Part four of our five part series exploring trends that are shaping brick-and-mortar retail experience. You can read all of the trends in The Store Is Back eBook, courtesy of RBM Technologies.
Millennials have become a hot demographic in 2016, not only for their purchasing power, but also for their individuality. Millennials are connected 24/7. They use online and mobile as ways to communicate, socialize, as well as gather and share their information. Yet surprisingly, this digital generation conducts 75% of their retail purchases in brick-and-mortar stores.
“Millennials are changing the world and will continue to do so. The way we are thinking about stores is around millennials. They are the ones building it too.”
Andrew Smith, Director Retail Operations at Telstra
Millennials now account for 25% of the shopping population, a figure that is only going to increase. It is a huge opportunity for brick and mortar to gain the loyalty of this generation, but it’s also a difficult challenge. Since millennials have easy access to a wealth of information, they can be selective and demanding.
To gain their loyalty throughout the year, retailers must focus on technology. This is a fast-thinking, always-connected generation, and they expect all channels to be unified. Also, Millennials place importance on their unique interests, so retailers need to create compelling, personalized experiences that really speak to them.
Retailers must constantly and quickly evolve to keep up and please the smart Millennial shopper. By adopting new technology in 2016, retailers can create consistency between channels and design exciting brand experiences that will engage Millennials and keep them coming back.
To read all five retail trends, download The Store Is Back today