Credit Card Processing Blog

Millennial Habits Open Big Opportunity for Growth

June 21, 2016 11:00 AM / by Reliance Star

In the age of digital shopping, millennials are the key demographic leading the way. Millennials – a term which represents consumers ranging from 18-35 – represent an enormous level of spending potential. In fact, according to management consulting and research firm Accenture, millennial spending is set to hit over $1.4 trillion by 2020.

With these types of figures, it’s no wonder businesses large and small are working as hard as they can to target the millennial demographic. With online shopping and the Internet of Things (IoT) taking hold, businesses today have more avenues than ever before to connect to prospective customers. And with the right strategy in place, smart businesses can make the connections they need with millennials to fuel their business success.

Have a look below at a few of the most important millennial habits – and how they can help your business grow and adapt.

Finding Millennials Right Where they Are

If the digital age has shown us anything, it’s that immediacy is critical in business. Millennials are all about consumption – from the news they read to the movies and TV shows they watch. If something isn’t fast and immediate, millennials will likely pass it over toward something else.

This type of habit must be addressed within a business’s eCommerce strategy. Millennials have an online presence across multiple social media avenues. Accordingly, entrepreneurs should focus their marketing and brand presence across all of these areas as well.

For example, if a shopper is surfing Instagram “right now” and you don’t have an Instagram account for your business, you lose out on that sale. But if your business is present and accessible in all these spaces, you’ll always be an immediate option to reach your leads and targets.

Making Connections Through Social Media Marketing

Speaking of social media, another important component to any successful marketing strategy is making a connection with your customers. Millennials are the first group of people to truly interact and engage with advertising efforts with likes, shares, comments, and more. And if you follow the right strategy in your branded content, you can take full advantage of this new way that advertising reaches people.

A joint study from Yahoo!, DigitasLBi, razorfish, and tumblr gets to the bottom of how to make the best possible branded content.

According to the research, branded content must be all of the following:

  • Brief
  • Entertaining
  • Funny
  • Fresh/New
  • Unique
  • Informative/Educational
  • Relevant to Individuals

Adhering to these millennial demands will help you connect directly with your customers. From there, they can do the work for you by discussing, sharing, and recommending your brand to others.

Simplifying Payment Options

As mentioned, millennials are all about the “right now.” This preference holds true for payments as well. If a customer doesn’t have a quick and simple method to buy your products, they’ll simply move to a vendor who does.

Without easy, convenient, and secure payment options, you’re definitely missing out on reaching your true sales potential. Fortunately, there are all sorts of solutions to get your business up-to-speed. Options such as Clover Go give businesses instant access to secure payment options no matter where they are. And Clover Developers’ Payeezy API gives businesses an easy way to integrate this secure payment system directly on their mobile-optimized websites.

Moving Toward the Future of Ecommerce

As you can see, aligning your efforts towards millennial habits and preferences can be achieved with a focus on convenience and presence. By making yourself available where millennials spend their time online, you have the presence you need to be seen. From there, providing an authentic brand experience alongside convenient payment options will give you everything you need to reach your true sales potential.