Marketing and Branding Essentials
The digital natives, commonly known as Generation Y is here. Yes, they have been around since 1980’s but talking about eCommerce they are here now and by 2017 they will be turning into a superpower of the eCommerce industry, holding more spending power than any other generation!
Gen Y is already spending $200 billion a year in online purchase.
US Online Shoppers Statistics: 2010 - 2018
As an eCommerce merchant, if you think that having your online store’s social media presence is enough to attract millennials, you are about to lose these terrific, cash-rich customers.
Retail business thrives on the human psyche and analyzing buying preferences. The same theory is applicable when it comes to building a fan following of your online store. Introducing a twist in the Customer Experience is a game changer in this Gen Y dominated eCommerce landscape. Understanding the temperament of this generation is the key to devising strategies you want to deploy to deliver an exemplary experience to this customer segment.
The Generation Y at large has strong preferences, they know what they are looking for, they are clear about what they like or at least what they do not like, and are well exposed to what’s new and trending. This set of customers have seen the best of both worlds - brick and mortar stores transforming into trendy stores around the corner, as well as, eCommerce being born, taking shape and growing.
As we know, letting go of something you have been so closely associated to, is one of the hardest things to do. Similar is the emotional journey these millennials experience every time they have to make a shopping decision. Finding themselves torn between remaining loyal to in-store shopping and convenience of online shopping, they resort to the option which they can connect with instantly.
Here are the four key elements to consider when optimizing the experience for this important group.
1. Customized, personalized & visualized - Gen Y pays attention to things that are meant for them. To catch their attention, use the relevant tone, sound genuine, and provide few but attractive images. Information that they can easily read and share with others is the one that will do the most rounds on the internet.
Image source: www.socialmediatoday.com
2. Accessible, fast & extended communication - Millennials are spread all across the internet and they prefer live conversations equally. Data suggests that it’s critical for online sellers / customer representative to be present on multiple channels in order to actually interact with this group and to convert them into buyers. The most important feature though is to have a Live Chat option on your online store.
3. Small is Great - Gen. Y is very conscious about where they buy from. Rather “whom” they buy from. They are less interested in knowing how big you are as an online seller; instead it may greatly appeal to them if you are small but have a compelling purpose to sell online. Sharing your personal story in About Us section of your website makes a good reason for them to come and visit your online store.
4. Your culture, your tone - Often overlooked, but culture holds the key to make or break a brand. And in the fiercely competitive business of eCommerce, it is all the more important. Culture is nothing but what you do and how you do. Clear communication, timely response, consistent service and ongoing efforts to build a community are the foundation of any successful business. The same is true for any online store to shine in a sea of online stores mushrooming every day. After all, it must have been said for a good reason, “Culture eats strategy for breakfast”.
Summary:
From retail therapy to grocery shopping, home projects and skill building, eCommerce is taking everything in its stride and with Generation Y gearing up to spend big bucks, eCommerce stands at the cusp of its next major move. All online store owners who have got themselves accustomed to social media presence, now gear up to put the spotlight on what enables the millennials to indulge in more online shopping.
The proof is in the pudding. Share with us if you have noticed any typical trait of Gen.Y shoppers and what you think makes them buy from you.
