As newer generations are becoming more prominent in the retail industry, consumer expectations continue to change. Millennials have grown up in an age of technological change, globalization, and economic disruption which have influenced their behaviors and experiences. The effect of many of them growing up with a mobile device has drastically changed the traditional purchasing patterns for the better. With that being said, retailers must be able to provide streamlined, user-friendly systems, and processes in order to retain the newer generations, so take a look at 3 easy ways to prepare for the shoppers of the future!
1. In-Store Experience & Personalization
To begin with, experiential retail has played a key role in meeting today’s consumer needs. The overall shopping experience should be intuitive, interactive, meaningful, immersive, accessible, and personalized. Leading retailers are focused on implementing personalized pricing to drive even more gains. Big data and artificial intelligence make promotion and price optimization at the individual customer level practical. And in a world demanding ROI from marketing expenditures, personalized pricing is inevitable.
2. Convenience is key
Next, speed and convenience are two traits that are becoming more important in purchasing decisions for millennials and generation Z. The new shopper wants an ease of returns and exchanges, availability of inventory, and fast checkout. And by improving the payment experience through self-checkout kiosks and advanced digital payment technologies is essential to attracting the millennial shopper. The relentless focus on perfecting technology has set a new standard across the industry that millennials now accept as the new norm. Nordstrom, for example, has been investing heavily in data-driven, personalized customer experiences as they incorporate social feedback into the shopping experience.
3. Seamless Experience
Lastly, the integration of both online and offline retail experiences has helped the overall process of the industry. For millennials, a seamless experience means integrating both online and off-line marketing, advertising, and shopping channels. For instance, retailers such as Starbucks are winning over millennial consumers with their mobile wallets. The store developed apps have made it easier and more appealing for the customers to pay while receiving additional perks such as discounts or free products.