Cue Connect wants retailers to learn about the behaviors, expectations and personas of Generation Y shoppers.
The on-site marketing platform released its findings Monday from “Consumer Moments of Truth,” a survey conducted to analyze the psychology of Millennial shoppers and what companies can do to gain their share of the $1.4 trillion e-commerce pot in a competitive market.
“This research tells us that ‘surprise and delight’ is imperative. These insights will help retailers better understand, and therefore engage with, their most important–and arguably, smartest–shoppers today: Millennials,” Cue Connect CEO Berkley Bowen said.
According to the survey, there are more than 80 million Millennials in the United States. Six hundred billion dollars are spent by Millennials each year, and by 2020 that number is projected to reach $1.4 trillion annually.
The top five Millennial consumer personas in the United States were also included in the survey—The Social Shopper, The Bargain Hunter, The Elite Shopper, The Frugal Fannie and The Impulse Buyer. Retailers will be able to study the behaviors and expectations of each persona to better craft their business for this exclusive consumer demographic.
Influenced by family and friends greatly, the Social Shopper needs an online solution to organize items suggested by their inner circle. The “Krazy Coupon Lady of e-commerce,” also known as the Bargain Hunter, is only likely to buy when they receive a discount code and when they have instant notifications about product deals. Personalized shopping experiences and loyalty points are what the Elite Shopper looks for among retailers. The Frugal Fannie only shops if they absolutely need an item and they desire alerts for frequently replenished products. Retailers may attract the Impulse Buyer if they post “suggested items” on their websites and have alerts on new products based on previous purchases.
Cue Connect also provided retailers with three key solutions for better Millennial traffic in a technologically-driven commerce time.
First, keeping track of Millennial shopper’s purchase patterns and preferences provides retailers with a higher chance of returning customer activity. Secondly, retailers should provide Millennial shoppers with a new product tracking system that accounts for potential purchases. Lastly, retailers should share items on Millennial shopper’s social network hubs, including Facebook, Instagram and Twitter.
“Retailers who want to win big are going to be forced to approach their brand from a place of empathy. Tying the consumer experience to emotion is to Millennials what direct mail was to baby boomers,” Bowen said. He added, “Millennials have to feel understood and are insatiable when it comes to immediacy for more personalized touchpoints and better service.”