This is a guest post by Megan Wright of ChamberOfCommerce.com
Millennials, people born between 1980 and 2000, make up the majority of the workforce in the US and Canada. It is estimated that by 2025, Millennials will make up over 75% of the global workforce.
This generation also has enormous purchasing power, which will continue to grow as the generation matures. For example in the USA alone, Millennial shoppers spend over $ 600 billion a year. This is clearly a prime audience if you want your ecommerce business to thrive, especially given the digital suitability and convenience of this generation of online shopping.
However, the question most new and growing ecommerce retailers have is, “How do I sell to the millennial powerhouse buyer?” Well, there is no magic trick, but the tips below will help you with it make up an effective email strategy.
Focus on maintaining a robust brand
As technology advances and social media grows, the gap between brands and consumers is rapidly narrowing. Now people want to buy from brands, not companies.
Millennial buyers in particular are interested in brands. In fact, most millennials see themselves as such Brands as loyal as their parents. That is, if you can Create a brand that millennials can relate tothey’ll likely become a long-time customer. That brand loyalty can be further cemented by aligning your brand with the social issues that matter most to them.
A good example of this is Warby Parker eyewear brand. This brand has developed its brand on the basis of sustainable manufacturing and its commitment to the “buy-one-give-one” model. For every pair you buy, you donate one pair of glasses to those in need. They do a great job of communicating these programs through email, social media, and their blog to continuously align with their millennial customers.
Please remember that millennial buyers do their own research before buying from you. So be sure to keep your online reputation clean and keep the end of business going. If you don’t really do the good your brand is based on, you could be online quickly and lose all credibility.
Consider a coupon and loyalty strategy
Millennials want their retailers to be open to give and take. They value brands that give something for the relationship. Therefore Coupons make up 69% of sales to millennials.
Remember, millennials don’t have as much wealth as their predecessors. They are price conscious and want the best deal before they commit their hard earned income. The following statistics will help you understand how much millennials love coupons:
- 23% of Millennials need vouchers with at least a 50% discount, although 17% appreciate any discount.
- 63% are more likely to check in at different companies if they receive a voucher for it.
- A 20% discount can attract nearly 50% of respondents to visit a retail location.
Millennial shoppers love too Loyalty programs. 73% of smartphone users want to interact with a brand’s loyalty program on their devices. A majority (75%) are willing to switch to a brand that offers real-time discounts when shopping, and 84% of consumers prefer to visit retailer websites that offer loyalty programs.
You can integrate loyalty rewards tools such as: Yotpoin your current e-commerce and marketing messages. If customers meet set purchase thresholds or frequencies, you can dynamically send them email or SMS messages about rewards they have earned with your brand.
Take your chance by incorporating online coupons and a loyalty program into your ecommerce website and you will start attracting millennial shoppers.
Optimize your shopping experience
Millennials are early digital adopters of devices, social platforms, and even new forms of payment like Bitcoin. These consumers are up to date. This is where your shopping experience and marketing must be present.
When creating your brand’s marketing strategy, consider all possible millennial touchpoints for consumers before they actually make a purchase. Do you have the business intelligence to know when a particular customer starts browsing on one channel before making a purchase on another channel? Brands that can be used to react in real time Omnichannel Marketing will win in today’s market.
For example, imagine Tina, a 30-year-old professional who launches a smartphone app from her favorite skin care brand while she waits for her friend. The app automatically redirects her to products she has bought in the past and shows free products she might be interested in.
She doesn’t make the purchase within 24 hours, which is a personalized email based on your status as a VIP customer. She will be informed of a 20% discount voucher to be used for her next purchase. She clicks through to finalize the transaction. Mission accomplished!
Sixty-three percent (63%) of millennials Use your smartphones to do research, browse and shop. So it’s not surprising that 72% of people prefer mobile websites. This means that if you want to enter this market, you need to make sure that your ecommerce website is optimized for mobile devices.
Millennials expect a wide range of payment options from brands – especially the option they prefer. Venmo, Apple Pay, Paypal, Credit Card, In-App Purchases, and Cryptocurrency to name a few. Since childhood in the digital age, millennials have been used to using the transactional method that makes their lives easier or rewards their loyalty.
The biggest trend in fintech is the desire of millennials to use cryptocurrencies like bitcoin for purchases. Brands like Overstock, Expedia, CheapAir, and Newegg have joined the growing list of companies offering cryptocurrency payments along with other forms of digital payments.
For online merchants considering bitcoin payment options, make sure you connect the payment gateway to a Wallet for exchanging cryptocurrencies such as OKEx, Coinbase or Paxful to instantly convert Bitcoin to Fiat. This avoids a sudden increase in the price of the digital currency, which can lead to lost sales.
Create a social media marketing strategy
A few years ago, star-studded ads and celebrities were the way to get the market’s attention. However, this tactic is less effective with millennials. According to recent research 78% of millennials are unaffected by celebrities. What should i do? Go social.
Millennials are big fans of social media platforms. Before buying anything, they will seek advice from their friends, mostly through social media such as Twitter and Facebook. They are more likely to buy something after their friends or family recommend it, and they trust those recommendations more than what the brand itself says.
Create a content marketing strategy for millennials
One of the most important ways Millennials learn about a company and its products is through content consumption. Millennials do their research before making a purchase, and most of that research is done on a company’s website. This tells you that a millennial interested in your product is looking for the content you have produced.
That is why you should aim for it Create content around your products, offers, coupons, sales and product versions because this content is just as important to your website visitors as your social media marketing content.
Make sure your content is visually appealing across all devices to better target millennials. Use pictures and videos too. While they value content, millennials prefer to be in control of how they interact with you. So make sure they can easily activate and deactivate your subscriptions, email lists, etc.
Marketing to Millennials can be a hectic task, but it isn’t. If you adapt quickly to new trends and implement the tips we talked about, you will find the right buyer: the Millennial Shopper.
Be careful not to alienate other customer segments when addressing the millennial buyer. Your campaigns should contain a variety of elements to address other demographic goals.