Millennials are an increasingly important demographic for retailers, making up a significant portion of both the consumer base and the workforce. As such, it’s important for merchandise planners and buyers to understand the preferences and habits of this generation in order to effectively meet their needs. Here are some recommendations for millennial merchandise planners and buyers in retail:
Utilize technology and social media
Millennials are known for their reliance on technology and social media, so it’s important to utilize these tools in your merchandise planning and buying strategies. This may include using social media to gather customer feedback and insights, utilizing e-commerce platforms to track sales data, and using demand planning software to optimize inventory levels.
Focus on sustainability
Sustainability is an important issue for many millennials, and they are often willing to pay a premium for products that are environmentally friendly or socially responsible. As such, it’s important for merchandise planners and buyers to consider sustainability when making purchasing decisions and to highlight the sustainability of their products to appeal to this demographic.
Offer personalized experiences
Millennials value personalized experiences and are more likely to shop with retailers that offer tailored recommendations and customization options. As a merchandise planner or buyer, this means considering ways to personalize the shopping experience for your customers, such as offering personalized product recommendations or allowing customers to customize their purchases.
Prioritize convenience
Convenience is a top priority for many millennials, so it’s important for merchandise planners and buyers to consider ways to make the shopping experience as convenient as possible. This may include offering online shopping options, providing easy returns and exchanges, and offering fast shipping options.
Embrace diversity and inclusivity
Millennials are generally more socially conscious and value diversity and inclusivity. As a merchandise planner or buyer, this means considering the needs and preferences of a diverse customer base and offering products that are inclusive and representative of different cultures and communities.
In short, retailers and ecommerce companies who hone in on this hyper critical demographic will see significant growth in their customer base. But embracing technology to reach these audiences, serve them and make them fanatically loyal will be the key to success.
