The holidays are nearly upon us, and brands have begun gearing up to knock down prices and pull as many people into their stores during the biggest shopping season of the year. Drawing the biggest crowds could be as simple as offering the lowest prices, but are there better ways to draw everyone in?
Marketers have been trying to nail down the millennial generation for years. People cannot seem to decipher what millennials want. But there’s one thing the data agrees with: millennials are less interested in retail than other generations.
Some of the classic millennial and Gen Z stereotypes are borne out in the data. Younger generations are more interested in travel and dining out, and less interested in tangible goods like homes or retail items. But that doesn’t mean that they aren’t interested. Retail shopping still makes up over half of consumer buying conversations online among younger generations.
So, what can retailers do to get younger consumers into their stores?
Social media conversations suggest that attracting millennials to retail locations might not be about what you’re selling, but how you’re selling it.
Millennials are accustomed to doing everything with their phones, including shopping. Venmo could be the answer to how retail brands can spark some consumer interest among their younger audiences.
Younger audiences are very interested in Venmo, especially compared to other forms of digital payments. While many brands offer Apple Pay in stores so that consumers can use their phones for payment, young people don’t seem to be interested in Apple Pay. In fact, Apple Pay is the digital payment option with the oldest audience. Accepting Venmo could be an exciting differentiator to young people.
And beyond being a wildly popular method of payment for young consumers, over 23,000 people have expressed online their desire to use Venmo while shopping. Brands can pull market share by hopping on a trend that has plenty of demand but no execution, at least not yet.
By offering different payment methods, brands can keep all of their audiences, young and old, happy, and that can be the best way to keep them coming back for their holiday shopping and beyond.
Lou Jordano is the chief marketing officer at Crimson Hexagon, an AI-powered consumer insights company for brand managers, marketers, executives, and more.