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Knowledge Series: Driving Growth In The Digital Era

Millennial are the most influential demographic for retailers. This technologically savvy generation is redefining purchasing habits and transforming the face of retail with their enormous spending power and devotion to fashion. They are digital natives, are highly aware of the brands and ‘best deals’, have great purchase frequency and view fashion shopping as a social activity. Also, they see fashion as an expression of their own personality and desire for something made exclusively for them, which is bolstering the trend of customisation.

Shivam Gautom

Very naturally, these consumers are increasingly becoming digitized in their shopping process. “In one of our research, the percentage of participants who said they have bought fashion apparel online is 84 percent. Social media also plays an influencial factor in shopping today. Our research showed that as the age group goes down, purchase decisions start getting increasingly influenced by what is going on around in their social network. Online price comparison has also become a standard phenomenon,” Neelesh Hundekari, Partner - Consumer & Retail Practice, AT Kearney, elaborated.

Overall, about 38 percent consumers look for digital touch points, and continue to look out for digital tough points at all steps of the buying process. This demographic uses multiple sources and devices to gather information and tend to compare more information on price and product before making a choice. They read product description thoroughly and browse through numerous reviews, which is very unlike the times when the only way of getting product information was to walk into a store. They also rapidly transit between online platforms and stores, expect seamless integration between channels, seek higher convenience during shopping and expect newer products in every store visit. Also, they expect higher quality of services than their erstwhile peers, especially in tems of product purchase, delivery modes and response from retailers.

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May 2017