal customer.
As a retail manager, an important part of your job is sales training. By better understanding Millennials, you can develop a retail sales team capable of creating successful interactions with this burgeoning customer base.
It’s even likely that some of your retail sales reps are part of this demographic. If so, ask for feedback about their personal shopping and buying preferences and seek their input on ideas to create better shopping experiences for Millennial customers.
Many retail managers and their sales reps take advantage of the Intel® Retail Edge Program to enhance and support their technology sales efforts. The Program provides training on Intel® products and technologies and offers sales strategies to educate customers while providing them with a meaningful retail experience.
Find out more about the Intel® Retail Edge Program and the benefits of participating by clicking here.
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*Other names and brands may be claimed as the property of others.
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