Millennials, the generation of Americans born between 1980 and 1995, are the first group to outnumber baby boomers, and are quickly becoming the most important consumers in today’s economy. While they account for 21 percent of all consumer spending, millennials are still promotion sensitive, searching for product information in-store and online, via their social networks and other trusted sources.
When it comes to car-buying, millennials are even more likely to turn to the Internet. According to a study published by eBay, 94 percent of millennial car buyers gather information online. They want to shop for a car the same way they shop for other consumer products, making it no surprise that more than a third use mobile devices to do that online research.
While millennials might approach the car-buying process differently compared to older generations, a recent study by Deloitte found that nearly two-thirds of millenials indicate they “love their cars.”
Given the car-buying culture of the 18-34 year old demographic, it’s increasingly important for dealers to be mindful of their behavioral preferences and purchasing habits in an effort to become a resource for those prospective customers. Here are three tips for dealers to consider as they look to keep up and get ahead of millennials:
- Optimize your website for mobile and create a seamless design across different channels. That way, visitors to your site can have the same viewing experience regardless of their browsing device.
- Promote active engagement on your website. Millennials want access to as much information as possible through the website experience. They expect a meaningful, trustworthy interaction with your site – whether through chat, video, price consistency, or price alerts.
- Embrace mobile. Mobile is critically important to reaching millennials, whether on an app, a mobile-optimized site or social media sites. Millenials are always on, and on the go. A sound mobile experience can help customers navigate deep into the purchase experience. The majority of customers will be using mobile phones as a primary reference tool while shopping, and also use the mobile site while on the lot.
Because of the relatively young age range of these auto shoppers, by engaging millennials now, your dealership gains increased business for today, and the early chance to cultivate invaluable brand loyalty for the tomorrow.
Chris Worden is a Digital Advisor at Dealer.com