Millennials, the shoppers who are born between 1981 and 1996, the early 2000s, love mobile phones and discounts. They are adepts on bargain-hunting, digital coupon-clipping and interested in finding products and services at a low price, called thrifting.
What is more interesting are the several surveys done by RetailMeNot, Forbes and others.
Almost 80% of millennials are influenced by price (Forbes)
54% of millennials only buy when they find a deal, coupon or discount (RetailMeNot)
80% of Millennials have used a discount code or coupon in the last 12 months
50% of Millennials get their discount codes via email
Yes, millennials are known for loving brands that are authentic, Ethical, transparent. Still, the surveys show nothing beats a good discount. Not a surprise that resale-platforms like Thredup, Depop and others are booming. The resale-market is currently $20 billion and expected to be $33 billion by 2021.
All of this is fueled by the digitization of retail, where millennial shoppers can find the same products at reduced prices online and the rise of coupon-collecting apps. The result, millennials expect a discount.
More than 50% of millennials are using their smartphone to find a deal even when they are in-store. (Study by Accenture)
One thing we have to remember, millennials are not cheap. Their reason to find good deals is related to their budget. According to Business Insider, Millennials make up to 20% less than Boomers (People who are born between 1946 and 1964, during the post–World War II baby boom - Wikipedia) and they are saddled with debt and high housing prices.
How can your business/brand take advantage of Millennials to grow?
Since millennials make up a large portion of the buying market, your business must learn more about them if it's going to generate sales, build brand awareness, collect leads and much more.
The discussion is not if this is the right way how millennials should shop; the debate should be how your company adapt this insight information.
Several techniques are a must-do. I wrote in several other blog posts to use Google My Business. You can add offers and when a millennial search, even inside your shop, for a discount, well, he will find your business + the current deals on offer.
Other well-known techniques are:
Being active on social media
Connecting through email
Featuring user-generated content
Providing stellar customer support
Implementing higher values
Deals.Today: Easy and Profitable Tool to Grown Your Business
Another way, and probably easier and faster result is Deals.Today. A coupon platform build for the brands/shop like yours. We created the platform based on the different surveys done by different independent people, magazines and even competitors.
Deals.Today is a search platform, where the shopping journey starts with the available deals for brands/shops. A tool where millennials can shop faster, the way they like the most by starting with a good discount and without losing your business/brand.
That's right, you, as a brand/business/restaurant/spa/... keeps full control over your brand. From what kind of deals you offer, the conditions, and the customer data.
The fact: millennials prefer to buy products and services that are a good value for the money and most of them, between 18-35, they are looking for a deal. That doesn't mean they want cheap products. The surveys also saw that the word "cheap", 29% responded they would not buy it. They want durable and high quality and reasonable prices.
Keep this information in mind when you create your next great deal, offer and place them on Deals.Today.
Not sure your deal will attract mllennials? Send us your deal and we give you our free review, no contract, 100% free.