3 Ways Millennials Are Changing Commerce

Millennials are currently the largest generation in the workforce, and this, by default, also means that they make up the biggest portion of consumers. So, as a business owner, it’s important to understand how millennials are reshaping commerce as this will help you employ more effective marketing strategies to eventually enable you make your business more innovative.

See Also: Why Today’s Job Market Sucks for Millennials

1. Discounts and Rewards Speak to Millennial Hearts

Millennials are a generation who grew up with the great recession hanging above their heads and this probably is the reason why they like to make the most of the money they spend. So, you have more chances of attracting more millennial customers to your business if you have a discount on. Millennials like to feel like they are making a bargain when they are buying something and frequent discounts to your store will attract more business even if you can only offer up to 20 percent off. Frequent discounts will keep millennials coming back to your business, which can boost traffic and profit.  

But if you are interested in making the most out of millennial consumers, what you really need is some type of reward system. This will not only keep them coming back, but it will also ensure that they remain loyal to you.

2. Take Your Business Online

man with computer

Millennials are internet natives which is why having an online store can help your business get ahead. It will help gain you visibility and it will also make you popular amongst millennials who’d much rather shop online than anything else.

Even if you don’t want to let go of your physical store, howeve,r you should invest in an online following as this will increase physical traffic to your store. Make sure that your presence is visible on social media platforms and have a strong website to back you up.

It’s also important to remember that millennials rarely walk anywhere with cash in their pockets and that they feel more comfortable linking their banking information to apps and paying through their all-powerful mobiles. So, make sure that you enable these payment options in your business.

3. They Are a Money Conscious Generation

woman with money

Although millennials are often labeled lazy and immature, the reality is that they are a very money conscious generation. Investing and saving for retirement are things that are in the back of every millennial’s mind even if they can’t do anything about it at the moment.

Having said that, it’s important to note how this affects the way they spend their money as they are very cautious about where they spend it. Millennials like to give their money to businesses who are interested in making an impact in the world, so for example companies who manage to give back to those in need always rate high in millennial preferences.

Business who invest in fair-trading or who help different charities have more chances of attracting millennial consumers and this is why you should make sure that your company is giving back to the community. Find a charity that you can help and give a part of your profits to that charity, include this in your marketing campaign and you’ll be busy with millennial customers right away.

Millennials like to spend as much as anyone but they feel the need to make the most of their money-spending habits, either by getting something back to themselves, or by ensuring that someone in need will be getting something with the money they spend. Invest in your online presence and millennial consumers will be knocking on your door very soon.

Do you have any other tips on how to attract a millennial consumer? Let us know below…