“All Businesses need to be young forever…”
Amazon’s own CEO, Jeff Bezos said it himself, in order to appeal to the younger generation of shoppers and cliental, businesses have to stay forever young, and frankly he’s not wrong.
Businesses need to keep up with the needs and wants of younger generations, Millennials to be exact. Since this generation of college students are now financially better off than those of earlier generations, businesses need to learn to adapt to their continuously changing interests.
In order to thrive by appealing to Millennials, businesses will have to adopt the trends that Millennials are crazy about. Including the new innovative uses of the businesses’ location, technology, and store design. Below you’ll find some tips to build businesses that appeal to the Millennial generation.
Millennials and college students alike seek accessibility and ease when looking for the next place to grab lunch or to pick up some much needed essentials. That’s why accessibility is a key factor when trying to attract this market of customers. Being easily accessible by other forms of transportation is especially important. Insure that you’re location is within a reasonable distance so that traveling by walking, biking or bus is an easy task to conquer.
Probably the most important incentive in order to appeal to this generation of customers. Technology and the right integration of it will help attract an excited and curious crowd of customers, especially since this generation thrives on the use and exciting world technology creates. Try to incorporate technology in as many stages of the shopping experience as possible. This could simply mean that you provide customers the ability to browse and research your products online. The Urban Land Institute reported in 2013 that 45% of Millennials spend at least an hour online researching products and their reviews before committing to a product.
Developers and property investors should learn to diversify and aim to provide customers with a range of options when it comes to shopping. Retail centers should be home to a number of different tenants that offer a range of different products or services. Be that go to shopping center where customers can find anything in one easy stop. While we tend to group this generation into one huge clump they’re actually all very unique with their own likes and dislikes, insure that you’re making an attempt to provide to as many of them as possible.
Millennials enjoy excitement and they look for that in their shopping experiences as well. Whether it be in the design or the incorporation of technology, it’s important to stand out amongst your own competitors in order to excite and attract this group of shoppers. Create a unique and authentic experience within your business. This could mean you do something as simple as provide free WiFi or provide easy to use self check-out. Some of our own favorite stores or restaurants go far and beyond the free WiFi, they’ve been able to create an environment and experience that is all its own, one that stands out and keeps using coming back for more.
To learn more visit, bdcnetwork.com for their article titled How Retailers Can Create Spaces to Appeal to Millennial Shoppers.
Dalesmy Gonzalez is a graduate of Western Washington University where she studied Business Administration with an emphasis in Marketing.
She specializes in optimizing digital marketing websites for commercial real estate brokers and connecting buyers, sellers, and investors across the US.