Millennials and Bikes Lanes Key To Small Retailer Sales Success

How bike lanes make bricks and mortar retailers compete for internet customers.

 

Three quarters of retails sales growth during the 21st century has been through online channels.

If you are a brick and mortar retailer you are losing customers to the Internet’s ability to offer lower prices plus the convenience of free delivery. The obvious implications are that you must make radical changes to remain competitive.

The questions is what changes? Smart cities are emerging as an answer.

The 21st Century Retail Store Location Parameters

It was easy to grow sales in the 20th century.

The secret sauce involved putting a store in a shopping malls that offered acres of free parking to surrounding suburb homes. This success formula now confronts a new demographic reality.

The millennial generation is choosing cities over suburbs. That is hugely important because in 2017 the millennial generation will displaced the boomer generation in annual buying power.

What Drives Millennial Generation Retail Purchases

Here are three key retailing attributes of the millennial generation:

1.   They love Amazon Prime.

They are choosing this retail purchasing path over shopping malls. Amazon Prime makes them feel special. It is super convenient. And they, like most Americans, love a deal.

2.   Millennials embrace cultural diversity.

This is the most diverse generation in America’s history. Uniformity (mass production and advertising) is a turn off. To attract their purchases you have to offer a diversity of product and social experiences.

3.   Millennials are hugely social.

Much attention is focused on their social media. But as importantly, they love living in a community where they walk and bike and socially engage. Think meet ups in locations they can walk and bike to.

Next- 4 Ways Bike Lanes Are Driving Retail Sales

Bill Roth
Bill Roth
Bill Roth is a nationally-recognized business coach that has successfully worked with hundreds of business owners and leaders on proven green best practices that win new customers, grow product revenues and cut costs. He brings to this coaching his past experience as a senior officer leading teams that developed the first hydrogen fueled Prius and the development of utility scale solar power plants. His best selling book The Secret Green Sauce, available on Amazon, profiles actual businesses using best practices in pricing, marketing, cost management and branding to make money and a difference. In 2020 Roth is conducting the U.S. Hispanic Chamber of Commerce Green Builds Business program, sponsored by Toyota, where he will be providing free coaching to business leaders on how to use today’s exciting new clean technologies to win customers and cut costs.