Millennials are revolutionizing the world and one of the areas their influence is most prominent in is commerce. Generation Y saw a lot of economic problems: they saw the effects of the Great Recession, they took student loans of thousands of dollars and they had to deal with the highest unemployment rate in the last years. Millennials are delaying their marriages and homeownership due to financial concerns, so when it comes to buying, they are very careful how much they invest and where.
Generation Y also grew in the age of computers and digital medium, so they are tech savvy, which is a great advantage for them. A study found that 72% of all millennial shoppers are researching their options online, before making a purchase. This is great news for entrepreneurs who own online shops, from at least two main reasons:
- millennials are not willing to pay full price for anything; online shops are able to offer the lowest prices possible, because they don’t have to pay for owning an offline shop
- as millennials research for products and services online, having an online shop is the best way to get clients.
However, it’s not enough to have an online shop if you want to thrive in the e-commerce world – you need to get one step ahead and know the habits of your millennial target.
The price makes the difference
Not long ago brands were the most important thing for shoppers, but nowadays, millennials are looking for the best price. Before you even start learning how to start an online store you need to make sure you can offer competitive prices, otherwise you might find yourself struggling. Pair the low price with good quality and your online shop is going to become a hit among millennials, without having to offer products from big brands.
Opt for a personal approach
You will often hear that millennials are not loyal, but this is not true: they are very loyal to brands that offer them personalized offers. If you want to build and keep a network of loyal millennial customers, use social media to learn what they want and create personalized offers for them. Use coupons, special deals and vouchers to keep your customers close to your company. Make your young customers feel pampered and cared for, so they will return to shop from your online store.
Use social media
The internet is full with cases of online shopping gone wrong, so millennials are now shopping only after they saw other customers happy. The channel where they get the most feedback is social media, so use it to your advantage. Make an Instagram account, Facebook and Pinterest and market your products there. Offer special deals for each social media platform and always respond to your customers or potential customers. Provide visual content featuring your products and add a promotion code in the post – this will ensure your millennial customers are going to check your social accounts often, trying to see what is new.
Smartphones and mobile devices are the most important
I won’t insist on this point too much, because we all know the new generations are addicted to their smartphones and mobile devices. You have to make sure your website is 100% mobile device compatible, if you want to market to the generation Y.
Get your clients involved
This is the most important tip: make sure you involve your customers in your business. There are endless ways to do this, from creating new products after your client’s requests to asking your audience for help for a new project. Millennials love to learn and help, so use this fact to your advantage! Talk to your customers, listen to them and make sure you involve them in your business. Millennials crave social interaction, so provide them the opportunity to interact with your brand.