the millennial report
DESCRIPTION
80 Million Millennials are about to become a dominant shopping force. This presentation can help retailers and brands understand how to reach, engage, and transact business with this generation - in their own words. The presentation is a summary of a recent Millennial Focus Group sponsored by RedPrairie, where we gathered interesting and extremely helpful information and insights from five Millennial panelists, aged 21-25.TRANSCRIPT
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The Millennial ReportMaximizing Millennials in a Modern World
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80Malmost
Americans born 1981 - 2000
-- comScore
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$170Bannual purchasing power
-- comScore
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-- Deloitte and Pew Research
• Tech-savvy • Connected 24/7• Confident• Optimistic• Independent • Self-reliant• Determined • Goal-oriented• Lifestyle-centered• Inclusive• Community-minded• Entrepreneurial
What the Studies Reveal
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Digging Deeper
Millennial Focus Group
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5Millennials Speak Out
Age 20 Age 24 Age 21 Age 20 Age 25
Media, Technology, Communications, Social Networks, Shopping
Produced by
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Do all of our panelists own a smart phone?Yes, of course.
Do they spend a ton of time on their phone, updating Facebook and shopping?Definitely not.
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Most Even Still Enjoy
Print Media
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As Expected, Tech Plays a Significant Role in Daily Life…
Strong bias toward Apple laptops, smartphones, tablets
and music players
Primarily used for homework, music, socializing, shopping
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…But Tech Doesn’t Dominate
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When it comes to mobile apps, these Millennials are
very selective.
They don’t waste time with apps they do not use or need.
Apps: Less is Definitely More
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“I usually have fewer than 10 apps on my phone, and more than half are for information purposes.”
“My favorite apps are the ones that are informative, such as Yelp or The Good Guys.”
“I do not like to clutter my phone with a lot of apps, and I typically don’t like to have to pay for apps.”
Apps: Less is Definitely More
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To Be, or Not to Be (Social)All panelists have very
active social graphs:>400 Friends Each
They all spend some time on Facebook, Twitter &
Pinterest…but the time they spend
is diminishing…and they rarely contribute
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To Be, or Not to Be (Social)
“My time spent on Facebook has definitely changed…I don’t provide as many updates about myself…”
“I usually check my Facebook page the last 15 minutes of the day or first thing in the morning.”
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Retail Reacts to Social Patterns“These kids are busy! They aren’t spending every waking minute on social media and they don’t really ‘get’ the value of Twitter.”
“When it came to social media, I think we were all surprised at their lack of usage of these platforms.”
“Perhaps that is the reason why there are more 34-44-year olds on Twitter, because they have more time.”
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“Old School” Shoppers?
Although they will research and purchase online, our panelists prefer to be inside a store talking to a helpful, human sales associate
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Modern Tools are MandatoryMobile POS and QR codes in the store enhance their shopping experience and help earn their loyalty
“I like the option to buy online and pick-up in store because I typically spend more money in the store than I originally spent online.”
“I like to research products onlineand purchase the product in the store. I also like to return productsto the store rather than via mail.”
All-Channel Fulfillment Flexibility
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Modern, Yes. Invasive, No
“I prefer e-mails about discounts and offers from a retailer, not text messages.”
“I don’t like apps that require access to my Facebook data to personalize the app experience.”
“These students are very adamant aboutprotecting their privacy and are not as technically savvy as we expected.”
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The panelists generally do not use retailer apps unless there is a discount offer to make it worth the download
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Social Shopping:Engaged…But at Arms’ Length
“Bloggers are a good way to get information and good ideas. I like the images and the fact that their style is more informal and less corporate-focused.”
“I Like some retailers on Facebook, but Follow more brands and will ‘like’ specific products.”
“I do not prefer ads on Facebook. I am more influenced by my friends on services and products.”
21Summary Takeaways
1Respect their Time.All panelists responded to several questions with passionate pleas for shopping tools and messages that respect their time and make it convenient to connect.
2Pick Your Spots.Don’t overwhelm them with advertising and promotions in every channel. Make the effort to understand each shopper’s preferences, and respect their wishes.
3Be There.Retailers & brands need to be available everywhere. They shop and compare online and in the store. And they want access on their phone & social networks.
4Opinions Matter.They were unanimous in their appreciation of the opinions of their peers and fellow shoppers, and listed blogs, reviews and comments as very influential.
5Connect the Dots.As evidenced by their busy schedules, crowded social networks, and desire for efficiency, connecting the store to the customer to the direct channels is critical.
22Continuing the Conversation
Scooter Reyes, 24AA in Visual Communications; pursuing a Bachelors degree in Business [email protected]
Erin Martini, 21Product Development, Int’l Mfg & Product Development; pursuing a B.S. in [email protected]
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Q1: Typical Shopping Journey?
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Q2: Differences Shopping for Groceries and Staple Items?
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Q3: Evolving Role of Mobile?
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Q4: Top Purchase Influencers?
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Q5: What Marketers Shouldn’t Do?
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Full Report Now Available Online
http://www.redprairie.com/commerce-in-motion/millennial-report-ebook.aspx
Download Your Copy Today
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RedPrairie is Commerce in Motion
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Be There When Where, and How Millennials Want You to Be, On Any Device
360°customer view
delivering a true
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Connect and Inform Salespeople for Differentiating Store Experiences
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Questions for Erin and Scooter?Use the Q&A window on your WebEx Control Panel to submit your questions for our Millennial Panelists
33Continuing the Conversation
Scooter Reyes, [email protected]
Erin Martini, [email protected]
Tweetchat featuring Erin and Scooter#MillennialRpt
10/17
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