It seems that every other article nowadays is focused on Millennials and how they are killing yet another industry. How is this possible? Is it that Millennials are so different from previous generations that many industries are struggling to satisfy them? Or is it that new technology is rapidly emerging and evolving too quickly for businesses to keep up, and consumers now have more control than ever before?
Millennials are blamed for many traditional brick and mortar stores going out of business and the reason restaurants are empty and paying the extra costs for delivery services. Companies with the inability to adjust to changing times are doomed to fail. That is why Oster and Associates is focused on evolution, the idea that brands can adapt to the changing societal or market needs and remain successful.
Convenience seems to be the reason why online is beating out many traditional stores. Who would choose to get out of their PJs and go grocery shopping, eat at a restaurant or go to the mall when you can do it all from your mobile phone at home? Technology has advanced enough to allow people to search for the exact items they are looking for and have them dropped off at their doorstep, which seems way too convenient to pass up.
Pricing is another critical reason traditional stores are being threatened by online shopping. People can now compare prices online among their favorite stores that have the same product, and often, online stores even offer the same products as your favorite store does, but for much cheaper. Consumers now have the power to pay a lower price for the exact same product, which allows for a better-educated shopping decision.
Online shopping also offers a wider variety of options than traditional stores do. Consumers no longer have to force themselves to buy a product in a certain size or color in one store just because they don’t want to go to every nearby store to see if it might have something they will like better.
It would be impossible to talk about Millennials and the changing market without mentioning social media. Social media allows companies to see exactly what their customers think of them, without paying the expensive costs of focus groups to get the same data.
With fall fast approaching, many retail stores will update their inventories to accommodate the new season, but are they selling what people actually want? In San Diego, anyone knows that you cannot be sporting a heavy coat simply because it’s September. You will continue to wear shorts and a tank top because all anyone can talk about is how hot it is. If companies took a little more time to investigate exactly what their customers want and how they want to acquire it, they would not be stuck in a “dying industry” and blame it on Millennials. The only way to succeed in a changing marketplace is to evolve your marketing strategy and adapt. Oster and Associates can help you do just that.
