Retailers and brand marketers are struggling to connect with millennial shoppers, and a new survey adds its results to a growing body of evidence that this group is not created equal.
Online marketing platform Cue fielded research into the online shopping behavior of 1,000 millennials and breaks these shoppers into five groups.
Millennials are overwhelmingly interested in deals. More than 57 percent of shoppers are classified as Bargain Hunters and are more likely to buy from a retailer's website when emailed a discount code, according to Cue. Frugal Fannies accounted for 37.2 percent of shoppers and are motived to shop only when they absolutely need something. This group would respond to loyalty programs that keep them coming back for basics.
Nearly 50 percent of online shoppers are Social Shoppers, and are either somewhat or very much influenced by friends and family when making a purchase decision.
Elite Shoppers have deep pockets and expect top-notch customer service; 47.6 percent feel valued when they are rewarded with loyalty points. Nearly half of all shoppers are classified as Impulse Buyers and have made a purchase based on the suggested items on a retailer's website.
"Retailers who want to win big are going to be forced to approach their brand from a place of empathy. Tying the consumer experience to emotion is to millennials what direct mail was to baby boomers. Millennials have to feel understood and are insatiable when it comes to immediacy for more personalized touchpoints and better service," said Berkley Bowen, CEO and founder, Cue Connect. "This research tells us that 'surprise and delight' is imperative. These insights will help retailers better understand, and therefore engage with, their most important – and arguably, smartest – shoppers today: millennials."
- see this Cue report
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