Why omnichannel is the future of retail for millennials | Advertising
The modern consumer is no longer a single-channel shopper. A recent study of a major U.S. retailer’s customers found that 73 percent followed an omnichannel purchase journey, compared with just 7 percent who were purely digital. What’s more, fluidity between channels is increasing, which allows retail brands to shape shoppers’ experiences and ultimately build a competitive advantage founded on omnichannel customer intelligence.
The imperative for marketers, therefore, is to devise an omnichannel strategy that connects with core customers as they move between retail channels and touchpoints. Yet most retailers don’t outperform across audience development, measurement and activation plans, the combination of which is the key to success. It’s not simple to accomplish. So start by building support and commitment within your organization to begin this journey toward marketing excellence.
The best place to start: millennials. No consumer segment commands more attention than millennials, who comprise 75 million U.S. customers with close to $600 billion in spending power. Despite cries announcing the end of traditional retail, millennials spend a greater share of wallet at department stores than the U.S. population overall; 50 percent of the demographic prefer brick-and-mortar shopping over e-commerce; and 56 percent shop in-store at least once a week. But they are not just walking into the store blind. They’re actually visiting retail locations as part of a truly multichannel shopping experience: 67 percent of millennials buy in-store after doing online research first.
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