Study Shows Best Strategies to Reach Gen Y Consumers
Gen Y consumers are redefining the market with the explosion of mobile apps and social media.
Adapt to Changing Markets
The market is different than it was 5 years ago, 3 years ago or even 1 year ago. It’s continually on the move. No matter how large and powerful a company is now, if they don’t adapt to changing market trends or consumer expectations, they are doomed to fail in the future. Blockbuster Video, Circuit City and Yahoo are examples of companies that went from being the leaders to the losers of their industries when they failed to adapt.
Generation Y, otherwise known as Gen Y, consumers add a whole new dimension to marketing. To help business owners plan for the future, a new study highlights what is known about the up and coming shoppers of tomorrow.
Who are Gen Y Consumers?
Gen Y consumers are often thought to be shoppers who are between 20 and 34 years old. This may just seem like an unnecessary subdivision of Millennials, but there’s a reason it’s valuable to look at Gen Y consumers on their own. The Savvy study estimates that this group currently represents around a third of shoppers, but by 2022, they will account for nearly half (47 percent) of shoppers.
Mobile Marketing: One Key to Reaching Gen Y Consumers
Though this may seem like an obvious place to start, one of the key takeaways from the report is that mobile marketing will be integral to reaching audiences in the future. Four out of five (80%) of Generation Y say they look at their phones multiple times an hour.
Generation Y consumers are attached to their devices and use them in many shopping situations. According to the Savvy report, 66 percent of Generation Y shoppers say they regularly use their smartphone to buy products and nearly half (49 percent) regularly use their smartphones while in the supermarket.
Social Media: Another Key to Reaching Gen Y Consumers
The Gen Y group is also highly active on social media. An overwhelming majority (97 percent) of this group has accessed social media in the past month. And 95 percent have used messaging services like Whatsapp and Facebook Messenger. By comparison, only a little over half (55 percent) of this group had read a printed newspaper (including free papers) during the past month.
Gen Y Consumers Prefer Digital Media
“The rapid rise of the connected shopper reflects the enormous influence technology now has in our lives as shoppers – digital media inspires us, is our go-to place for product research and, in many cases, is where we buy products,” says Alastair Lockhart, Insight Director at Savvy Marketing. “Shopper behavior is evolving more quickly than ever before, and the onus is now firmly on retailers and brands to keep up and be fit for the future.”
Business owners who use this advice to help create better campaigns for young adults will benefit from more than just increased business from Generation Y consumers. Mobile, social media and search marketing are useful to all consumers.
Even Savvy reminds business owners that 80 percent of all shoppers own a smartphone, 86 percent access social media, and 61 percent have searched for a product using a search engine in the past month. This is truly a situation where ‘a rising tide lifts all boats.’
The BIG Takeaway
There are many ways business owners can use mobile marketing and social media to improve the shopping experience for their customers. Businesses that effectively use data and technology can give customers the information they need to convince them to buy a certain product or make shopping easier with in-store pickup for items bought online.
Technological advances have been driving much of the change in marketing and business, in general, and this study on Gen Y shoppers shows that this will probably not change anytime soon.
Courtland Consulting: Your Digital Marketing Solution
If you are looking for creative digital marketing ideas, look no further. Our team of marketing experts can help you build effective social media and mobile marketing campaigns. Contact us today for a free quote.
Also, check out our article: Mobile Devices and Marketing Worldwide