Merchandising to the Millennials- 4 techniques
In a consumer market driven by Millennials, it is crucial that retailers not only produce and supply the products popular with the generation, but to also design displays with this influential client in mind. Although the stereotype of Millennials is that they only shop online, they do shop in stores and often only use their phone or computer to compare prices. And contrary to popular belief, Millennials are brand loyal. Designing a Millennial-friendly display is a great way to gain this loyalty from the group that holds a whopping $200 billion in annual buying power. —
1. The Great Outdoors Millennials are drawn to spaces that seamlessly transition between indoor and outdoor. make customers feel as if they are outdoors.
2. Biophilia Experience (the biophilia hypothesis suggests that humans possess an innate tendency to seek connections with nature and other forms of life)
Stores physically connect shoppers to the retail experience of the brand. On the most basic level, Millennials are impressed by displays that are easy to navigate and connected to technology. Connection to the locale of the store also is important, so, focusing on exterior daylight, fresh air and plants that pull on the geographic location is ideal.
3. It's a Gamer World Since Millennials grew up with the newest technology in the palm of their hands, they are interested in displays that offer experiences drawing from tech trends.
4. Co-Retailing Co-retailing spaces offer cheaper renting options for independent start-ups offering exciting, unique products. dual-concept shops that sells an assortment of products, which are constantly rotated for a fresh customer experience.
There’s no doubt that Millennials already influence a great deal of change in the workplace. Specifically, companies are turning to more gourmet food and beverage options, offering a more flexible work/life balance, and even reformatting the in-office workplace to include more collaborative spaces. This is all in response to the generation of 18 to 34 year olds who value personalization and inter connectivity.
As Baby Boomers retire and Millennials continue to make up a rising majority in the workplace, we will begin to see even more changes coming in the future that reflect this generation’s preferences.In micro markets specifically, Millennials will not only continue to influence the types of products that are offered, but the way they purchase those products, too