These shifts mean retailers need different approaches for different consumer age brackets, even during the mass-spending holiday free-for-all.
“Millennials, on the other hand, are more likely to use mobile-driven tools,” which can include texts, mobile payments and shopping apps, among others, said Kim Finnerty, SVP of research and insights at Epsilon. Unfortunately, these channels are harder to effectively track and measure.
These challenges actually elevate the value of baby boomers for retailers. “Boomers are as likely, or more likely than other generations, to shop using websites and emails, load-to-card coupons, and online reviews,” Finnerty said. These retail-friendly digital channels can close the path-to-purchase loop. Additionally, older customers are also more likely, having gone to a physical location to product hunt, to end up converting later on the retailer’s site.
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