The Certona Blog
Online retail giant, eBay made headlines this past week, announcing a new research group that aims to lay the groundwork for the future of commerce. Interestingly, the company believes that commerce will use personalization and historical behavior on every device to anticipate what consumers will need and will pay for. eBay has termed this ‘Zero Effort Commerce’ (ZEC). eBay’s Innovation and New Ventures Group intends to integrate commerce into every connected device, including wearables, to realize this opportunity. Personalization technology is already at the core of most retailers’ omnichannel strategy, but with ZEC, it will be an essential part of commerce entirely. Adding wearable devices into the mix presents another input channel for retailers to gather actionable insights about their customers’ habits, preferences and needs.
The Millennial generation is a heavily sought after market by many businesses, yet few know how to tap into this demographic, which presents a major opportunity for brands. According to Forbes, the Millennial generation is the largest in history, representing $600 billion in spending opportunity. By 2020, this demographic will spend $1.4 trillion per year. In order to win over this young group, businesses must first understand it. From there, brands can create a strategy that will attract Millenials and nurture them into lifelong customers.
Getting to know Millennials
Born between 1980 and 2000, this demographic was raised on the Internet and mobile devices. Unlike baby boomers, they are impulsive, cost-conscious and tech-savvy. Millennials also grew up in a volatile economic climate. They have hefty student loans, receive lower salaries than previous generations and are experiencing high unemployment rates. Still, they are an adaptable population and early adopters of new technologies. Businesses must take advantage of these unique attributes to attract Millennials to their products and services.