How Millennials Are Disrupting Retail

Date: December 02, 2015

4 ways small businesses can attract today’s most influential consumer demographic.

Millennials are changing the way we shop. Online sales saw a 20 percent increase this holiday season—due in part to millennial spending, according to an Accenture report. The generation of 80 million U.S. young adults spends over $600 billion annually.

NFIB CAN HELP: Tap into the Millennial Generation

One myth Accenture busted is that millennials prefer to shop online. In fact, 82 percent said they’d rather patronize a brick-and-mortar store.

Looking to attract millennial shoppers to prepare for the future of shopping? Here’s what you need to know about their habits:

Mobile is key. The vast majority of millennials (89 percent) use their smartphones to connect to the Internet, making mobile technology the most popular method for online shopping, Sys-Con Media reported.

Think beyond ads. Millennials really aren’t fans of traditional advertising. A mere 1 percent say that a compelling advertisement would increase their trust in a brand, Forbes reported. Instead, ramp up your social media presence, and look into content marketing (less promotional, more educational). Above all, be real, and people will respond better.

RELATED: Are Small Business Owners Overlooking a Crucial Segment?

Social responsibility is a priority. Three-quarters of millennials believe that it’s important for a company to give back to the community in addition to making a profit, according to Forbes.

They’re cost-conscious. Price is the greatest influence on millennials’ purchasing decisions, Sys-Con Media reported. Millennials’ favorite brands are mostly department stores and accessible athletic brands rather than luxury brands, Refinery29 reported.

RELATED: 5 Surprising Findings About Millennial Small Business Owners

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