The Top Five Myths Retailers Believe About Millennial Shoppers

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Myth #3: If you offer a discount, they will come.

TRUE, to a point -- Almost 50 percent of consumer respondents reported they’d be willing to go to a retailer location to use a coupon if it offered at least a 20 percent discount, while 17 percent said they’d appreciate any discount as an incentive to walk in the door. And perhaps a very interesting note for retailers: 63 percent of consumer respondents said they’d be more likely to "check in" on various social channels if they were to get a coupon or discount for doing so. This could open the door to a number of exciting new ways for merchants to engage with new and existing customers.

An additional point: Loyalty and rewards do seem to play a role in attracting and engaging both new and prospective customers. However, more than 50 percent of retailers reported not offering any loyalty program, and only around 8 percent who do use an integrated loyalty program that applies across all purchasing mediums (online, in-store and via mobile).

And let’s not forget about the importance of having items in stock -- 85 percent of respondents said the ability buy an item in real time (i.e., it’s in stock) will impact where they make their purchase. Being able to walk into a store and buy what they want, when they want it, can dictate where a purchase is made; it’s not necessarily based entirely on the customer experience.

According to Accenture, millennials are expected to spend approximately $600 billion annually. This is a significant market, one that retailers must ensure they are part of. Yet millennial shoppers are a unique breed with very specific preferences, often leaving many retailers scratching their heads as they explore new engagement methods. Merchant Warehouse and Retail Pro International recently completed a survey around millennial shopping preferences with the goal of identifying where this knowledge gap exists and, in turn, helping retailers more effectively identify ways to attract and engage millennial shoppers. Based on the data, Merchant Warehouse and Retail Pro International identified the top five myths retailers believe and put them to the test: are they true or just a myth?


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