More consumers will turn to the Internet to save money using comparison- shopping and by taking advantage of free shipping and other shopping incentives. Gasoline will just keep increasing in price, so most consumers will remain at home.
So, if you are e-tailing, get started with your incentives to increase your conversions: two-for-one items, free shipping with $x purchase, newsletter only coupons and refer-a-friend promotion. Start learning about multi-channel marketing and promoting to youth.
So, the future of the retail industry in the free world resides on the shoulders of Gen Ys! But wait, who are they? According to Gen Y Comes into Focus - eMarketer, Gen Ys or Millennials are those born from 1979 to 1999. Definitions vary, but we are talking a huge spread of people, from 9 years old to 29 years old.
The US Census Bureau says there are about 70 million Americans who fall into the Generation Y category, and they are an ethnically diverse group, with 60 percent white, 15 percent black (non-Hispanic), 18 percent Hispanic and 4 percent Asian.
Luckily, I did this generational breakdown post back in March, before it all left me behind. Below is my attempt to add order to my world.
Digital Natives = People Under 30
- Totally Wired Generation = people 14-29 years old
- Generation Next = people 16-25 years old
- Millennials= people 13-24 years old, also called Gen Y and Echo Boomers
->New Tag Needed - people aged 9 to 12 <-
Okay, which tag do we use for the 9 to 12 year olds? If we continue with the digital natives’ method, would we call them: HDTV Gen, Hardwired Gen? EverOn Gen?
What do y'all think? Give me some ideas for this important market segment that is now included in the Gen Y. Be nice, remember, they will be supporting the lazy decadent baby boomers who thought Social Security was a promise. LOL