The Best Incentive For Millennials = Exclusive Perks
Twenty-five percent of the US population are Millennials (aged 18-33) and they spend over $600 billion annually. This is from PunchTab’s The Path To Millennials: Fashion and Accessories Edition of their Consumer Research Series. This study is of great interest to the apparel retailer because the Millennial tends to respond differently to marketing efforts. Highlights from this report are as follows:
- Millennials shop more and buy more than other shoppers
- Millennials tend to be trendsetters for older and younger shoppers
- Millennials do not trust advertising and are skeptical of brands
- Millennials tend to trust friends, reviews, and social media
- Millennials are up to 7 times more apt to create high-value social content for brands if offered an incentive
- Millennials will opt in to loyalty programs if the reward is timely and tailored to their interest
- Millennials prefer rewards with exclusive perks over badges/social recognition from the brand
Since this influential segment of the population mixes their fashion with their social activity, the majority of marketing impact is not from advertising. Millennials are changing the face of retail marketing by expecting brands to be responsive and engaged. They share their opinions on social media, and use those recommendations to research further on mobile devices for the most part. Their reviews are critical to driving purchases, and their engagement is often triggered by the rewarding experiences they get from loyalty programs.
ChainDrive’s Integrated Retail Management Solutions in USA and Canada provides the tools to engage Millennials with the exclusive perks they respond to because customer relationship management is woven into the rest of your data, allowing you to isolate or integrate as needed. Today’s apparel retailer has a lot to keep in mind, and ChainDrive retail management solutions in North America ( USA and Canada) helps you keep track of it with ease.
