Connecting Retail Innovation and Millennials

Posted by: Jeff Fromm

Based on PSFK’s “The Future of Retail” research, going forward retail will be defined by the reinvention of retailers and the revolution of brands. The dilemma here is for retailers to understand their consumer while making the retail experience successful.

While there are formulas and guidelines retailers can follow, it’s important for them to pair innovation with participation. My participation economy model is a way retailers can approach their consumer retention.

brand value-2Combining PSFK’s research on personalization, experiences and easy-to-use systems with my own retail and consumer insights, I’ve created three steps retailers can take to win with Millennials.

1. Embrace technology

Technology is always changing. Millennials are very aware of these changes and will adapt and embrace technology more when they see it in familiar places. Keep these tools in mind when appealing to your consumer.

  • Utilize webcams, social media and virtual imaging to show your consumers how products will look in the store and at home.

  • Create systems and reward programs to engage consumers in their shopping experience.

  • Supply consumers with apps and price comparison tools to lead them to your store.

  • Enhance your website with daily deals, bulk discounts and most of all on demand at their leisure.

2. Be Personal

Millennials want things customized and personalized for their needs. Not only are retail consumers particular, they want their products and brands organized and specified for them.

  • Personalize the products being offered based on behavioral, social and transactional data.

  • Provide a positive customer service experience based on data to ensure satisfaction.

  • Create systems in retail stores and online that allow customers to tailor their products.

  • Give consumers a chance to participate in the next product line creation.

  • Provide ways that consumers can connect with other consumers to share their experiences and recommendations.

  • Provide “opt-in” platform options to give more tailored products.

3. Keep it simple

Millennials want to come into a retail store to relax and have a positive experience. “Shopper coaching” has become increasingly popular, where brands and retailers offer advice and personal shopping consultation opportunities to enhance their shopping experience. This also provides the consumers with educational benefits about the store, brand and overall purchase.

  • Embrace shopper coaching.

  • Offer virtual consulting via online or in-store tools.

  • Use DYI strategies so the consumer feels accomplished.

  • Leverage the auto-curate shopping through “likes” and “pins” to translate previous history into future purchases.

Using these three methods and further research, retailers can master marketing to Millennials™ and other consumers successfully and consistently. To view the full research report, click here.

Photo Credit: Tyler via Flickr

About Jeff Fromm

Although not a Millennial as defined by his age, Jeff Fromm is the Millennial Marketing Guy. Jeff is President of FutureCast, a marketing consultancy that specializes in Millennial trends, and is a contributing writer at...See Jeff's full bio.

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