Millennials, generally categorized as those currently between 18-34, represent about 25% of the US population at 80 million. It’s not just sheer size that they dominate, they also represent a large cohort of consumers with a purchasing power of $200 billion annually. Given their economic influence, it’s in the best interest of brands to understand millennials and identify how to engage them effectively. A recent article by AlleyWatch reports that 66% of U.S millennials indicate that they are interested in using mobile payment technology, and 56% indicate that their phone is the most valuable shopping tool when they’re in a store. It seems that mobile matters most to millennials for the following reasons cited by AlleyWatch:
“Mobile dominates the Millennial shopping experience. Mobile is key to the Millennial’s world, and will only become more indispensable as mobile payment technologies push forward.
Millennials draw no practical distinction between online and offline. Growing up with tech, millennials don’t see a difference between online and offline “channels.” They expect technology to extend into the physical world, with information and purchase capabilities at their fingertips.
Millennials are redefining privacy expectations. Millennials are less concerned about how brands and retailers will use their data and protect their privacy with a “combination of trust and resignation.” They understand the tit for tat, that providing information to brands is required for the personalized experiences they want.”
What can brands do to engage millennials?
AlleyWatch suggests the following tactics:
- Include millennials in the decision making process
- Collect birthdate information to customize marketing to the different age groups
- Adopt app-like experiences where possible
- Offer mobile payment and customer service options