HMY > Millennials And Their Relationship With Technology In The Retail Sector

Millennials And Their Relationship With Technology In The Retail Sector

The success of the retail sector in the medium and long term inevitably depends on its adaptation to consumer demands.  With the passage of time and the arrival of new generations, demands change, younger consumers have grown up in a very different, more technological and accessible world.

Among them, we undoubtedly need to pay attention to Millennials, that generation born between the early eighties and late nineties, which today is a huge influence on consumer trends.

Conquering Millennials is a challenge that will involve using a lot of imagination and investment, but ultimately can help many companies strengthen themselves in a world as competitive a retail.

Why Are Millennials So Important For The Retail Sector? 

The Millennial generation, which has grown up in a world increasingly more connected to technology, already has a large presence and influence in the labour market now for many years.  This will grow even more in the coming years, as there are still young people who have not entered the work force yet. Even still, to give a realistic estimate of their strength in terms of consumption, they will represent around 75% of the work force in the next decade.

Although we’re not at that figure yet, their purchasing power is growing and they’re people who are used to shopping in a particular way. So knowing what they want and how they want it, is essential to succeed.

Millennials, compared to previous generations, tend to move from one channel to the next, like with online or offline shopping, and the information they receive, which also gives insights about their desires, is much more varied.

What Can We DO To Make Millennials Loyal Customers?

Knowing the characteristics of this predominant consumer allows us to adopt several diverse strategies that favour attracting them to a store.

Their continual use of technology allows retail companies to develop a strong link to them. Online channels can be used to inform and advertise, which also consequently works to develop desire for the product, encouraging shopping.  But also this helps to collect information about their consumer habits, lifestyles, etc. With this, services can be offered that are more personalized and offer a fuller shopping experience.

Millennials are also characterized by the immediacy with which they usually act. They are used to moving impulsively, especially compared to older shoppers, and of course, they tend to purchase products more quickly.

Integrating different sales channels is critical to satisfying this generation’s habits as they are used to making quick and easy purchases. They can get demanding and impatient if the shopping experience is not totally up to par.

As we’ve already said, technology has formed part of their lives since birth, and so not only do they miss the presence of these types of elements in stores, but also that they lead to more profits. Connectivity within the store, through the internet, not only is something that attracts people to points of sale but also allows brands get a closer look at their lives.

In another sense, the implementation of new processes, also supported by technology, enables retail companies to serve their customers better.  Linking in with the demand for immediacy by Millennials, many companies have already invested in things like automating storage, packaging or distribution processes, making them faster and more efficient, to satisfy the most modern shoppers.

Latest news

Leading the disruptive experience in retail19/12/2018

We know that this is just the beginning, and that 2019 is sure to be packed with new challenges and exciting projects with which we can assist our...

Read more

How does Business Intelligence help retail?12/12/2018

Business Intelligence (BI) refers to the process of extracting information and knowledge of data through analysis. Its objective is to help make better decisions in the business environment,...

Read more

Differentiation, the main competitive advantage in the Health & Beauty sector05/12/2018

Given the enormous degree of segmentation in the Health & Beauty sector and the fierce competition among brands and distributors, the need has arisen to find new ways of reaching final consumers....

Read more

Adopt’: technology applied to Health & Beauty retail29/11/2018

HMY has helped Adopt' with a 360º proposition that integrates the development of the project and its upkeep, while also providing digital solutions that give stores greater interactivity and a...

Read more

HMY makes the Top 10 for the best Retail Tech companies in Europe16/11/2018

HMY has been recognised as one of the ten best Retail Tech companies in Europe by Retail CIO Outlook Magazine, one of the leading specialised magazines in the...

Read more

Innovation and sustainability, two core values in building the retail trade of tomorrow12/11/2018

We have witnessed a significant change in consumer trends over the last ten years, most notably following the arrival of what we might call pure players within the mass consumer and distribution...

Read more

How can we strengthen our relationship with the consumer through Health and Beauty in-store displays?15/10/2018

One of the main challenges now facing brands and distributors is the task of enhancing the buying experience at point of sale, in response to the rising popularity of online...

Read more

HMY reinforces its commitment to sustainability up to 202005/10/2018

Sustainability is one of the central pillars on which HMY undertakes its activity. Our past, present and future commitment in this area is the engine that drives the growth of a company like HMY,...

Read more

How Will Shopping Change In The Coming Years?25/09/2018

In a lot of ways, the future is exciting. Especially when we think about science and technology. Inventions and technological advances are going to influence our way of seeing life and doing things,...

Read more

Millennials And Their Relationship With Technology In The Retail Sector20/09/2018

The success of the retail sector in the medium and long term inevitably depends on its adaptation to consumer demands....

Read more

HMY: innovation in retail