The Generation Gap in Retail – What Do Your Millennials Want?
We often report on the goings on in the retail world with regard to the generation gap. This week is no different. We stumbled across this thought-provoking article recently, one that really made us consider some of the changes taking place in the retail landscape with regard to the generation gap. We just had to share.
The article, titled “Why The GAP Lost The Millennials (and Starbucks Did Not)”, discusses how major clothing retailer The Gap has seemingly lost the loyalty of what used to be its largest customer demographic – millennial-aged customers, while other retailers have adapted to the changing needs of consumers and successfully retained them. Read the article in full here: https://www.linkedin.com/pulse/why-gap-lost-millennials-starbucks-did-prashin-chaturvedi.
While older generations turned to the preppy retailer for their clothing needs, as those customers got older, younger generations just haven’t been as interested in what the retailer has to offer. Why? According to the article, The Gap seems to have faltered because it didn’t adapt to the changing customer needs.
Those needs, the author notes, fall along 3 specific lines: millennials expect to receive personalized care from companies, they want to be engaged as co-creators and partners by companies, and they want to stand out from the crowd rather than blend in.
While specific to fashion retailing, the article did leave us ruminating on how the same thoughts could be extended to consumer packaged goods. Millennial shoppers are very different from their older counterparts – and thus are looking for different things: are you delivering?
What do they want? Millennial shoppers want great value, at reasonable prices. They tend to be very loyal when their needs are met. Loyalty programs hold great appeal for this age group. Customer service, as with any other group, is also important, and millennials won’t hesitate to hop online and share their experiences (both positive and negative) with their social networks.
At Marketsupport, we can help you bridge the generation gap. Don’t miss a group – hit all your targets. Call us today to get started on a retail merchandising strategy that gets real results. 1 877 421 5081.« Back to Blog