Posted on: May 26, 2016 by titan-goodrich
On May 25, Sports Authority CEO Michael Foss e-mailed customers confirming what has widely been reported in the news – that Sports Authority will close all stores by the end of August. The company, it seems, is the latest casualty of the online shopping boom. Unfortunately for Sports Authority, Virginia Insurance Business Insurance does not cover changing consumer habits. Before you assume you should focus solely on your online business, the results of a recent study conducted by PwC concludes that millennials shop at physical stores more than other generations. Here are some ideas to get you started.
Offer Free WiFi
Research shows that 80% of millennial shoppers use their smartphones to price shop, research products, read product reviews, and solicit advice via social media while they’re in stores. They’re more likely to visit stores that provide free, no-password-required WiFi.
Create a Digital Loyalty Program
The key word here is digital. Millennials don’t want to mess with clipping paper coupons or carrying physical loyalty cards. They will whip out their smartphones to show a digital coupon, though. A side benefit to creating a loyalty program is that when customers register for the program online, you can have them complete a short questionnaire soliciting valuable demographic information and details about their shopping habits. You can use this intelligence to make your business more appealing to them.
Provide Unique Brands and Products
Millennials tend to be drawn to brands and products that make them feel good. Try to incorporate eco-friendly, locally-sourced products, as well as those that support a cause by donating a portion of their proceeds to charity. Customers will be more loyal shops that carry feel-good items. Millennial customers also prefer options that go beyond what they can find at big-box retailers.
Provide Quick and Easy Checkout
When millennials visit a brick-and-mortar store, they usually know what they want because they’ve researched it online. They want to grab it and go, and they don’t want to wait around to find a clerk to check them out. Depending on your business model, it may be worthwhile to equip your sales staff with tablet or smartphones they can use to complete transactions more quickly.
Attracting customers is critical to the success of your business. Protecting your business with a comprehensive insurance policy is also critical. Contact us at Goodrich & Watson; we’ll get you covered!