Swiss research agency m1nd-set has released a special analysis on digital marketing opportunities with Millennial consumers via its Business 1ntelligence Service (B1S).
M1nd-set has been closely monitoring two important trends in recent months – Millennials as a shopper segment and the development of the digital marketing landscape – and the agency reports that the industry has now reached a tipping point.
The agency says that its focus on the behavior of global Millennial consumers has produced key findings in their shopping behavior, the key shopping drivers and influencers for Millennials and their responsiveness to marketing campaigns.
Millennials’ behavior both in retail and in response to digital marketing, combined with the evolution of omni-channel retail technology, are creating significant opportunities for the industry to reach out to Millennial shoppers while they are traveling in real-time, says m1nd-set. Barriers to reaching passengers while traveling have been broken and airlines no longer have sole access to the informa-tion on who is traveling where and when or what time they will be in a specific airport.
Millennials are seeking more personalization in the marketing from duty free stakeholders according to the m1nd-set research; 8 out 10 Millennials say they are used to receiving personalized communications from domestic retailers but only 10% claim the same for the duty free channel. More than 70% of Millennials claim they would be prepared to give their personal data in exchange for relevant, personalized offers and promotions from duty free stakeholders. The report demonstrates that such personalized, relevant communications can potentially lead to over 40% revenue growth.
Omni-channel retail and marketing technology that is widely available today requires constant testing to determine the most effective marketing messages, but analytics are under-used in the industry, the m1nd-set Millennial research reveals.
Travel Research Director at m1nd-set Clara Perez comments: “Analytics tools today have simplified the process of calculating important values such as the ROI of specific campaigns or the lifetime value of a customer.
“The advent of omni-channel retail solutions means that brands and retailers are able to combine retailer experiences between offline and online as well as between domestic and duty free retail.”
This is what Millennials are looking for, says m1nd-set owner and CEO Peter Mohn: “67% of the Millennials in our shopper research say they expect and want the industry to adopt a more coherent and comprehensive approach to marketing, linking the consumer’s offline and online experiences so they are recognized as one and the same individual.”
Mohn says there are solutions available which allow stake-holders to provide a constant, relevant stream of communication with passengers from the time they leave for the airport all the way to the departure gate. “Integrated POS and CRM systems, i-beacon technology, way finding solutions and omni-channel commerce solution providers have made the consumer reachable whenever they are in the vicinity of the airport or duty free shop. Today’s traveling Millennial shoppers are not only early adopters of this type of technology, they want brands and retailers to connect and communicate with them through these platforms,” he said.
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