5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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Millennials. The generation often brings to mind words like “entitled” and “demanding”. These stereotypes are used particularly often to describe how Millennials act as customers — flighty, impatient, and generally harder to please.
But is this really true? And if so, what does this fickle generation want from a shopping experience?
The question gains importance for retailers as Millennials’ influence grows. The generation recently became the country’s largest, and its annual spending has reached $600 billion — a figure that’s slated to double by 2020. The Medallia Institute has been working with leading brands to better understand the generation — and it recently released findings that examine how millennials differ from non-millennials in rating their retail experiences
What it found: on average, millennial retail customers provide Net Promoter Scores that are 6.3 points lower than non-millennials.
What’s more, this discrepancy holds true across a broad spectrum of retailers. The majority of the 10+ brands the Medallia Institute examined received lower average scores from Millennials, with one brand seeing a discrepancy as large as 17.5 points.
However, as this chart shows, not all retailers are experiencing this disparity. In fact, some are delivering experiences that resonate with millennials better than other groups. Which raises the question: what are these companies doing that the broader retail industry is not?
We’ve recently released additional research that explores these expectations. It answers questions like:
Check it out using the form to the right!