This document provides 5 key points for understanding Millennials based on previous research in FMCG and fast food. Millennials value creativity and want retail experiences that allow spontaneity and customization. They also want to be proactive participants in retail rather than passive consumers. Authenticity is important to Millennials, whether it is fixed authenticity through proven quality and heritage, or dynamic authenticity by fitting into a cultural landscape. Retail experiences should seamlessly integrate physical and digital to match how Millennials experience both worlds through technology.
1. Innovative Thinking For Business.
# 1# 2# 3# 4# 5
KEY POINTS FOR
UNDERSTANDING MILLENNIALS:
RETAIL
2. JC Innovation & Strategy is an insight consultancy based in London.
Using research, trends and cultural analysis we identify business
opportunities for our clients by understanding how contemporary
culture shapes the way in which people consume and interact with
brands, products and services. We have extensive expertise in
understanding Millennials in different sectors.
This document provides you with 5 key statements about the
Millennial generation based on previous research we have done in
the FMCG and Fast Food sector. These statements will identify the
key areas of importance to understand when considering the
Millennial generation.
INTRODUCTION
# 1# 2# 3# 4# 5
3. KEY POINTS
#1
MILLENIALS ARE CREATIVE
See
Also
The
Huffington
Post:
Crea%vity
Is
the
Currency,
Nay,
Philanthropy
of
Our
Genera%on
h/p://www.huffingtonpost.com/courtney-‐spence/millennials-‐
crea<vity_b_3055101.html
Millennials are the creative generation. They want their retail
experiences to reflect their creativity and have the capacity to include
the qualities that creativity encompasses. This means, amongst other
things, that the retail experience should have the capacity for the
dynamism of spontaneity. It should also allow the consumer to be
adventurous if they want to, and tailor their offering to their specific
needs at the moment of purchase.
4. KEY POINTS
#2
MILLENIALS ARE PROACTIVE
It is really important for millennial to have control over their retail
experience, they want to be active participants within the retail
process and not passive consumers. They should have the capacity
to be included in the retail process as much as they wish. This can be
seen in the popularity of Fast Casual restaurants such as Chipotle or
Subway where the customer has a basic level of control over which
ingredients are in their food. This small intervention has a positive
effect, allowing them to be confident of the quality of the ingredients.
See
Also
Y
PULSE:
MILLENNIALS
SOUND
OFF:
THE
RETAIL
EXPERIENCES
THEY
WANT
h/p://www.ypulse.com/post/view/millennials-‐sound-‐off-‐the-‐retail-‐
experiences-‐they-‐want
5. KEY POINTS
#3
AUTHENTICITY MEANS QUALITY
Authenticity is an extremely important quality for any millennial
brand, but knowing where and how to leverage authenticity is
critical. Over the next 2 pages we will look at 2 different routes to
authenticity – Fixed and Dynamic.
Fixed or Heritage Authenticity
Fixed Authenticity is when the brand or experience has either a
certain quality or heritage which elevates it above the competition.
This includes the ability to prove the providence and quality of
ingredients. Fixed authenticity has a long shelf life as long as the
brand remains trust worthy in the eyes of the consumer.
See
Also
Forbes:
Authen%city:
The
Way
To
The
Millennial's
Heart
h/p://www.forbes.com/sites/karlmoore/2014/08/14/authen<city-‐the-‐way-‐
to-‐the-‐millennials-‐heart/
Forbes:
How
Millennials
Will
Dictate
The
Future
Of
Fast
Food
h/p://www.forbes.com/sites/maggiemcgrath/2014/04/18/how-‐millennials-‐
will-‐dictate-‐the-‐future-‐of-‐fast-‐food/
6. KEY POINTS
#4
AUTHENTICITY MEANS YOU
UNDERSTAND ME
Dynamic or cultural authenticity
Dynamic authenticity tends to be driven from within the community,
where the retail experience fits into the landscape of a specific groups
culture. For example Airbnb was started by two guys trying to pay the
rent of their San Francisco loft by renting out their living room. It has
grown to be hugely successful because the offer tied perfectly into the
share economy culture of it’s customers. This combined with a retail
experience that sits naturally within the lives of it’s customers makes
for a potent combination.
7. KEY POINTS
#5
PHYSICAL AND DIGITAL
EXPERIENCES SHOULD INTEGRATE
SEAMLESSLY
As the first generation to grow up with digital technology the seamless
interplay between digital and physical experiences is a baseline
requirement. For Millennials mobile technology is both an extension of
the physical world and a way of experiencing it.
The interaction between the digital and physical experience of the
brand is critical, and offers a huge potential to offer new retail
experiences that are scalable and can be updated quickly.
8. CONTACT
DR JOHN CURRAN
Business Anthropologist
CEO
JC Innovation & Strategy Ltd.
john@jc-is.com
OWEN WELLS MA
Senior Cultural Analyst & Research Strategist
JC Innovation & Strategy Ltd.
owen@jc-is.com
www.jc-is.com
www.drjcurran.com
CONTACT US TO DISCUSS FURTHER ABOUT OUR IDEAS AND
APPROACH