There has been so much talk recently about the ever changing future of retail. This change can be credited to the impact of technology in regards to online shopping, smart phones, etc. There is now an emphasis placed on changing the elements of shopping. It has gone from being customer service based to creating a new customer experience for consumers while shopping. The question is, which generation of consumers are we changing for? Every generation may not be prepared or conditioned for this change to a technology based shopping experience. Let’s take a look at the characteristics of millennials and baby boomers.
Millennials | We are all living in a time in which technology has become a part of our everyday lives. Though millennials are more likely to use technology to improve their shopping experiences (e.g. mobile coupons, convenient online shopping, etc.). It is found that millennials mostly only shop in store when purchasing clothes. Society usually dictates their purchasing decisions because they are influenced by family and friends on what’s popular at the moment. Despite this, their ultimate decision boils down to price so they tend to do a lot more browsing than shopping.
Baby Boomers | The baby boomer generation places a high importance on customer service. In fact, they are more likely to file a complaint. They tend to be consistent with their purchases and loyal to the brands that they’ve become accustomed to. Because of this, factors such as style and price usually does not affect their purchase decisions. Technology is used only to locate and find retail locations but the end purchase is mostly done in store. In fact 84% prefer to shop in store. Baby boomers seek to find savings through print ads, snail mail, and coupons.
The baby boomer generation may be the one to keep in mind when deciding on how to create your in store shopping experience. One of the most important factors to consider is that 4 out of 5 retailer’s attribute 50% of their sales to baby boomers. The baby boomer generation tends to be more successful and established than any other generation. With that being said, baby boomers have a much higher disposable income. After analyzing their holiday spending habits baby boomers usually shop without a shopping lists or budget. They are motivated by holiday sales and black Friday shopping.
Creating the Experience| In order to create a shopping experience favorable for all generations, retailers must continue to implement technology but do not neglect the distribution of coupons in newspapers, magazines, and snail mail. Remember that the baby boomer generation still looks to print ads for saving. Also, loyalty rewards program like such that exists with Walgreens, which keeps track of purchases and rewards customers with coupons based on their purchases. With baby boomers being loyal shoppers, you will be sure to see repeat customers in hopes to be reciprocated with rewards. Be sure to implement incentives that will motivate customers to make purchases. “Buy One Get One Free”, and in store samples are a sure way to get your products sold.
Millions of people will be shopping in stores over the next several months. So you need to be ready for them. This includes a well-trained and knowledgeable staff, a clean, neat and organized store, and merchandise that is easily access and presented in just the right way to show off its appearance, quality and functionality. That’s where Sharn Enterprises can really help you. Our group of professional designers will help you to create a product display that will not only get your product noticed but will also help to get them sold.
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Sharn Enterprises Inc.