Attracting millennials to your online store is of absolute importance if you want your business to be sustainable. The reason this article is focused on attracting specifically millennials to your store is that they make up a whopping 45% of all SA’s online shoppers. Meaning, if your eCommerce store is not catering for Gen Y and someone else’s is, chances are you won’t make it through 2020. Here are some ideas to include in your growth strategy so you can get those Millenials through your digital doors.
Using Social Media to Attract Millennials to your Online Store
The catalogues of the 21st century. There is so much literature out there on how to do Social Media yourself, that there really is no excuse not to use it. You’re also guaranteed the eyes of your millennial audience. And you know what eyes on your brand mean right? You guessed it, more millennials shopping at your online store.
However, building up a following takes creativity and more importantly, a lot of patience. It’s a trudge, and for a long period of time, it may feel like you’re showing the most magnificent apparel to no one. But if you persevere and make some smart campaigning decisions, your following will grow and your superfans will stay loyal. Ultimately, you’ll achieve sustainable growth for your business by attracting returning millennials to your online store.
Attracting Millenials to Your Online Store Using Experience
To stay in this game long term, you need to be constantly innovating. It’s no longer enough to simply serve up product descriptions and a catalogue. Millennials demand more from their online shopping experiences. They want a unique experience attached to the buying process. As a business owner, this may mean an investment into UX/UI and an upgrade in functionality. However, we know the thought of making more investment into your store may cause you some pain. If it helps to convince you, studies show that only 23% of South African online stores are making it through the first two years. In addition, the reason this 23% have a longer life expectancy, is because they are reinvesting 25% back into their businesses for innovation and growth. We just want you to be one of those success stories. In the end, it’s imperative that you research what experiences – not just products – millennials are looking for within your online store.
The credit card payment model is old and destructive. Debt is the enemy and millennial online shoppers know it more than any other generation. If you plan on attracting millennials to your online store, you need to solve a debt problem. Although you should provide credit as a payment gateway option, other payment solutions that don’t involve debt, are necessary.
Millennials are the generation most afraid of debt and will do almost anything to avoid it at all costs. They’re not even buying houses! Similarly, this translates into the way they shop online. The problem is, their fear of debt can decrease the number of checkouts. That’s why companies like Payflex exist. We provide a revolutionary Buy Now, Pay Later solution.
We’ve seen cart abandonment rates decrease by 30% among our clients using Payflex. The best part is that you’re increasing sales while protecting your customers from debt. Everyone wins! Giving your millennial customers flexible, responsible payment solutions is not a nice to have. It’s a critical necessity for business growth.
Make Online Research Easy for your Millennial Shoppers
According to the South African Online Retail Report 2019, 38% of the millennials find the internet the most effective area to research before purchasing. Millennials are an entire generation of data analysts (apparently Gen Z will be even deeper into the analytics). Furthermore, the internet has made it much easier to do couch research. Therefore, in this landscape, you really need to think about how you position your products’ benefits and features to your millennial audience. Ultimately, it has to be in a way that will be meeting the criteria of the data comparison they’re performing on the couch. Simply put, get those millennial shoppers through the digital doors of your online store and keep them there by addressing their researched criteria.
The online retail sector is expected to grow by over 25% in 2020. Even on a national level, this is colossal. In conclusion, we want your store to prosper so we’re here to help you. We’re hoping these tips should set you on the right path to attracting millennial shoppers (and their disposable income) to your online store.