New Study Reveals Millennials Stand out, Offers Best Practices for Retailers to Compete
LIVONIA, Mich., July 10, 2018: Valassis, a leader in activating consumers through intelligent media delivery, today announced new study findings which provide insights for retailers to better compete and drive repeat traffic both in-store and online.
Based on a survey of over 1,200 consumers, the “Building Loyalty with Dynamic Shoppers” findings reveal that loyalty is paramount in the current competitive retail climate. Specifically, 34 percent of all respondents – and 47 percent of millennials and 57 percent of millennial parents – have just one preferred retailer for each purchase category. Shoppers reported that to earn their loyalty, it’s critical for retailers to: safeguard and protect personal information (76 percent); reward them with personalized discounts or special offers (73 percent); and interact with them through their preferred communication channel (55 percent).
“The competitive retail climate has made it crucial for brands to differentiate and prove their value to customers,” said Curtis Tingle, Chief Marketing Officer, Valassis. “There are a number of variables that impact a consumer’s decision on where to shop. Discounts, offers, communication frequency, channel of engagement and more, all play a role in determining which brands become preferred retailers and reap the rewards of a loyal customer base.”
Additional best practices for retailers, based on study findings, include:
- Connect throughout the year to win the critical back-to-school and holiday shopping seasons.
- 73 percent of consumers typically shop retailers who have reached out to them throughout the year.
- Only 27 percent say they shop new retailers during key time periods (holidays, back-to-school, etc.).
- Millennial parents, however, are more open to new retailers during these shopping time periods (49 percent).
- Reach millennial parents at work.
- Notably, millennials shop more frequently than other consumer segments. While 30 percent of respondents said they shop for apparel/shoes at least one time per month, 46 percent of millennials noted this behavior.
- 62 percent of millennial parents often make purchases during work when they see an email, online ad or mobile notification from a retailer.
- Additionally, 74 percent say they often shop at stores close to work on their lunch break or before/after work.
- Attract shoppers with advertising and promotions.
- Nearly three-fourths (73 percent) of consumers admitted they can be swayed by advertised promotions and sales for where to shop and what to buy. Forty-seven percent of consumers say receiving an offer will drive them to visit a store or website they don’t typically shop.
- 44 percent of respondents say that receiving a print ad encourages them to go online and make a purchase from that retailer. This is higher for millennials (58 percent) and millennial parents (72 percent).
- It appears retailers have heard consumers’ expectations on this front. According to a separate study by RetailMeNot, 76 percent of retailers plan to increase the amount of promotions they are offering in 2018.
To learn more about this study, view this infographic.
About the Study
The Valassis Awareness-to-Activation Study is an ongoing study fielded in conjunction with The NPD Group, Inc., a global market research company. The sample was derived via an online survey, and all participants were at least 18 years of age and living in the contiguous United States. Approximately 10,000 respondents are surveyed annually. The specific data included in this report is from the research wave fielded Jan. 26 – March 15, 2018 to over 1,200 respondents and is balanced by age and gender to U.S. Census demographic profiles.
Valassis helps thousands of local and national brands tap the potential of industry-leading data through intelligent media delivery – understanding, engaging and inspiring millions of consumers to action with smarter cross-channel campaigns. We’ve been a part of consumers’ lives for decades, introducing new ways to deliver offers and messages that activate them — whether via mail, digital, in-store or the newspaper. NCH Marketing Services, Inc. and Clipper Magazine are Valassis subsidiaries, and RetailMeNot Everyday™ is its consumer brand. Its signature Have You Seen Me?® program delivers hope to missing children and their families. Valassis and RetailMeNot are wholly owned subsidiaries of Harland Clarke Holdings.