skip to main |
skip to sidebar
The Millennial generation - now ages 17 through 34 - represents nearly a quarter of the U.S. population, and a significant portion of annual consumer spending.
We recently read of a study that has identified a set of attributes "that overwhelmingly resonate with this age bracket." In fact, when making shopping decisions, Millennials are 20% more likely than other generations to consider these elements.
As these studies so often do, an acronym has been created to help us remember those attributes: L-A-T-T-E.
- Local
- Authentic
- Transparent
- Traceable
- Ethical.
While each of these attributes provides the means to differentiate your stores, in our view, many independent retailers can leverage ALL of them!
Moreover, in our opinion, these L-A-T-T-E qualities not only resonate with Millennials, but with many others (your customers? your neighbors? You?) who share these same values.
- It is not just demographics (quantitative data); it's also psychographics (qualitative data). And the L-A-T-T-E attributes certainly point to qualitative measures.
We think this offers two significant opportunities for independent and local retailers.
With the L-A-T-T-E attributes, independents are uniquely positioned to take the lead, and make it known that Local - Authentic - Traceable - Transparent - Ethical have long been in your DNA.
Especially in today's environment, winning the hearts and minds of shoppers is the challenge confronting all retailers. Sharing your love for L-A-T-T-E is an important step!
One of Retailing’s Hottest Trends: Selling Experiences
“After years of choosing the speed and wide selection offered by big-box retailers such as Home Depot or online merchants like Amazon.com, customers are demanding higher engagement if they’re going to buy something in a store,” reports Lindsey Rupp of BloombergBusinessweek.* Stores must be “exciting destinations rather than places to make a quick purchase.”
Some brands or chains, Rupp reports, already are selling experiences along with their goods. Consider:
- Lululemon Athletica offers yoga classes in its stores
- Apple holds in-store digital art and video workshops
- Some Cabela’s (outdoor outfitters) stores have indoor archery ranges
- PetSmart opened its first Pet Spa store, focused on the “pet lifestyle experience” for pets and their pet owners
- Teen retailer Urban Outfitters last year bought a pizza chain
Beyond "Product Demos"
In our view, each of these examples goes well beyond the merchandise, and focuses on actively engaging the customer.
- These experiences are not “product demos”. Instead, they showcase and celebrate using and enjoying the merchandise.
- Plus, customers engage not only with “experts” who use the products (those leading the sessions), they engage with other customers (people like themselves?) who also use the products.
In other words, compelling reasons to come to your store! Hands-on participation and involvement are essential for today's customers. So, what are you waiting for?
- Specialty retailers are well-positioned to deliver these in-store experiences. You have the product knowledge, the love of the merchandise, the respect for your customers.
- And what a great way to energize your staff! Ask for their ideas, and try them all! Test different times of the week: What appeals during a weekday? How about weekends? Or evenings?
For retailers, synergism and involvement is the new competitive edge.
* Pizza, Parks, and Pet Spas: Shoppers Will Pay More for Retail Experiences. Lindsey Rupp, BloombergBusinessweek, October 19, 2016.
