Mobile the Choice for Millennials

The old method of packing retail locations into malls to attract business has certainly lost its charm to consumers and nowhere more-so than with the prime millennial demographic, according to JLL Research.

With millennials accounting for such a prime slice of of the retail demographic, they cannot simply be ignored. According to the report. “they’re on track to spend $1.4 trillion annually by 2020, accounting for roughly 30 percent of all retail sales.”

What can retailers do to attract the millennial demographic?

The study from JLL Research suggests some strategies for appealing to millennials:

1.  Meet millennials via mobile and online  –  Millennials are technologically oriented and connect with the world through mobile devices. Mobile applications and mobile web sites are essential to connecting with millenials.

2. Offer coupons and sales –  Millennials like a good deal. While they collectively wield great spending power, individually many are unemployed or underemployed. Coupons and targeted promotions work well and research shows that 38% of millennials are influenced by savings-related signs and in-store displays (compared with 28% of all shoppers).

3. Have a physical location – Millennials prefer to buy in stores. JLL Research shows that millennials will seek out good deals online but gravitate to gathering places and experiences that retail properties can offer when it comes time to buy. This gives millennials an opportunity to touch the products prior to purchase as well. Millennials like to touch and try out product

By developing you marketing plans around the way millennials connect with the world, your business can benefit.

“Millenials have strong skills with mobile devices and are apt to use those skills when shopping,” according to Kimber Johnson, Managing Director Vanity Point, he continues, “they are quick to search product reviews and look for the best prices. Retailers that give them the tools they are looking for on their mobile applications and web sites are at a definite advantage when it comes to marketing to millennials.”