Retailers are often expected to have the superhuman ability to read consumers’ minds.
But do they have to? Cue Connect’s latest research identified the top five millennial
shopping personas to help retailers better understand millennial shoppers.
Online marketing company Cue Connect revealed the results from its new research, Consumer Moments of Truth, which provides retailers with a glimpse into the inner-most workings of the millennial shopper’s minds.
Millennials represent more than 80 million shoppers, with a current
shopping habit of almost US$600 billion and an estimated growth to over US$1.4 trillion by 2020, according to research by management consulting services company Accenture.
With this survey, Cue Connect provides deep insight into, and understanding of, what is really going on in the minds of the fastest-growing category of shoppers the world has ever seen, or what Cue Connect calls “the truth”. The result? Surprising at times, said the company.
Cue Connect has identified the top five millennial shopping personas and the expectations and behaviours associated with each. Cue Connect searched for answers from the following questions:
- What motivates consumers at the point of purchase?
- How do retailers create brand loyalty with each persona?
- What tools are currently missing in the e-commerce space that can help retailers win their share of the US$1.4-trillion pot that is up for grabs?
“Retailers who want to win big are going to be forced to approach their brand from a place of empathy. Tying the consumer experience to emotion is to millennials what direct mail was to baby boomers. Millennials have to feel understood and are insatiable when it comes to immediacy for more personalised touchpoints and better service,” said Berkley Bowen, CEO and founder, Cue Connect.
“This research tells us that ‘surprise and delight’ is imperative. These insights will help retailers better understand, and therefore engage with, their most important — and arguably, smartest — shoppers today: The millennials.”
Relationships take work and retailers are expected to have the superhuman ability to read consumers’ minds. But do they really have to? This research, said Cue Connect, will help in developing strategies to automate the personalisation process. Thus, without further ado, meet the top five millennial shopping personas and the top data points associated with each:
- The Social Shopper: Would jump off the bridge if their friends did. Nearly 50% of consumers are either somewhat or very much influenced by friends and family when making a purchasing decision. How are retailers tracking social interactions and making marketing decisions based on this?
- The Bargain Hunter: The krazy coupon lady of e-commerce. A total of 57.4% of survey respondents claimed they are more likely to buy a product from a retailer’s site when the retailer emails them a discount code. Is “sale” really the answer? Do you have a tool that allows you to automate codes for specific items and e-mail them direct?
- The Elite Shopper: Prefers things handed to them on a silver spoon. Some 47.6% of respondents claimed that they feel most valued by retailers who reward them with loyalty points. Are you customising your loyalty strategy to custom-fit the aspirations of your customer?
- The Impulse Buyer: Has a hard time resisting shiny objects. Almost 50% of respondents have made a purchase based on the “suggested items” option on a retailer’s site. Are you smart enough to suggest items that will convert to a sale? Can you automate custom suggestions?
- The Frugal Fannie: Would rather break an arm than shop. Respondents (37.2%) claimed that they are motivated to shop only when they absolutely need something. Have you built enough loyalty to make sure these customers buy it from you? Do you know where to start?
In conclusion, Cue Connect said its research answers all of these questions and more. The company added that whether it is the Bargain Hunter or the Elite Shopper, the ability to better track and therefore serve customers and offer a brickand- mortar experience online is the future.
One size does not fit all, so when it comes to technology, retailers can implement solutions such as a wishlist and sharing tools to keep better track of their shopper’s preferences and purchase patterns. Meanwhile, they are giving consumers the ability to track new products from their favourite brands, be the first to know about sales, or share items that they like within their network.