Millennials are changing up the retail game, and here’s a big hint: it has a lot to do with smartphones and social media. More than half of Millennials use their phone to get assistance while they are inside a brick and mortar store, and a whopping 84% use their phones to look for coupons while they are shopping. As much as it seems like brick and mortar stores are going the way of the albatross, that’s not the case at all.
Millennials still love shopping in a physical store, but they expect cross-channel communication these days as they shop. That means they want to not only be able to look up coupons on their phones, but also reach out to customer service and look on social media for any specials that might be going on. Millennials are changing the face of retail, but the good news is that retailers already have access to the tools they need to keep up.
Millennials are changing some aspects of shopping, including their desire to buy secondhand. Currently secondhand stores are growing 20 times faster than traditional retail locations. This is not only because Millennials want to be frugal – they also want to be environmentally conscious and original.
Retailers have to pay attention to trends in spending habits if they are to keep up with the major shifts that are happening today in the retail sector. Embracing social media, customer service, and online connectedness in stores is key to keeping your retail business alive. Learn more about the spending habits of Millennial shoppers from this infographic!