The Holy Grail of Consumers?


Blog-aroundtheindustry-082918.pngThe National Retail Federation recently released a study on an interesting new segment of the consumer population – Millennial parents. Millennials, for this study, were born between 1981 and 1994, making this generation the most likely to be building and growing their families.

Parenthood has either shifted or amplified many of their shopping tendencies that should be catching retailers' attention. Below are a few key highlights from the study and a few questions they should prompt you to ask about your own strategy.

They are constantly connected.

"Millennial parents have a wealth of information at their fingertips and turn to their phones at nearly every point in the shopping journey."

Question to consider:

  • Are you offering a seamless digital experience?
  • Do you collect feedback on your website to improve and enhance the customer experience?

Speed and convenience are essential.

"Nearly nine out of 10 Millennial parents have tried same-day shipping."

Questions to consider:

  • Have you asked your customers what value-add offers they want?
  • What other value-add opportunities are at your disposal to attract and retain customers?

They are open to new or different shopping experiences.

"Half (53%) of Millennial parents say they are interested in attending a retail event or experience."

Questions to consider:

  • Have you analyzed the market to see how other brands are creating in-store experiences for their customers?
  • How can you marry online experiences with in-store experiences?

They are loyal.

"Once parents find a brand or product they like, they'll shop them again and again."

Questions to consider:

  • What is your customer's lifetime value?
  • Are you offering incentives, a loyalty program or perks to keep your customers loyal and engaged?

That last highlight may be the one to prioritize immediately. It shows the opportunity retailers have with Millennial parents. One positive or satisfying experience with your brand or product can produce not just one loyal customer, but several, as Millennial parents remain connected and share their shopping experiences with others via social media.

That makes them the ideal consumer for retailers to pursue; they can be both a consumer of and a recruiter for your store.

From the NRF study:

"Millennial parents may be demanding consumers with strong views on who they should shop and what brands should deliver. But once you gain their loyalty, they can be your strongest advocates."