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Winning Retail Strategies for the Millennials

How does one approach the tastes and social lifestyle of the younger generation? Explained by Beatriz Biagi, design consultant and key speaker at Jewellery Technology Forum

How is retail changing in the jewellery industry?

In Italy online retail is strengthening, although more slowly compared to other countries. Integration between the online store and the physical one has yet to take off and omnichannel communication is at an initial stage. Some companies have implemented a strategy of omichannel communication and customer care, as in the case reported by Boxstylab of the shop Goldfingers Orologi in Verona, with excellent results. There are initiatives of promotions or benefits to be obtained through the involvement of social pages. Some physical stores offer the opportunity to view and buy some product variants via the online portal.

How and in what way is the buyer profile changing?

Broadband is developing across the territory at the national level and the smart phone is strengthening as the primary means to connect online, using social networks like Facebook and Instagram to stay in communication everywhere and with everyone. The buyer is increasingly using the online portal both for finding out about brands and products to buy. Even the not-so-young buyer is rapidly getting used to having personalized attention and getting what they want when they want at ever more affordable prices. The Internet is not only becoming a place of exchange in which sales take place more and more frequently, but also a platform on which to express opinions and preferences, influencing the opinion of a potentially very large number of other users. Companies are becoming more international, dynamic and interconnected and as a result, brands are changing the way they communicate, inform and sell their products and services. Highly effective communication campaigns are those involving well-known personalities, so-called influencers, with whom the customer identifies, as well as communication-based narratives, which share with the public valuable content, and the intrinsic characteristics of the product’s brand.

  • Beatriz Biagi

    Beatriz Biagi

Let’s talk about the future: what tips can you give retailers who want to successfully address the millennials?

Millennials are people between 16 and 36, who are taking an active role in the labor market and forming families. It is a significant market segment, since it represents about 24% of the world population and 10 million consumers in Italy. Virtually all Millennials have a personal computer and currently half of them are using a smartphone with Internet connection whether at home or outside. They are used to retrieving information from the network immediately. They often use different portals at the same time and their choices both in navigation and in their purchases can also be very spontane- ous. The majority of them are critical consumers, prone to customization as a reaction against homologation and very attentive to ethical brand policies that respect the environment. Today everything is in competition with everything else and the glut of information creates huge confusion. Receiving virtual content is fleeting and continuous (a video on Facebook is viewed on average for only the first 3 seconds), at the mercy of algorithms of the moment and strong competition with everything else. Companies have to implement communication strategies suited to a small screen and to immediacy, as well as to put their customer at the centre, focusing on personalization of communication and the services and products it offers. It is therefore fundamental to always be aware of the fact that it is necessary to communicate not only through the physical and virtual store, but simultaneously on different platforms, allowing continuous availability and a personalized path to purchasing. It has become essential to know each customer by managing information and the database effectively.

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