Millennials are living in a vastly different world than their Baby Boomer parents. They live in a time in which a phone isn’t just a bit of plastic employed for making calls, it is “smart” and acts as an extension of oneself. A time by which “going shopping” or “depositing a check” no more requires you to definitely leave home. We are living inside a world covered with the rise of online/mobile and also the demise of brick-and-mortar. This changing consumer landscape has been primarily driven by Millennials as they demand more personalized experiences.
Defining Millennials? – Millennials (also referred to as the Millennial Generation or Generation Y) would be the demographic cohort following Generation X. There aren’t any precise dates when the generation starts and ends. Researchers and commentators use birth years which range from the first 1980s towards the early 2000s.
Millennial’s Passion for Data/Analytics
Millennials were raised currently of unprecedented mobility and unparalleled access to information. They expect retailers to know what they need before they can understand what they need. This expectation has been spurred by companies like Amazon. Amazon does an awesome job of customizing the whole consumer experience in the initial stages of attracting customers to post-purchase marketing, also it does this through Data Analytics.
Data/Analytics enables retailers for example Amazon to build deep relationships using their customers by getting to “know” them. You will never have physical interactions with Amazon however the data they collect you enables them to understand a large amount about you. Every time you interact with Amazon (by hitting the page), they become familiar with you better which provides this retailing innovator the power to create your shopping experience easier and enjoyable.