Our friends at Geaves have compiled some key statistics that highlight the importance of adapting your retail strategy to attract millennial consumers. Their infographic outlines three effective ways to keep millennials coming through your store’s doors: delivering exceptional customer service, leveraging technology to create interactive experiences, and harnessing the power of influencer marketing.
A common thread among these strategies is the integration of technology. Growing up in a digital world, millennials expect in-store experiences that align with their tech-savvy lifestyles. Therefore, ensuring that your consumer Wi-Fi is reliable should be a top priority after reviewing this infographic.
Millennials are rapidly becoming a dominant force in the market, often overshadowed by issues like student debt. Born between 1981 and 1996, this demographic was projected to represent 35 percent of the global workforce by 2020. Research from the Financial Times indicates that millennial global spending power was set to surpass that of Generation X by 2020, making them a vital segment to engage.
Interestingly, despite concerns about declining retail foot traffic, 82% of millennials still value physical stores, significantly more than the 69% of Generation X.
