They are the demographic that retailers of all shapes and sizes most covet today—and for good reason.
For brick-and-mortar merchants both large and small, courting favor with millennials, the nation’s biggest buying group (which came of age amid the rise of e-commerce), means navigating the gravitational pull of online shopping.
While the in-store experience indeed matters to millennials, smart phones and the Internet are integral to their bricks-and-clicks shopping journey. This demographic most prizes convenience, speed, customization, and the opinion of their peers, experts say.
Learn more about how this epic (and changing) generation rolls at retail via the following points.
Point #1:
Purchasing Triggers
The purchasing triggers of the generation born between 1980 and 2000 are inspired by the digital age, but in-store purchasing triggers remain key.
Approximately 50% of millennials shop online, citing free shipping, “best price,” and time savings as the top three reasons they opt for the web over physical stores, according to Euromonitor’s Global Consumer Trends Survey.
At the same time, a sizable half still go to a store to make many of their purchases. “The store still plays a role for millennials,” says Lisa Holmes, survey manager at Euromonitor International.
And digital commerce still can’t duplicate the in-person experience—even for Generation Y—Euromonitor’s survey found. “Millennials still appreciate being able to see or physically try on an item before buying,” states Holmes, “an advantage that physical stores have over their virtual counterparts.”
Millennials in the United States conduct online product research in-store more than any other demographic, which “indicates that this generation carefully considers their purchases prior to buying,” Holmes notes.
Point #2:
Peer Reviews Rule
The consumer advertising paradigm is in flux. Traditional company-fed print and TV marketing messages hold dubious sway with this generation.
Instead, “more than any other generation, U.S. millennials look to recommendations from others, whether friends, family, independent online reviews, or even social media when deciding what to buy,” says Holmes.
Meanwhile, the convergence of the Internet and the explosion of social media has birthed what Daymon Worldwide calls “the experience generation,” the millennial members of which are inclined to share all moments of their lives, according to the global study “Millennials’ Research and Impact on Retail.” The generation spends an average of nearly 50 minutes more per day online than other generations.
Point #3:
Narcissism Pervades
The age of showcasing one’s bona fides on social media platforms has launched a generation defined in part by “the cult of the self,” according to a study by digital marketing firm SYZYGY titled “The EgoTech Report 2016.”
Not surprisingly, millennials who score high on the narcissism scale want to be recognized for being special, Megan Harris, managing director at SYZYGY, tells Eyecare Business. “Our EgoTech study data shows that vanity is a powerful motivator for millennials.”
Retailers, including optical shops, can tap into that. “Retailers should think about how a new or revamped customer VIP program could work for their business—concierge-style service, for example, or asking loyal or influential customers to model the newest frames for a virtual fashion show,” she says.
Point #4:
Flattery Will Get You Everywhere
Tap into their narcissistic side with a social media foray.
“Your salespeople are probably already telling customers that they look fabulous in their new glasses. So, go a step further,” Harris says. “Help them flaunt their new look by snapping and posting a flattering photo to your social media sites. Encourage them to share your social post—they appreciate getting more likes and followers because it further amplifies their influence. And consider featuring some of the best photos of customers in a gallery on your website.”
Millennials by the Numbers
$200 Billion
Annual spending power in the U.S.
Source: SYZYGY
79%
Percentage of millennials who are working
Source: Daymon Worldwide
76%
Millennials who consider business a force for positive social impact
Source: Deloitte Millennial Study 2017
U.S. Millennials—5 U.S. Shopper Types
25% Savvy Quality Seeker
25% Spontaneous Socializer
17% Conspicuous Consumer
17% No-Frills Saver
16% Cautious Loyalist
Source: Euromonitor International
6 Tips:
Rx Eyewear + Millennials
millennials are also redefining the visioncare shopping landscape, and leading the way into the murky waters of purchasing Rx eyewear online. How can ECPs keep them engaged—and in the optical?
Here, learn how two cutting-edge ECPs—Marc Bloomenstein, O.D., of Schwartz Laser Eye Center in Scottsdale, AZ, and Jenny Ma, co-owner of Luxeye Optical, with three New York City stores—cater to these digital-savvy shoppers.
Make Sure the Price Is Right.
Pricing transparency has changed the retail game. Consumers can compare product prices in minutes from their smart phones, and millennials, in particular, “are checking Amazon and eBay to see where they can get [a frame] for the best price,” says Dr. Bloomenstein. So, he suggests that ECPs have up-to-the-minute information on “the competitive pricing of frames and glasses.”
Prioritize Digital Marketing.
Digital and mobile channels are Gen Y’s answer to window shopping, and their front door to the store. “Before they purchase anything,” says Ma, “they fully take advantage of the Internet to map out and research their shopping prospects—from Yelp reviews and company websites to social media [channels]—before making a judgment if a shop is even worth a visit.”
This shopping behavior puts a different kind of pressure on business owners to really stay on top of their digital image. To ensure a compelling first impression, Luxeye invests heavily in website and social media marketing, using digital channels as an opportunity to stake its claim as a fashion and optical authority.
“We actively post our newest arrivals, brand lineups, lens technology, and service updates on our website, Facebook, and Instagram accounts,” says Ma.
Focus on Storytelling.
Schwartz Laser Eye Center works to stay competitive and relevant by telling timely and interactive eyewear-related stories. “We include links to stories, such as talking about polarized sunglasses during summer, and the right eye drops during allergy season,” says Dr. Bloomenstein. “We also show pictures of celebrities wearing frames we carry, and updates on new brands.”
While a website serves as a go-to reference for a practice’s offerings, “a quick Instagram photo or SnapChat [post] conveys what’s happening at that moment,” he says. “We also have a presence on Twitter that generates good instant feedback, as well as providing us an opportunity to run specials and contests.”
Curate a Distinct Mix.
Millennials can get everything and anything online, which has fostered a craving for uniqueness. So, cultivating an idiosyncratic eyewear mix is key.
“I always strive to bring something new and exciting to the stores, and am passionate about learning,” says Ma. “I hunt around the world for new, interesting, unique, and stylish eyewear brands for Luxeye. Throughout the years, we managed to collect a very curated selection of independent brands that are exclusive and rare, so our customers can be ensured to have the most individualized, stylish glasses from us.”
Stoke Loyalty With Rewards.
Just like “you buy a coffee and punch a card” toward a free cup, ECPs can “utilize that [concept] for their practices, as loyalty is important to millennials,” says Dr. Bloomenstein. “Create rebate offers, annual glasses-upgrade rewards for having an eye exam or for buying bulk contact lenses, and highlight them on your social sites.”
Invest in In-Store Tech.
Quality, craftsmanship, and speed of delivery are attributes prized by Gen Y. And an on-site edging lab, for example, speaks to those attributes.
Luxeye boasts its own state-of-the-art edging lab that’s supported by a team of lab experts who “fabricate glasses with precision and efficiency,” says Ma. “We invested in this sector not to be price-competitive, but competitive on quality control and convenience for customers.”
Dr. Bloomenstein agrees, saying that to court favor with millennials, you must recognize that “gone are the days of going into a brick-and-mortar store, ordering a frame, and then waiting weeks for it to arrive.”
5 Millennial-Inspired Words You Need to Know
- P: Very simple—when people say (or type) “P” they mean “pretty.”
- SALTY: To be exceptionally bitter or agitated.
- HUNDO P: A response used when you agree 100% with something.
- SHIP: An abbreviation of the word “relationship.”
- CANCEL: To delete someone, or something, out of your life. Often used in the past tense.