You know that the Millennials, sometimes called Gen Y, are an up-and-coming – and high-spending! – age group. These 86 million 18- to 34-year olds account for $1.3 trillion of consumer spending each year1. Yes, that’s trillion with a t! You also know you have to find ways to reach these guys, but trying to reach a generation that seems to never look up from their cell phones can be intimidating. Never fear: We’ve got five tips to help you reach Millennials in meaningful ways.
1. Look around. Check out other popular non-jewelry retailers who are attracting Millennials and see what ideas might work in your store. Are they hosting social events after store hours? Are they revamping their look? Are they posting new products and deals on social media like Facebook and Twitter? Yes? Then do it, too! Find a non-jewelry retailer who’s doing something new and follow suit. You’ll see new traffic and more sales.
2. Embrace technology. It’s here to stay. And Millennials expect to see it everywhere. Get on board by offering your customers technology-driven experiences. Stuller Showcase is a free tool that allows your customer to see and modify designs while getting real-time price information with your retail markup. CounterSketch Studio allows your customers to customize jewelry with a sales associate on your sales floor. Both are powerful tools that reach a demographic expecting both transparency and personalization.
3. Change your look. Is your store appealing to Millennial customers? Can they come in and “play” with the jewelry? Can they see the craftsmen at the bench? Can they interact with the technology? We know that Millennials don’t just want to shop; they want an experience. With fresh eyes examine your store. Do you have any of the touch points listed above in your store? If not, pick one of them as a starting point.
4. Establish trust. Forty-two percent of consumers would rather purchase their engagement ring from an independent jeweler. There is a trust factor with an independent jeweler, after all, and Millennials, especially, are more interested in a relationship than a brand2. And it’s Millennials who are getting married in droves right now. Are you capturing your slice of that $11 billion bridal-jewelry pie?3 Reassess your bridal offering to ensure that it’s current enough to appeal to their unique tastes and flexible enough to meet their need for personalization. Consider Stuller’s 3C designs or CounterSketch technology that will allow your customers to customize their rings.
5. Show you care, too. Millennials care. They care a lot4. About sustainability, about social causes, about their local communities. Show them you care, too. Start by selling sustainable and ethically sourced products. Use social media to tell them about your commitment to earth-friendly jewelry. Support causes that are important to you and to them by holding fund-raisers and selling products that matter. And develop relationships with other local retailers. Show the work of area artists in your store, use the local caterer for your after-hours socials, and provide treats from your local bakery. It’s a win-win situation: By supporting other retailers, they’ll support you. And you’ll both be reaching those Millennials who care about their community.
Millennials really aren’t the scary demographic you think. With a few simple changes, you can connect with this unique generation in ways that matter.
Interested in learning how to keep pace with the ever-changing retail market? Let us teach you how. Attend one of our Transform Tours. Click here for a list of dates and cities.
What’s your strategy for getting millennials in your store? Do you use any of these tips? Have some more of your own? Share them with us in the comments section.
1 Barron’s 2 Bazzar Voice 3 XO Group 4 Chicago Business
