m-commerce and customer trends

Shopping in a new millenium

Generation Y, often called the Millenials, have considerably transformed the retail environment and are continuing to do so as most of their lifetime is spent online.
Paradigm Shift
Understanding of current market and audience is crucial for any retail business. You don't use modern tools - you are left behind by your more nimble competitors, you don't know your customer - you can't generate demand. Lately hottest topics have been e-commerce and millennials. Talks about -ecommerce are understandable, but why bother about people born at certain decade? In fact, millennials are becoming major purchase power. According to Markswebb Rank & Report, they already make 53% of all purchases. By 2020 they will dominate in terms of total earning and spending. It is quite obvious that marketers must study millennials shopping style, which is way different from their parents'.
Those who were born between 1980 and 2000 check their screens 43 times per day.
Paradigm shift happened with penetration of technologies in our lives. For baby boomers it was a nice bonus, interactive things which sometimes make life easier. For their children though, known as millennials, or generation Y, technologies are integral part of living. Those who were born between 1980 and 2000 check their screens 43 times per day. They have anxiety attacks when they have no Internet connection. They have nightmares about leaving smartphone home. And, by the way, they grow up and earn money. And it's up to you make them spend it on your products and services.
Reach out for the Y Gen
So what do you need to know about millennials in order to make them your customers?

First of all, they are highly engaged in the web and social media. This means, having Internet presence is a must. Moreover your website must be user-friendly and modern, adopted for various mobile devices. Millennials are used to speed and convenience of service. They do not run to their TVs at some special time to watch a show, they stream it online whenever they want and watch it wherever they want. Same works for shopping, the access to shop 24/7 online is critical for them.

Marketers targeting millennials must have clear idea of their special indirect customer path. Before buying anything, they make their research. They read description online, compare similar products and look through reviews. 25% of users are interested in virtual try on products. For example using your own image to try on new shade of lipstick, nail art or even jewelry. This amount brings us 30% among people aged between 16-24. Certain amount of retailers including Burberry Beauty, L'oreal and Superdrug decided to set up in-store ability to try on makeup products in order to fit it to the variety of skin tones both virtually and physically.
Millennials are 2,5X more likely to be an early adopter of technology that other generations.
Even though the importance of the Internet in decision making is outrageous for millennials, they are still more likely to make a purchase online.

One of the interesting facts is that cost has two sides to it for millennials. From one side they browse online for discounts, special offers and coupons, seeking cost lower than in local store. But from the other side they are ready to pay more if it is reasonable.

Being quite dependant on likes and other media signs of social acceptance, millennials are extremely sensitive about social feedback they get on their purchases. New purchase must serve a purpose in order be considered cool. Definition of cool varies from group to group, but buying this product must surely deliver some certain message.

Moreover world of mouth is highly important, 77% of Y generation rely on what they read on official websites, while 93% consider consumers recommendations. This works both ways, most of the modern buyers feel responsible to share feedback after a good or bad experience.

All these peculiarities bring significant changes in approach to build marketing strategies and customer relationship. But do not consider this as a threat, as these in fact, are opportunities.

Millennials are 2,5X more likely to be an early adopter of technology that other generations. Your innovative approach will be appreciated and getting market feedback won't take long.
Brands Survival Among Millenials
No need to waste money on traditional media anymore. The Y generation is easily reached via digital channels. Digital marketing tools are much more precise in targeting comparing to traditional advertising, and performance tracking is clear and easy. Also, you get an ultimate tool to deliver message to your audience without being annoying and get feedback straight away. Social listening tools will help you tailor your strategy, and social media will help you communicate with the audience with no boundaries. Branding becomes powerful segment of modern marketing. Ideas add value, so why ignoring such a sophisticated way to do so.

Modern market sets its rules, and if you don't adopt, you die out. Those American retail shops, which did not go online lose $100 billion per year in total. Those who did though got $600 billion income from millennials only. Use special offers and promotions to attract your millennials, they are quite sensitive to that. More than 80% would prefer e-shop that offers 20% discount. Keep constant contact with your audience via digital channels to make them feel that your brand makes their lives better,keep them interested, and they will thank you with a dollar bill.
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