Segmenting your customer base is a must-do for retailers. Shoppers have different needs, preferences, and buying behaviors. Generational differences will also impact how online and brick-and-mortar retailers target their marketing efforts. The Millennial generation is mobile. They are willing to buy almost anything online using their smartphones!
But brick-and-mortar retailers need to realize that Millennial customers seek a different customer experience, look for differentiated offerings, and are willing to buy more expensive items based on trends, fads, and peer reviews. A small portion of these customers actually devour luxury items! Millennial customers live a different type of life, mostly in the fast lane and in the virtual world. They are attracted to unique experiences based on a renewed entrepreneurial spirit and the power of online peer reviews. What does this mean for brick-and-mortar retailers? These retailers need to target these unique shoppers with unique marketing programs that combine virtual and physical components. Millenials represent a growing population with tight budgets, but with different shopping patterns and perceptions of value.