Generation Y is hard to woo, but nobody said it’s impossible
Millennials: The people approaching their adulthood in 2000s are knows as Millennials or the Generation Y. As per research by the Berkley Research Group, the Gen Y market has dramatically reached a market of US$200 billion! It the greatest spending generation! But since they are keen to learn more on the internet, they’re very aware of the latest trends. They’re hard to woo, but nobody said it’s impossible.
To get them into the game, following are seven intriguing business strategies to follow to stay competitive.
1. Buying Online, Picking Offline
According to a survey conducted in the US, it was found out that a whopping 88% of millennials would prefer making a purchase online and then picking it up at the store, instead of getting it shipped to their places. Why? It saves money.
This information can be used to attract more customers! How? Offer discounts if the customer chooses to buy online, pick up at the store. This would save you from the handling charges and the shipping costs.
2. Refunds over Discounts
It was observed that the majority of millennials would prefer a refund/cashback on heavy electronics instead of competitive discounts. This gives them the illusion that they made money after purchasing something and allows them to spend that “earned” money on shopping even more.
Getting your store associated with payment wallets like Paytm, Mobikwik, etc. could attract more business, as most consumers are using these online wallets to make purchases easier.
3. Obsession with the word “Free”
The present generation is clearly going gaga over free stuff. Whether it is a small gift, a coupon, a book, whichever! Providing something free on an order can attract quite a lot of millennials. Free shipping is the best option. Attractive discounts or free gifts on a certain amount spent would definitely catch their attention.
4. Product Videos
Generation Y has got itself so engrossed in the digital world that they have lost the ability to sit back and read for a while. Having an elaborated product video that explains the key features and hidden meanings of the product offered will clearly attract more traffic than a lengthy product description. Videos make them see and imagine better. It takes away the element of doubt by clearly offering to show the exact same product that the customer will get in their hands once they open the box.
5. Social Media
It is a no-brainer that more than half of the population today is obsessed with social media. It is anticipated that the number of social media users would reach 2.5 billion in 2018. Social Media Marketing has had huge impacts on customers. 57% of the users have confessed that the reviews and comments on a product from people on social platforms influence them to make decisions. When it comes to millennials, they say that social media is their most preferred platform when it comes to online shopping or e-commerce markets.
Also, Instagram was said to bring more business than any other social media websites. Perhaps because of its heavy user base and the utterly catchy and attractive photographs, Instagram has been able to woo customers into buying more fashion related products online. Get in touch with someone who has a good number of followers and pitch them to advertise your product on Instagram. It sure would bring some good business to the plate.
6. Mobile Applications
Smartphone users are expected to hit the 1 billion mark in 2018, following the previous year statistics. Going mobile will reach out to more customers because the new and the upcoming generation is the “phone” generation. Instead of spending more time on bigger screens, they feel that a smartphone is better as it is compact and easier to use. Creating user-friendly apps and providing special app discounts would bring more customers to your store, thus increasing your overall business.
7. Easy on the Eyes
One thing that millennials struggle the most with is the search option. Make sure that your algorithms make it easy for the customer to search for exactly what they want. A recent example that has pissed most people is the fact that they see something appealing on a social media website and click on it in hopes to get more details and eventually purchase it. But when they do click on it, they are directed to the main website and now they have to actually search for the product that they first saw. This gets irritating because if they type the related keywords in the search box, a thousand results pop up. Disheartened and annoyed, they leave without even grabbing a second look. This is something that e-commerce websites have a huge scope to work on.
Millennials are fickle-minded and easily influenced people, which make it hard for them to stick and be loyal to the same retailer. But then again, with a few tactics like the ones mentioned above, one can easily convert the Gen Y and lure them into buying stuff online. Stay competent in 2018 and keep struggling to get big in the market!
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