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How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
How are millennial shoppers different?
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How are millennial shoppers different?

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Millennials have different shopping habits, tastes and means of getting the information they need. A 2010 survey of shoppers reveals interesting findings about the differences between millennials and …

Millennials have different shopping habits, tastes and means of getting the information they need. A 2010 survey of shoppers reveals interesting findings about the differences between millennials and other shoppers.

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  • When asked to rank order negative store characteristics, shoppers ranked stores not providing cash refunds (even with a receipt) as their #1 negative. A product marked “on sale” but the cash register ringing up a regular or different price followed as the #2 negative
  • When asked to rank order negative store characteristics, shoppers ranked stores not providing cash refunds (even with a receipt) as their #1 negative. A product marked “on sale” but the cash register ringing up a regular or different price followed as the #2 negative
  • Transcript

    • 1. Steven Skinner Vice President, Cognizant Business Consulting Retail, Hospitality and CPG Practice Leader August 2010 How Are Millennial Shoppers Different? Findings from a 2010 survey Photo courtesy Byron Villegas
    • 2. First Things First: Cognizant 2010 Consumer Research Overview <ul><li>Objective: </li></ul><ul><li>To better understand how consumers interact with retail stores and the overall customer experience </li></ul><ul><li>Methodology: </li></ul><ul><li>An online survey was conducted among adults 18+ across the United States </li></ul><ul><li>A total of 2,243 completed surveys was collected May 21 – 25, 2010 </li></ul><ul><li>The data was also segmented by gender, income and generation. For the purposes of this report, the generations were defined as the following age groups: </li></ul><ul><ul><li>Gen Y (Millennials) = 18 – 33 </li></ul></ul><ul><ul><li>Gen X = 34 – 45 </li></ul></ul><ul><ul><li>Baby Boomers = 46 – 64 </li></ul></ul><ul><ul><li>Emerging Elders = 65+ </li></ul></ul><ul><li>Respondent Profile: </li></ul><ul><li>Gender: 83% women and 17% men </li></ul><ul><li>Average age: 46.8 </li></ul><ul><li>Average household income: $65,548 </li></ul>
    • 3. Cognizant 2010 Shopper Survey Summary – All Shoppers <ul><li>Anywhere Cross Channel Is In </li></ul><ul><ul><li>73% want cross channel at store checkout </li></ul></ul><ul><ul><li>53% want cross-channel from a in-store kiosk </li></ul></ul><ul><li>Poor Service is (of course) out </li></ul><ul><ul><li>74% cited as first or second choice (checkout) </li></ul></ul><ul><li>Manual Coupon Redemption is an irritant </li></ul><ul><ul><li>2nd highest checkout irritant </li></ul></ul><ul><li>Mobile Services are not a panacea </li></ul><ul><ul><li>Only 1% want mobile device checkout! </li></ul></ul><ul><li>Coupon, price and product look-up drive use </li></ul>
    • 4. Cognizant 2010 Shopper Survey Summary – Generational Analysis <ul><li>Emerging Elders and their Emerging Cross-Channel Sophistication </li></ul><ul><ul><li>41% want “buy in-store and deliver to home” service </li></ul></ul><ul><li>The Internet and the Store Meet </li></ul><ul><ul><li>Generation X and Y identify cross-channel price conflicts as their 3rd highest store irritant </li></ul></ul><ul><li>Generation X and Y want cross channel consistency </li></ul><ul><ul><li>these age segments were the most sensitive group to channel price conflicts </li></ul></ul><ul><li>Mobile Services for Gen X and Y moving faster (Doh!) </li></ul><ul><ul><li>… but they still get most product information from store shelves </li></ul></ul>
    • 5. Generation Y prefers discount vouchers to other remedy forms 1 “ If a store is out of a product you seek, which of the following would you MOST want the retailer to do to remedy the situation?” Order the out of stock item from the register and have it delivered to your home at no extra charge Offer you a 10% off voucher to come back to the store when the product is back in stock Order the out of stock item from a kiosk or desk within the store and deliver it to home or store at no extra charge Find the product as its warehouse/or another store location and have it sent to store so that you can pick it up Find another product in the store that has the same attributes as the product you wanted Find another store that has product and tell you how to get there
    • 6. Across Generations “Inattentive Cashiers” were the most disliked 2 “ Which aspect of the check-out process at a store do you dislike the MOST?” Inattentive cashiers (e.g., talking on the phone or to another associate …) Slow cashiers Products with no stock number having to call for a “price check” Stores that do not take all forms of credit (i.e., Visa, MasterCard, and …) A barcode that does not work at check-out Self check-out Not being able to use a personal mobile device to check-out The wait in line Getting the manufacturer discount by having to mail in the rebate coupon … Not being able to purchase a product in the aisle instead of check-out
    • 7. Emerging Elders want the convenience of in-home delivery 3 “ Which of the following service offerings do you MOST value from a store?” Ability to purchase a product in the store and return it (if needed) using online procedures Ability to purchase a product via a personal mobile device, have it delivered to your home and return it (if needed) to the store Ability to purchase a product online, have it delivered to your home and return it (if needed) to the store Ability to purchase a product in the store and have it delivered to your home at no extra charge Ability to purchase a product via a personal mobile device and pick it up in the store Ability to purchase a product online and pick it up in the store Mobile solutions surprisingly lagged most store services throughout the survey
    • 8. Gen Y and Gen X are more likely to visit proprietary retailer social networks 4 A) “If a retailer offered its own online social network (similar to others such as Facebook, MySpace or Twitter), please indicate how likely you would be to visit it using the 10-point scale below?” Emerging Elder Baby Boomer Gen-X Gen-Y
    • 9. Gen Y and Gen X are more sensitive to cross-channel price 5 “ Which ONE of the following characteristics do you dislike the most in a store?” Store associates with poor product knowledge The store will not refund an online purchase or accept an online return The in-store promotion is different from the online promotion The in-store price is different from the online price Out of stock on the product you seek Not enough product choices Too many product choices Baby Boomers, Generation Y and Generation X are more sensitive to out of stock than other poor store attributes
    • 10. Gen Y and Gen X shoppers are more likely to use mobile devices 6 “ If a retailer offered the following services for a personal mobile device, please indicate how likely you would be to use them?” View loyalty Place an order coupons Store locator Product comparisons Product &amp; price look up Expectations of PDA/smartphone use will increase as these groups age and technology grows more convenient.
    • 11. For Gen Y, online review and mobile scanning access are as preferred as product packaging 7 “ If each of the following were available, which would be your MOST preferred (and SECOND most preferred) method to receive product information?” From an informed store associate From signs or cards on the store shelves From better information on the product package Through a dynamic display that provides product information after you scan the product’s barcode By reading online customer feedback By scanning the product with your personal mobile device Through Consumer Reports
    • 12. Across generations, accurate Price Labeling and Returns Management more important than Store environment 8 “ Rank the following store characteristics in the order of how much you dislike them?” Store is not easy to move through – too cluttered, and /or with poor access to aisles Music is too loud A product is marked as “on sale,” but when you get to the cash register, it rings up the regular price or a different price Will not provide a cash refund – even with a receipt Will not accept a return without a receipt Will not accept a return from another store within that chain Poor promotional signage – no clear way to know what is on sale
    • 13. Payment with mobile devices is a potential growth area in the Gen Y customer segment 9 “ If a retailer offered the following new or alternative payment methods, please indicate how likely you would be to use them?” Pay using a mini store loyalty card that attaches to your key rings PayPal (a service that allows payments to be made through the internet) Pay using a personal mobile device Coupons
    • 14. For apparel, Gen Y shoppers use internet the most, but also rely family and friends 10a “ From which of the following do you get MOST of your information for apparel products?” News paper Ads Magazine Ads Radio Ads Catalogs TV Ads Informed store assoc Internet Family/Friends Tools such as social networking websites seem, to be an ideal option to reach out to the Gen-Y shoppers
    • 15. For grocery products, Gen-Y relies on family and friends for information 10b “ From which of the following do you get MOST of your information for the home products?” News paper Ads Magazine Ads Radio Ads Catalogs TV Ads Informed store assoc Internet Family/Friends
    • 16. www.cognizant.com Thank you Photo courtesy Byron Villegas

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