The millennial consumer needs more choices and increased communication with brands. Consumers believe in extensive research (both virtually and physically), seeking first-hand experiences and social media ratings to make informed decisions about purchases. Similarly geographical borders have become porous due to the advent of the internet. Utilising the Internet effectively and staying attuned to the needs of the millennial consumer is imperative if the modern retailer hopes to survive in an increasingly competitive business environment.
Millennials - those born from the early 1980s onwards do not see the world in the same way that previous generations did. They are increasingly rejecting the traditional jewellery marketing concept that worked for previous generations. In order to reach this consumer, marketers need to formulate messages that are relevant to their lifestyles.
This is a generation that is delaying, and in the metros, even foregoing marriage, in growing numbers. Categories like technology and travel have been eating into the market share of jewellery in the past decade.
Research and Redressal
Millennials are aware and erudite about trends and opinions of their peer-group. Thus it is imperative for marketers to not only conceive a meaningful message to reach out to them but also to engage and build a rapport through social media. Additionally managing brand perception online and developing an effective complaint redressal system are key. Studies have shown that millenials have been spending more on tech products, travel and luxury goods as compared to jewellery. Just as cell phone models are getting better every year, so do jewellers need to offer fresh and relevant options to millenials to engage them and hold their attention. This means a lot of visuals, experiences and choices offered in terms of products and service.
For long jewellery has been perceived as a status symbol. For this generation however, status is no longer about money-it's about attention and as a result consumers are a lot more brand-conscious. Brand names are just not enough anymore. Along with a good stead and a product that speaks for itself, consumers now expect much more in terms of the purchasing experience, return policies, transparency in pricing and other services. A trend that is catching up really quickly in developed markets is responsibly sourced jewellery. Consumers care about ethically mined, certified diamonds and responsibly sourced or recycled precious metals and are willing to pay a premium to ensure these conditions are met.
World is an Oyster
The Internethas opened up more than just borders. It has literally opened minds and presented opportunities galore for consumers and brands both. Consumers have a wider variety to choose from, customise and even design their own jewels, and experience trends from across the world. Similarly it has given retailers more channels of communication with their consumers and the ability to engage a wider audience. And there is no demographic than the millennials more adept and more in sync with this entity; the internet. Any smart retailer cannot ignore the power of the net and needs to incorporate it smartly into his/her marketing strategy in order to cater to the needs of the millennial consumer.