How can technology help you harness the substantial power of spending for millennia?


Retailers draw on an immense source of purchasing power if they manage to successfully market the Millennials, which currently represent more than one third of American workers. Not surprisingly, given the world in which this generation has become major, the creative uses of technology have proven to be very effective in achieving this.

According to an Accenture study, Millennials in the United States are currently spending about $ 600 billion a year. By 2020, this number is expected to reach $ 1.4 trillion, or 30% of total retail sales. Everyone wants a piece of the cake, but many misplaced marketers are using outdated techniques to appeal to Millennials. In order to attract the attention of this valuable demographic group, they must take a more technological approach.

1. Take your digital discounts.

Salesforce research suggests that 71 percent buyers use their mobile devices in stores. In this environment, forcing them to print or cut physical coupons will not fly. Instead, go digital with your discounts to encourage customers to use their phones. The millennium generation also uses more payment applications and retailers can exploit this trend by ensuring that they accept new and varied forms of payment.

For example, CrayPay, a free payment app, pays a percentage of each purchase when buyers use the app at Nike, Barnes & Noble and other participating retailers. Having a specific application for your business can also help you. For example, the application of Target, which boasts of it allowed application users to save more than a billion dollars, offers coupons and shares information about items for sale.

2. Make memorable online shopping.

Online shopping should be fun and easy, but all too often it's a chore. For simplicity, user-friendly navigation is essential. as in a physical store, if customers can not easily find the item they want, it's unlikely they'll stick around. To make it fun, you can use gamification. For example, the Pink Nation app from Victoria's Secret allows users to play games to win prizes.

You can also reorganize your online store to help navigate your digital inventory, for example, by browsing the sales department in a virtual store. After all, if you're shopping for a gift without knowing where to start, shopping for discovery can be a great option. Curious to see what it looks like in action? Mobile shopping apps such as Tophatter are based on the charm of discovery shopping. With Tophatter, the articles are sold at big discounts in 90 seconds quick auctionso that you will never know what you are going to see.

3. Intensify efforts with brand advocates and tech-savvy influencers.

An impressive 94% According to a Linqia report, marketing professionals who use influencer marketing report that it is effective. Before you go directly to the top of the list of influencers, be aware that smaller influencers will cost less and be more effective. A recent survey of collective prejudices revealed that 70 percent Interviewed Generation Y members valued non-celebrity endorsements, while only 3% of survey respondents would consider celebrity-endorsed products.

And some influencers do not have to be paid at all. Happy customers will be your best lawyers, and you should go beyond your expectations to meet the expectations of millennials who are passionate about technology. These customers will be the ones who write reviews online, and their peers will be the ones who read them. In fact, according to a study, eight out of 10 Millennials Do not buy an article without reading a review beforehand. So encourage buyers to share their comments and write reviews – and be sure to respond promptly to any potential problems.

4. Make your windows user-friendly.

Millennials are attracted by a wide range of amenities. To get them in your physical store, try to provide free Wi-Fi or pay-per-use kiosks. These features will meet the generation's desire to be connected and its preference for efficiency and speed. Companies such as Apple go even further and offer free courses to help users better understand the products they sell.

Opening a storefront near other retail and entertainment destinations is also a proven strategy to attract more millennial pedestrians. Generation Y members place great importance on their time and the convenience of checking several things on a to-do list leads them to areas where retailers are just right an element of a larger mixed-use ecosystem.

The Millennials hold considerable buying power and retailers will compete fiercely for their share this holiday season. Technology will help you reach this audience and seduce them in new and interesting ways.

Brad Anderson

Brad Anderson

Editor-in-Chief at ReadWrite

Brad is the editor who oversees the content of ReadWrite.com. Previously, he worked as a publisher at PayPal and Crunchbase. You can reach him at Brad at readwrite.com.