How retailers can win over millennial shoppers (Survey)

A look at what this demographic values most when it comes to the retail experience

SLD-Millennial-Engagement-study-infographic-final

Click to enlarge.

Retailers need to rethink the shopping experience if they want to better connect with today’s millennials, according to a new study.

In a survey of U.S. consumers by Toronto-based retail design firm Shikatani Lacroix, nearly half of millennials (47%) said they value the experience a brand provides more than the actual product value, compared to 22% of boomers and 38% of Gen X.

In addition, nearly 48% of millennials feel more loyal to a brand that provides interesting experiences, compared to 35% of Gen X and 17% of boomers. And 42% of millennials indicated they enjoy experiences that allowed them to feel part of the story, compared to 38% of Gen X and 20% of boomers.

“[Millennials] are very much experiential driven, and much more about being part of the narrative, so retailers have to start thinking about how to make the consumer part of the story,” said Jean-Pierre Lacroix, president and founder of Shikatani Lacroix. “Being part of an immersive experience is really important for millennials.

The message for the retailer is you have to make [the store environment] more immersive and much more engaging than you are today.”

What exactly are they looking for in a store experience? Some of the most important factors are:

•interactive: 42% millennials; 24% boomers

•entertaining: 39% millennials; 29% boomers

•rewards me for my loyalty: 36% millennials; 31% boomers

•memorable: 38% millennials; 30.5% boomers

•allows me to discover something new: 37% millennials; 28% boomers

•teaches me something: 37% millennials; 32% boomers

The study found millennials are heavier users and more familiar than the general population with immersive technologies such as in-store touch-screens, 3D movies, virtual reality goggles and video computer conferencing. But, interestingly, millennials and boomers are aligned when it comes to how immersive technologies help them make a purchase decision.

Among the options that help millennials and boomers make a purchase decision are:

•the store staff are tablet-enabled to allow me to receive competitive price comparisons in addition to quick check out: 32.5% millennials; 40% boomers

•the store offers virtual demonstration areas that I can view with 3D glasses: 31% millennials; 45% boomers

•when I enter the store I receive a personalized message and offer on my smartphone: 30% millennials; 44% boomers

•the store features interactive touch-screens where I can receive a wealth of product information: 31% millennials; 40% boomers

•the store offers virtual fitting rooms where I can try a wide range of products quickly: 33.5% millennials; 42% boomers

•I can view a 3D simulated walk-through of the store before my visit so I can find the item I am looking for: 34% millennials; 40% boomers

Lacroix said these findings were kind of a surprise, but it demonstrates that immersive technologies in a retail environment do have a significant influence. “It shows a fertile ground for retailers wanting to test new technologies,” he said.

The full study can be downloaded here.

 

Add a comment

You must be to comment.

Create a Commenting Account

Consumer Articles

Entrepreneurs inspire launch of Milton Shoe Company

Kickstarter-style pre-sale held in advance of retail opening

The customer service priority marketers cannot ignore

Now that it's so hard to buy attention, brands will have to earn it

HelloFresh brings meal kits to Canada

Subscription service aims to solve "What's for dinner?" problem

Philips launches ‘Feel Electric’ campaign

Documentary-style videos aim to get women to change how they shave

Walmart Canada COO gets president’s job

Lee Tappenden has long history within the retailer's ranks

Pepsi brings back aspartame in new diet beverage

Artificial sweetener returns after being pulled in a marketing move

DanActive tries to stand out with ‘stay strong’ campaign

Danone Canada aims at 'self-realization seekers' to promote yogurt

Cannes 2016: Harvey Nichols’ CCTV spot named Film Grand Prix

Canada shut out of the competition despite nine shortlisted entries

Cannes 2016: Black Friday shutdown wins top Titanium

Titanium Grand Prix goes to REI, Integrated Grand Prix awarded to Netflix