Key Technical Trends to Retain the Millennial
The retail and ecommerce landscape is changing and it’s time for retailers to start embracing the changes it brings. Heritage brand M&S has recently announced store closures and other household names are closing at an increased rate. Brands can no longer rely on a ‘build it and they will come’ attitude, fashion tech founder of Click2Fit Chaya Cooper states “Retailers need to treat consumers like they genuinely value their time and their business.” This means retailers must make a conscious effort to understand and cater to the changing face of the millennial and technical trends they embrace.
#1 Omni-channel Rules
This segment value the different options available to them, utilising multiple platforms. They seek convenience via mobile, where they often start and end their buying journey. UK research has found that social media has a growing influence over what millennial purchases, as 60% admit that it affects their decision. So, keeping this audience type engaged via social channels is key for retailers, while also providing streamlined, user-friendly systems for ease of use.
#2 The growth of Geo Targeting
With the rise of geo-tagging - helping users find a wide variety of location-specific information from a device, location-aware technology has become increasingly targeted. This allows for a personalised approach to communicating with the millennial, who value connecting with their surroundings digitally.
#3 The Power of AI
Chatbots are becoming even smarter, as AI has allowed them to handle many tasks from order processing to automating part of the customer service process. A Business Insider survey predicted 80% of e-commerce businesses are likely to have some form of chatbot automation implemented by 2020. Examples of clever Chatbots are Amazon’s virtual assistant Alexa and My Starbucks’ Barista.
#4 Video Content is Key
As smartphone sales soar, mobile users are expected increase video consumption by up to 16%. This is aided with the popularity of platforms such as Snapchat and Instagram among the millennial market. Although, there has been a shift in what consumers are watching as this generation value quality content and are quick to switch between platforms.
With the shift in shopping habits and technology, retailers need to innovate in an increasingly crowded market. Learning what the millennial values most is key and creating a plan to engage them through these channels will grow this segment.