Want More Ecommerce Revenue? Make Millennials Part of Your Strategy
If you are not actively looking to gear your ecommerce store for the next generation of consumers, you may be leaving a lot of revenue on the table.
Ecommerce is set to be a $4.88 trillion dollar global industry by 2021 with no signs of stopping. Are you set to get your piece of the trillion dollar pie? If you are not actively looking to gear your ecommerce store for the next generation of consumers, you may be leaving a lot of revenue on the table. It is time to begin thinking about your new customer — Millennials!
By 2025, millennials will be the majority in the workplace, and that means they will have more cash to spend than any other generation. Millennials are also super tech savvy and are using mobile devices more than any other generation. This is mobile appendage trend likely to explode.
What does this all mean? It means that it is time to market to these consumers. You may be thinking this will be challenging, but it definitely is not once you get a bit of homework in. Here’s your millennial ecommerce playbook.
Get to Know the Buying Habits of Millennials
Research has found that the largest market segment is people aged 23, which is millennials. By understanding these consumers and marketing to them gives you a three decade window of customer lifetime value. Not a bad ROI if you think about it.
To understand this new group of consumers, you will need to know where they spend time online, how they make purchase decisions, and who they listen to. Here's a quick buyer persona you can draw from:
- Product and/or service reviews and ratings from third-parties, like friends, family, coworkers, and influencers are more powerful to millennials.
- Millennials spend most of their time getting information via social media channels, like Instagram and YouTube.
- They make most of their purchases online using mobile devices.
- Millennials do have a bit of skepticism when purchasing anything, but especially large priced products, since they have seen what a recession is like.
When developing an ecommerce strategy, you need to take the above information into account. Make your business accessible, promote via social media, use influencers, and ensure your ratings and reviews are stellar.
Focus On Ecommerce User Experience and Site Speed
One of the determining factors millennials use to make purchase decisions is speed. If a 23 year old consumer cannot access your ecommerce products quickly and get the product information they want, they are likely to move to a competitor to make a purchase.
This means that your site needs to be lightning fast and optimized for ecommerce. How do you ensure this is happening? If you are just beginning your journey into online sales, you need to choose a WooCommerce hosting plan to make speed and user experience a number on priority.
WooCommerce allows you to keep your site uptime intact while letting customers access all the product information they can handle without any product page load time lags. WooCommerce is also mobile optimized, which is perfect for the millennial consumer.
Understand the Messages that Resonate With Millennials
Millennials are different from many other demographics. In addition to understanding the different buying patterns as indicated above, you need to understand the social factors that come into play. Here are some things that you need to consider when you are trying to reach millennial buyers.
Millennials Are More Concerned About Social Responsibility
Social responsibility is a major factor that you need to be aware of when marketing to millennials. With previous generations, you could get away with just talking about the overall value of the product or service. They just cared about the features and the price. That isn’t the case with millennials.
You need to show that you are concerned about preserving the environment, avoiding the use of sweat shops, use local labor and invest some of your proceeds into worthy causes. One of the biggest things that you need to keep in mind is that millennials are very favorable towards LGBT rights. This is one of the main reasons that so many companies are investing in websites that are LGBT friendly.
All of these factors help prove that you are a socially responsible company that wants to make the world a better place. Do not underestimate the premium that millennials are willing to pay to support brands that align with their values.
Millennials Are More Tech Savvy
Millennials are much more tech savvy than their older counterparts. You need to be aware of this.
This means that you need to have a functional website and an effective mobile marketing strategy. Make sure that you understand common WordPress mistakes and avoid them at all costs.
Millennials Value Social Interactions and Family Relationships Over Money
Other generations embraced the decadent lifestyle of the stereotypical American. They are wanted larger homes and the opportunity to make lots of money. While millennials don’t hate the idea of wealth, they don’t prioritize it to the same degree as the generations before them.
Instead, millennials care about building strong relationships with their friends and family. Offering goods and services that are built around this message will help.
Millennials Have Fine Tastes
Although millennials aren’t sold on the idea that “bigger is better”, they do enjoy nice things. They like to have the latest smartphones. They enjoy dining on fine cuisines. You need to show them that you are willing to offer high quality products in return for their hard earned dollars.
Personalize Your Content Marketing Message
Content marketing is vital to any business, regardless if it’s ecommerce or brick-and-mortar. However, content marketing takes a bit of a twist when it comes to marketing to the next generation of consumers.
Why? There’s a massive focus on personalized content and engagement. “This direct engagement invites the millennial audience into a conversation while strengthening the relationship between consumer and brand,” Kelly Ehlers of Forbes explained.
To increase engagement and build a meaningful relationship with millennials, you need to speak to their interests and personality, rather than to their needs as consumers. Employing social media to deliver these messages is also best practice, since this is where most of these consumers get information.
Utilize the Power of Micro-Influencers
This is quite possibly the biggest way to ensure you get your piece of the $4.88 trillion dollar pie ecommerce will be serving up. The fact of the matter is that millennials do not trust brands when it comes to marketing. They are very skeptical.
However, they do listen to the recommendations of those they follow online. For instance, a micro-influencer with a built in audience of 10,000 consumers in your new target audience. Micro-influencers have the power of persuasion, since their followers trust them.
Using micro-influencers, whether social media influencers or bloggers is a great way for you to tweak your ecommerce strategy to satisfy millennials and increase revenue.
In Conclusion . . .
You can no longer live by the rules of marketing that existed over the past half century. The next generation of consumers is upon us. With the largest segment of buyers being 23 years of age, anyone who does business online needs to adjust how they market and to whom. Millennials don’t just use different processes to buy products. They also have totally different priorities, which you need to keep in mind. The above are a few helpful tips to get you moving in the right direction for business growth for the next three or so decades.