"Millennials spend proportionately more of their holiday budget on travel & entertainment"
In this great PwC graphic we get an insight into how Millennials shopped for the holidays in 2015. As we are gearing up for a holiday webinar + eBook ourselves (stay tuned!), we LOVE learning about holidays trends - AND we know you do too!
3 insights & promotions to try out during the holidays:
1. Formulate your promotions to pair your products with how it will make the customers life better. Since your customer is using your products within their life, make sure during the holidays you are shaping promotions that match that desire to travel and be entertained. For sports equipment - you need this on your next vacation. For health & beauty - travel sized items so you have have amazing hair/skin/life on the go. For home goods - paint a picture of your products building experiences for the customer and their families.
2. Millennials are buying for themselves too. (This millennial marketer is guilty of this with a capital G). Instead of huge discounts on your site run a "Buy $50 get a $10 gift card for yourself!" This is great because you are preserving margin by not applying blanket discounts, still getting customers to buy, AND making sure they come back. Bonus tip: make it so their $10 gift card is set to be active AFTER the holidays so they return after the holidays and increase chances of becoming a loyal, high value customer).
3. Millennials are buying for themselves Pt 2. Gifts with purchase! I can not stress enough how the consumer can justify buying a little extra if it means they get something they want. Last year, David's Tea said I would get a little sample set with my order if I bought $75 worth of product... and I did... I did... Check out our webinar with them for more tips and tricks!
Now that you have the steps to be a segmentation master, make sure to browse the top headlines for this week!
Top Retail News & Insights
Every Friday we post top trending retail news for you and are now introducing a fun fact to help you benchmark your marketing efforts against peers. Get the articles here.
1. MarketingTech: Brands must optimise mobile retail experience to keep customers on side (UK)
According to the Centre for Retail Research, online spending by UK consumers has now reached £52bn, representing growth of 16.2% year on year. Nearly a third of that spend was through a mobile device, and the report predicts this market will grow to over £60bn by the end of this year...
2. The Real Deal: Is NYC’s retail bubble about to pop?
When 685 Fifth Avenue hit the market two years ago, investors practically lined up around the block. The building’s roughly 25,000-square-foot retail space — which sits on the corner of 54th Street — came with 152 feet of frontage in the heart of Manhattan’s most profitable shopping district. Who wouldn’t want to get in on that? But will "what goes up, must come down" happen here?
3. The Retail Doctor: Retailers, What Good Is Big Data If You Don’t Use It To Boost Conversion Rates?
When I was working with a franchise startup, we were seeking a POS system that could grow with us. The winner had multiple reporting capabilities.Our thought was, the more information, the more reporting a franchisee could do to thoroughly understand what was happening in their business. When we rolled the system out to new franchisees, many were overwhelmed with the 500+ possible reports. Here's how you fix this rotating circle...
4. Medium.com: Metrics Versus Experience
Being able to measure stuff gives you insight into what people are doing within your product. Unless you like living under a rock, having more information is a good thing. Sure, you need to be able to sort through what information is important and what isn’t, but arguing that the whole concept of having more information is bad is not really a defensible position. Metrics is not the villain.fa
5. Fierce Retail: 50M parents have started back-to-school shopping
The Fourth of July holiday weekend has barely ended, but back-to-school shopping is well underway and already trending higher over last year.More than a third of all parents – nearly 50 million – and nearly half of college freshmen parents have already started shopping, according to the Rubicon Project's Back-to-School Consumer Pulse Survet...