Millennials now make up the largest consumer demographic with more spending power than any other generation. According to Accenture, while Millennials are already a potent force (spending approximately $600 billion each year), they will truly come into their own by 2020, when their spending in the US is projected to hit $1.4 trillion annually and represent 30% of total retail sales. Businesses that intend to keep them as customers need to rethink how to approach this generation. Is your customer service Millennial-friendly? Millennials have high standards for fast, seamless and consistent cross-channel, cross-platform, real-time, personalized experiences. And they can easily take their business to a competitor, if you fail to meet their expectations. In fact, studies reveal that 68% of 18 – 34-year-old consumers have stopped doing business with a brand due to a single poor customer service experience.
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How to Deliver Excellent Customer Experience to Millennials (Infographic)
Millennials, also known as Generation Y, are among us and before you even know it, they will make up most of your customer base. Besides being the largest demographic in the marketplace, Millennials have greatly redefined the customer experience and continue to challenge businesses to keep up to their ever-changing expectations. Accenture predicts that in the US by 2020 their retail spending is expected to hit $1.4 trillion per year, which is a huge share of the global spend. That’s why if you want to ensure a long life for your business, you simply can’t ignore this powerful generation.
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