THOUGHT LEADERSHIP

It's time to forget these myths about millennial customers

Aug 30, 2018
Born between 1980 and 2000, millennials are the first truly digital generation. In the Philippines, millennials make up about ⅓ of the total population. Both of these facts tell us that this digital-savvy generation is now one of the biggest movers and shakers of today’s economy.

Getting Powered by RUSH

However, this strong inclination to technology is also posing a challenge for businesses and marketers in attempting to connect with this demographic—creating assumptions that don’t truly get down to the psyche of this subset of consumers.

Are they are as tech-minded as you make them out to be? Or do they still carry some of the attributes and purchasing motivations of the generations before them?

Myth #1 They all prefer to shop online.

Image source

It’s been repeated time and time again that millennials are savvy online customers, but retailers need not close shop just yet. Millennials are still interested to shop in physical stores. A study by SmarterHQ reported that roughly 50% of millennials still go to brick-and-mortar stores, with some even preferring it over online shopping.

Make no mistake, e-commerce and mobile channels are undoubtedly important to millennials. They have created a habit of turning to the internet to collect information and insights on the products and services they are planning to avail. This makes a strong online presence especially crucial for businesses if they want to appeal to this key demographic.

But this is where it gets challenging: they expect their knowledge of prices and promotions that are obtained from online channels to match their counterparts in physical stores. Similarly, they want to be able to use their mobile coupons during in-store transactions. Anything that can disrupt that process, say, having to print out coupons or lack of QR scanners can send them walking away.

All these just mean they want an integrated, seamless experience from companies they do business with—from smartphone to personal computer to physical store in their quest for the best products and services.

 

Myth #2 They have no brand loyalty.