How Singapore’s Retail Industry Can Engage Millennials Effectively

How Singapore’s Retail Industry Can Engage Millennials Effectively

Millennials are the most influential demographic in the growing retail industry in Singapore, being the first generation to grow up in this digital world’s explosion of technology.

The Millennials are assertive, internet savvy, purpose-oriented and an online generation that stays inter-connected through varied digital platforms and channels. Many experts concluded that Millennials are the target consumer to go after in 2017 and beyond. Marketing to the Millennial is however, a tough sell. This is a generation unlike other, leaving retail marketers all over the world panicking to reinvent clever strategies, desperately finding ways to communicate with this new market. Increasingly, advertising and marketing companies are tailoring ads to target millennials, hoping to get their attention.

It all boils down to one question today- is your business ready for the Millennials?

Before we get to the crucial part, here are some statistics we think local retailers should take out some time to digest: How Singapore’s Retail Industry Can Engage Millennials Effectively

  • The purchasing power of millennials is estimated to be $170 billion per year. This shines a light into the growing influence this generation will continue to have over the world’s economy. (source: ComScore)
  • Women and men ages 18 to 34 are more likely than 35 to 64 year olds to engage in nearly every online shopping activity, with 40% of males and 33% of females in the younger age group saying they would buy everything online if they could. The preferences and dependencies millennials have are different from past generations, alter your business strategy accordingly to connect with Gen Y online. (source:eMarketer)
  • 52% of millennials were more likely to make impulse purchases than any other generation. There could be correlations drawn to how fast our culture of consumption is moving as compared to past generations, which could affect how quickly millennials make a decision to buy when shopping. (source: TIME)
  • 51% of millennials say consumer opinions found on a company’s website have a greater impact on purchase decisions than recommendations from family and friends. Analyzing crowd-sourced information about a company has begun and will continue to be viewed as more reliable than just taking in the feedback of your social circle. (source: Bazaarvoice)

Today, we describe 3 ways Singapore's retail businesses (big or small) should buckle down and refine, in order to engage the Millennial generation for large profiting sales.

3 Strategical Methods Singapore Retailers Should Use To Engage The Millennial Crowd For Effective Sales Conversions

1.Seamless Shopping Experience

The integration of digital shopping platforms in the modern day aims to cater to this new generation of shoppers who value a shopping experience that can be accessed through a variety channels. The use of smartphones have also definitely changed the way Millennials shop.

How Singapore’s Retail Industry Can Engage Millennials EffectivelyThere are multiple ways retailers can take advantage of this shopping population and market directly to their Millennial customers seamlessly. Below are some to take note of.

  • Easy and convenient purchase, return, service
  • Engaging promotions, adjustments, discounts
  • Easy payment methods (credit card, gift card, paywave, etc)
  • Top view of all real-time data (products, pricing, promotions, etc.)
  • Associate engagement tailored by device

Thanks to modern day internet, the millennial no longer expect to have to physically walk into a store to purchase a product.

They should be able to have a great shopping experience from browsing to making the final purchase, online and offline seamlessly (whether is it going to a store, through a website or mobile app or from social media channels).

Omnichannel marketing allows consumers to switch up platforms throughout their shopping journey from start to completion. The entire experience should be smooth, consistent and congruent regardless which channels they first pick and jump to.

Related articles we recommend:
Millennials And The Omni Channel Experience You Need To Create
5 Retail Trends Our Local Businesses Urgently Need To Lockdown This Year
Designing A Better Shopping Experience For Users (Principles of UX)

2. Marketing To A Generation Who Has A Love For Consuming Content

In 2017, engaging content is the only way to reach the Millennials. Devloping creative content that appeals to this new generation's emotions and imaginative interests shold be top on the list for every local business this day. Creating content tailored to the Millennials individual interests is very important. You have to keep in mind their age, location, cultural interests when crafting you content. You'd also need marketing tools to help you develop a deep understanding of who they are, where they are and what motivates them.

In Fall 2014, News Cred, the world's leading content marketing platform, conducted a study to understand how millennials view content today. The study surveyed 501 US Millennials and was conducted by MBC Research. The results reeal that 62% of those surveyed feel that online content drives their loyalty to  a brand.

How Singapore’s Retail Industry Can Engage Millennials EffectivelyReasons Your Content Is Failing With Millennials

A. Your Content is boring and lacks educational value.
30% refuse to read content that doesn't either entertain or educate them.
64% of millennials only respond positively to content that is useful. B. Your content does not trigger them emotionally.
70% say their main reason for sharing content is that it makes them laugh.
60% of Millennials will only share content if it is thought provoking & intelligent. C. You are not putting your content on the right channel.
Google and Facebook still reigns when it comes to searching fo content. Facebook currently leads the charge when it comes to sharing content for the Millennials. (News Cred Millenial Mind Survey Report, 2014)

Related articles we recommend:
Blogging For Business Essential Dos And Donts
Why Are Companies In Singapore Struggling And Unsuccessful With Content Marketing?
7 Ways To Target Millennials Through Content Marketing (Forbes)

3. Embracing The Power Of Influencer Marketing

According to a Nielsen reporHow Singapore’s Retail Industry Can Engage Millennials Effectivelyt, millennials are inspired by people they can relate to – especially other millennials. 

Hence, we’ve seen a huge rise in influencer marketing. If influencer marketing is not part of your strategy as a retailer, you are missing a key opportunity. (Marketing Zen, 2016)

  • According to Google, 70% of teengage Youtube subscribers say they relate to YouTube creators more than traditional celebrities.
  • 4/10 millennial subscribers say their favourie creator understands them better than their friends.
  • 6/10 YouTube subscribers would follow advice on what to buy from their favourite creator over their favourite TV or movie personality.

Here are some tips on how you can go about deploying influencer marketing to appeal your products to the Millennials:

  • Use Millennial and Gen-Z Influencers in your campaigns
  • Incorporate fresh, generation-relevant terminology in your campaign’s copy
  • Build a market within these audiences if you don’t have one yet
  • Think: live stream, Snapchat, Vine, and other newer social media modalities (HireInfluencer, 2017)

Related articles we recommend:
Why Influencer Marketing Will Explode In 2017 (Forbes)
How Influencer Marketing Reaches Millennials
Millennial "Influencers" Who Are The New Stars Of Web Advertising (The guardian)

In conclusion, the Millennials change the rules of brand marketing, redefine purchase habits, and are revolutionising shopping experiences as we know it. The word out there is that this e-generation will bring "death to retail". Very much on the contrary, we feel that this generation presents a great opportunity for local retailers to gain and increase market share throughout global digital spheres. However, you'll need to know which strategies to apply and deploy for effective results.

One digital strategy every modern marketer should have grasped by now, is inbound marketing.

Download our free eBook for a (advanced) guide to inbound marketing or read our previous posts below for a brief explanatory version.

inbound marketing ebook cta

Related articles we recommend:
What Is Inbound Marketing?
Planning For A Wining Inbound E-commerce Strategy In 2017
Inbound marketing VS Outbound marketing (Hubspot blog)
Top Agencies In Singapore That Are Experts In Inbound Marketing