New Study Shows Business Owners How to Reach Gen Y Consumers
New research from suggests that mobile and social media marketing to play even greater role in the future.
It’s important for every business owner to be constantly thinking about and planning for the future. No matter how large and power 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. To help business owners plan for the future, a new study highlights what is known about the up and coming shoppers of tomorrow, Generation Y.
Generation 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 Generation 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.
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 saying 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.
This is group is also highly active on social media. The lion’s share (97 percent) have 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.
“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”
There are many ways business owner can use mobile marketing and social media to improve the shopping experience for their customers. As has been discussed in many articles in the past on Inc.com, 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 Generation Y shoppers shows that this will probably not change anytime soon. For more news about the best way to use technology to improve your business, read this article on creating a better business website.