ASIA SUMMIT 2018
Suntec, Singapore
24th - 25th October 2018


Some years ago, ‘Millennial’ was little more than a popular catchword among trend hunters,  announcing the advent of a new, tech-savvy generation. By now, these youngsters have grown up and gained serious buying power. (We’re talking about an annual value of $200 billion in the US only, with Millennials representing one quarter of the total population both in the United States and in the European Union.)

Missing out on the needs of this empowered, exciting, demanding generation at this critical moment is a huge mistake for any retailer - as this means lost revenue.

But guess what: Millennial shoppers don’t follow the same patterns as their ‘ancestors’ did. Hence, retailers targeting them shouldn’t force the same old promotional practices on them either.

Let’s take a look at some quick facts about the Millennial shopping behavior to better understand their needs.

Smartphone: Millennials’ all-around shopping companion

89% of Millennials use mobiles to connect to the Internet, surpassing desktop usage. No wonder that their number one shopping companion is their smartphone, too, with mobile and social shopping on the rise.

This doesn’t mean they’ve abandoned brick-and-mortar stores: half of them love to browse products in-store. However, they keep their smartphones close at hand: a whopping 40% say they use their mobile while shopping in stores. They may pull it out of their pocket to run a quick comparison shopping to make sure they’re getting the best value.

Traditional mobile marketing tactics just won’t do

Bad news for retailers: these young generations are increasingly resistant to traditional forms of advertising.  Only a teeny-weeny 1% of Millennials surveyed said that a compelling advertisement would make them trust a brand more.

They care much more about authenticity and experiences they can share on social media platforms like Facebook, Instagram, and lately also Snapchat.

Timely gratification’ is the magic word: these consumers are seeking experiences that are embedded into the shopping situation in terms of ‘where’ and ‘when’. Growing up with access to information at their fingertips, they have become accustomed to an on-demand lifestyle and they have zero tolerance for poor customer experience

This creates demand for new types of native, organic mobile experiences in retail, pushing boring, old, passive practices out of the way. We’re talking about a (r)evolution at key touchpoints such as product discovery, consumer education and purchase.

The new sorts of interactive shopping experiences that satisfy Millennials’ demand for instant gratification

Imagine things like being able to point your smartphone at a print ad or poster featuring an outfit you like, connecting to the brand’s online store and buying the products with one tap.

Or, using your phone to scan the label of a bottle of crisp rosé wine you grabbed to get matching recipes for light summer munchies.

Or, when standing in front of the shelves at a beauty store, opening a branded app and pointing your smartphone at a gorgeous eyeshadow palette. The app then identifies the scanned product, showing makeup tutorials and matching the best price available.

Connecting digital content to physical products. Scan to shop. Visual search instead of text search. Just a few examples of all that’s now part of retail’s reality, thanks to the latest advancements in mobile technologies such as object and image recognition. Remember when we talked about instant gratification? Such novel product interactions cater exactly to that demand.

With the dawn of Gen Z, the generation born after Millennials, captivating mobile experiences will be as important as never before. (Remember, they are the first humans to have ever lived their entire life with the Internet around.) Experts actually predict that irreverent, fun-loving Gen Z consumers will be twice as likely to shop on mobile as Millennials.

So, retailers, it’s time to embrace easy-to-use, timely, interactive shopping experiences these next generation consumers are craving for and erase ‘passive’ from your commercial vocabulary. 

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Image credits: Veles Studio / Shutterstock

 


     

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The FUTR is here. M20/20 expands into FUtureTRends; the year-round conversation on the future of consumer-facing commerce.


In 2015 we created our vision for a new type of event. Millennial 20/20 was disruptive, both in terms of format and content. We were quick to identify the rapidly-changing consumer landscape driven by the digitally-savvy, mobile-first, tech-native millennial generation. Our vision was to bring together brands and retailers with the latest solutions and innovations able to meet these needs and transform each part of the customer journey.

After our successful launch in London, demand from our community took us all over the world, hosting summits in Singapore, New York and Sydney in just 18 months.

Over this time, we witnessed multiple trends, technologies, innovations and business models that held the potential to disrupt the way brands and retailers operate. It became apparent that these changes were moving at a much faster pace than we ever imagined. While still driven by empowered consumers, we identified trends that were in the near-future that we wanted to bring to life through our events.

FUTR is our own evolution. FUTR is actively engaged in next-generation commerce. FUTR is the must-attend event to identify what’s next.

The FUTR is here.

This isn’t just a conference and exhibition. FUTR is an authentic global community for those who want to stay at the cutting-edge of insights, technology and solutions. The move to FUTR is not only a change of name, but a new commitment to year-round conversation for analysis and insight-sharing. A watering hole for the future-focused leaders who want to see “what’s next”, understand how to bridge ‘the gap between now and next’, while carrying forward authentic values with no baggage. FUTR is both cross-industry and global. We strive to find the lessons from across the globe to inspire and mobilise leaders as they seek to connect with today’s consumer.

M20/20 was the launch pad for us to understand this space; to listen and learn what leaders and innovators really want. FUTR is the next chapter.

Whether it’s accessing brand-new content at one of our summits, attending insightful roundtables and workshops, or gaining knowledge from our newly-launched research platform FUTR Insights; we want you to be part of FUTR for all Future Trends.


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