According to a new research report from Cue Connect, Consumer Moments of Truth, providing retailers with a glimpse into the inner most workings of the millennial shopper’s minds, millennials represent over 80 million shoppers, with a current shopping habit of almost $600 billion and an estimated growth to over $1.4 trillion by 2020.
Berkley Bowen, CEO and co-founder, Cue Connect, says “… retailers (should) approach their brand from a place of empathy… millennials have to feel understood… are insatiable when it comes to immediacy for more personalized touchpoints and better service… ‘surprise and delight’ is imperative. These insights will help retailers… engage with their most important… shoppers today: millennials…”
The research shows the top five millennial shopping personas and the top data points associated with each:
The Social Shopper: Would Jump off the Bridge If Their Friends Did
The Social Shopper historically could be found with friends or family at department stores to ensure they have the approval of their network before making any purchase, but now they live almost entirely online. Through multiple devices and via all the social channels, the social shopper is always sharing potential purchases with their network and is largely influenced by the opinion of others. When it comes to deciding what to buy, input from the ones they trust is what seals the deal.
The Bargain Hunter: The Krazy Coupon Lady of E-commerce
The Bargain Hunter of yesterday ferociously clipped coupons the second they were mailed to their house. Today’s bargain hunter, however, has a whole new way of shopping with less scissors and more time for HGTV. They expect retailers to let them know when an item on their Wishlist went on sale, on their preferred shopping device, as soon as it happens while they make time for DIY projects and kid’s sports games. Give me what I want, when I want it!
The Elite Shopper: Prefers Things Handed to them on a Silver Spoon
The Elite Shopper has outfits that are always flawless, their hair is on point and they personify trends or are often described as chic. These shoppers live for exclusive offerings, invite-only flash sales and champagne upon arrival at their favorite stores. They also expect the same service online through personalized experiences and offerings based on past purchases. Unfortunately, most luxury retailers fail at delivering this experience online, says the report.
The Impulse Buyer: Has a Hard Time Resisting Shiny Objects
The Impulse Buyer goes to the retailer’s site for one item and checks out with 20 they might not need, but couldn’t pass up. These shoppers love to shop ‘till they drop and, while they might never have a gala to wear the sequin ball gown they purchased on sale when perusing their favorite retailer’s online site, passing up a good deal is painful for them.
The Frugal Fannie: Would Rather Break an Arm than Shop
The Frugal Fannie is someone who only shops when they’ve run out of something or absolutely need an item. While they share some traits of the bargain hunter, they aren’t as motivated to make purchases based on sales. Today’s savvy retailer will connect with the Frugal Fannie by consistently offering the best deal on products that consumers can’t live without – and offering great customer service or price comparison tools would be an added bonus.
Bowen concludes by noting that “… any successful brand of the future knows empathy is the answer… in a world where almost anyone can have what they want, when they want, how they want it, loyalty is the ultimate currency… not knowing your customer and giving them what they want, how they want it, the way they want it is akin to leaving billions on the table industry wide…”
For additional information from Cue Connect, please visit here.