Although they are digital natives, Millennials appreciate the stationary trade. However, they have clear expectations of it, such as digital services, experience shopping and shorter waiting times at the checkout.

They are called Generation Y, those born between 1980 and 2000. They are the first digital natives and therefore have very special wishes when shopping. The consumption barometer of the financial services provider Consors Finanz has examined what these are. This results in clear recommendations for stationary shops. First of all: Millennials still shop offline. They appreciate the advantages of stationary retail. 82 percent of the more than 3,400 respondents stated that they would like to see the product before buying it. 79 percent want to try it out. Gerd Hornbergs, CEO of Consors Finanz: “However, consumer behaviour and the demands the millennials place on businesses differ significantly from those of the older generation. The stationary trade must know and be able to meet the expectations in order to retain the important young generation of consumers in the long term.”

Millennials want offers on their smartphones while shopping

As they are at home in the digital world, the Millennials also want to use the technical advantages they are familiar with for classic shopping. The main role is played by the smartphone. For example, two thirds of respondents would like to receive personalized offers sent to their mobile phones in real time while shopping in the store. 67 percent would like to be informed in real time about current special offers from the individual departments of the shop. Many more possible uses of the smartphone are conceivable. The conclusion of Prof. Dr. Gerrit Heinemann, head of the eWeb Research Center at the Niederrhein University of Applied Sciences: “The shopping behavior of the millennials is almost exclusively digital-based. Without smartphones, apps and social media, nothing works anymore.” In order to score points here, stationary business owners should deal with the new technical possibilities and apply them in the best possible way.

Stationary retail can score points with experience shopping

In addition, offline trading can play another card that Millennials greatly appreciate: Experience shopping. The Consors study confirms that Generation Y appreciates something special. 80 percent of respondents want products in stores that they can’t find anywhere else. Most prefer to go to shops that arouse emotions and where they can test products. “Stationary retailers meet these needs by creating unique offers and clearly highlighting them,” says Consors Finance CEO Hornbergs. Offer something out of the ordinary and talk about it – that is the credo for stationary retail. At the checkout, retailers can win if they offer solutions for a fast payment process. 40 percent of the respondents are annoyed by the waiting time. Hornberg’s recommendation: “In order to create faster processes, retailers could increasingly rely on self-scan cash registers or contactless payment via smartphone. Already today, 32 percent of millennials pay with mobile devices.


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Link: Consors Finanz’s Consumption Barometer has taken a close look at the Millennials’ wishes for stationary retail outlets

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