Millennials run the world. Thinking you can ignore this demographic is definitely a mistake. According to Huffington Post, Asian millennials are the new big spenders in the global consumer market. In Asia, they make up a sheer 410 million of the total population and they are equipped with high purchasing power.
Want to find out how your store can latch onto this demographic?
Below are 10 tips I have learnt over the years as a store owner myself.
1. Consider Seamless Payments [restrict]
Millennials don’t like going through the hassle of digging through their bags for their wallets, laboriously gathering their cash and passing it across the cashier. They much prefer seamless payments using their iPhones (AKA Apple Pay) or flash credit card payments through PayWave.
But how does this benefit your small business? It makes payments much simpler and it is extremely secure. It helps you generate more sales within rush hours as well as customers won’t leave the queue disgruntled at how long they have to wait.
2. Build Your Social Media Presence
Millennials are constantly on their phones. This means that they are very likely to check out your store on social media even before visiting. A lack of social media presence makes your brand seem unreliable even if it isn’t. And also simply because millennials want to know what your store offers and decide whether it is worth the trip down.
So don’t shortchange your business! Start building your business a digital presence immediately and keep active on social media by posting content and constantly engaging with your consumers!
3. Adopt Minimalism
This is really up to what goods and services your store offers but I have found out that any millennial would prefer minimalism over cluttered spaces any day.
Isn’t this beautiful? Aesop’s Convent Garden store has a simple interior that places the emphasis on its products. It’s both highly functional and aesthetic – quite perfect for the millennial eye.
You can achieve this by managing your storage space and inventory by putting it in a back room where it is hidden away from the eyes of consumers. You can also display your goods and services in a manner where everything that needs to be seen is highly accessible upon first glance.
4. Consider Subscription Shopping
Millennials are busy and constantly on the move. Offering a comprehensive “Curated box” of what they need would do wonders by saving their time.
Basically what a subscription box is is a personalised box full of items from a shop that allows customers to play around with your products. You can start by allowing your consumer to send back products that they do not like to build a comprehensive database of their taste and preferences.
This reduces the time spent on choosing because a curated box is like having your own personal stylist or shopper! Millennials would absolutely adore your store because of how personalised and efficient it is.
5. What About Loyalty Programmes?
Tailoring loyalty programs for your millennial demographic would mean setting up apps where rewards are stored and shareable on other social media. This social interaction with friends would encourage millennials to actively use the app.
The reward programme should not be too complex as well! Making the interface of the app simple and easy to understand is key. This builds up strong brand loyalty and keeps them coming back!
6. Time To Get Personal
This is really customer service at its best. Remember the details of every customer through the loyalty card programme and be sure to use it when you see them in real life.
You can also make the connection between your store and your millennial consumer more intimate by sending them newsletters and phone notifications. For example, send out personalised newsletters titled “Special Promotion for You!” or “Still thinking about that dress? It is now 20% off!”.
7. Go Local!
Millennials are really big on being connected to the larger community. They care intensely about the world outside of their own even though sometimes they seem to be stuck in their own digital bubble. Localising your business by supporting local businesses would in turn get the support of millennials as well. Can you think of any foreign suppliers you can switch for a local one?
8. Options Galore
Millennials are all about inclusivity. Make sure that if you are serving food, you have tons of different options on your menu for different dietary plans. Have vegan, vegeterian, lactose-intolerant, halal, eggless options on your menu so that no one customer would feel left out!
9. Sell Items Close To Their Hearts
Thinking about adding new goods and services onto your menu? Why not portable chargers and wires? Millennials hold their phones closest to their hearts and would not mind spending money on a new portable charger if their phones were dying.
This is something you can certainly leverage on and is a non-exhaustive list!
10. Offer A Way For Them To Give Back
Remember my point about localising? Millennials want to have an avenue to give back to the larger community. You can easily do this collaborating with non-profit organisations in your country and giving consumers the option to donate a percentage of their purchase to the charity.
Like Cotton On Foundation, you can sell bags, tissue papers and cute little bracelets and donate the money completely to charity. But why not start out small with collection tins and percentage collections? Your business would not only be appealing to millennials but also contribute back to society significantly.
Millennials are multifaceted and they have a ton of taste and preferences that you have to cater to. Focusing on one or two can drive your business forward significantly enough so do not stress yourself out too much! Start small and build it up from there.