Millennials are active consumers with idiosyncrasies conditioning their consumption habits and relationships with brands. This generation includes those born between 1981 and 1996, for whom multiple socio-economic changes have marked their life experience. Given their importance in online commerce, since they are the group that spends the most money on online purchases, e-commerce businesses need to know what their needs are. They also need to know what they expect from brands and how to build a millennial-targeted sales strategy. From Minderest, we give you the keys to adapt your pricing strategy to this generation.
Firstly, you should note that in terms of brand engagement and behaviour, one of the characteristics of millennials is that they constantly seek new experiences. In turn, in the economic situation, high employment competitiveness and the development of the collective economy have led to a more flexible but uncertain working life for millennials. Both traits condition the way e-commerce businesses should address them.
Keys to a millennial-targeted sales strategy
Less publicity and more transparency
Millennials attach more importance to other users’ brand and product reviews, than online or media advertising campaigns. They want to know the quality of the articles and the brand’s reputation through the ordinary consumers’ opinions. Therefore, for e-commerce businesses, it is crucial to encourage users to leave positive reviews on the online store and on social media. In turn, you can launch online campaigns with collaborators or influencers that reinforce the store’s corporate image.
Continuous trend analysis
Another millennial trait is that they are also the group that most follow online sales trends. Because they spend many hours on the Internet, they know the latest developments in consumer affairs in the fashion, technology, or leisure sectors, both internationally and locally. E-commerce businesses also need to know what’s new in the market, to meet their needs. An example of this is the Inditex Group stores (including Zara), which adapt each season to the fashion trends defined by celebrities and influencers worldwide.
Importance of social media
As the above points demonstrate, social media must be present in any millennial-targeted sales and marketing strategy. Through social media it is possible to:
- Have two-way communication with consumers of this generation, increasingly used to having near real-time conversations with brands.
- Create new experiences based on interactive marketing, to strengthen millennials’ confidence in e-commerce businesses.
Social media can also be a new sales channel by itself, as many social media channels already have social selling tools to help e-commerce businesses boost their transaction volume.
Do you have questions about how to go about defining your millennial-targeted sales strategy? Perform an analysis of your competitors’ sales channels. Research what marketplaces they have a presence in, and how they use social media and competitors’ pricing strategies to have a clearer picture of what this generation expects from retailers. This will help you improve results and gradually gain millennials’ loyalty.