The pandemic has altered the global mindset that earlier relied on using public transport for routine travel. According to a study conducted by American Public Transportation Association (APTA) before the pandemic found that millennials are multi-modal based on the trip they are planning to take. 46% of the respondents stated that their choices are driven by the agenda to be financially conscious. Bloomberg stated that the young population who shunned car ownership prior to the pandemic are more inclined than ever to own a car.
The purchasing power of this segment is also gradually increasing as most economies are on their road to recovery. However, this digitally native lot is extremely conscious about their spending when it comes to key purchases. More than the product, it’s the experience of the consumer journey that has the power to swerve consumer decisions when it comes to millennials. Let’s take a look at a few factors that can make or break your case for a millennial vehicle user.
1.Hybrid Presence & Accessibility:
Millennials are digitally native beings and hence, seek a blend of physical and digital presence. However, out of the two, digital is much more preferred. Orders that can be placed and paid for easily via e-commerce websites or portals, concerns and complaints that can smoothly be handled using a few taps on their phone and other such time-saving and effortless features are extremely important for the millennial buyer. In fact, majority of them are willing to shell an additional amount or purchase exclusive memberships to experience premium hassle-free service.
2. The At-home experience:
While the other generations are fond of living the experiences when it comes to shopping, running errands, or even catching up with their friends, millennials prefer to do all of these from their homes. Whether it is getting a haircut or catching up with a friend on Instagram, as long as it’s being done from the comfort of wherever they are, the millennial buyer is content and relieved. While there are instances when millennials love to travel, explore and experience the old-fashioned way, it’s definitely not applicable for mundane tasks like paying bills, standing outside restaurants to collect takeaways or even driving down to the dealership for a test drive. The success of door-to-door delivery applications, be it for food or documents highlights the need for outsourcing of these tasks.
3. Well-aware consumers: Nowadays, the exploration and research aspect of buying cars comes into play online. Instead of relying on a salesperson to explain key features of the car and its benefits, millennials believe in doing extensive homework when it comes to such purchases. From comparing different models to building an impression through customer reviews, everything happens online. The disadvantage that car companies/ service providers have is that they have limited control over the content that is not published by them. While they have their own website and social media handles to publish the content of their choice, a review given by customers on Google or their own social media handle holds much more credibility for them. The millennials themselves are very vocal about their experience. A good job can get you word-of-mouth marketing, whereas a bad one can damage your image in front of hundreds of their followers. In this day and age, every consumer has a voice and businesses need to ensure utmost customer satisfaction.
4. It’s all about convenience: The consumer journey doesn’t end at the purchase stage. The after-sales experience is a big factor that drives decision making among consumers across all generations. Millennials have already become a dominant purchasing group in the US and will soon be taking over in other leading countries as well. Millennials pay great heed to how businesses support and treat you after your purchase is complete. Value-add services like Doorstep Vehicle Pickup & Drop can be a game changing addition to your service and attract the millennial crowd that seeks convenience above everything. From vehicle test drives to vehicle servicing and even rental, millennials are looking for convenience at every step and are even willing to pay a higher amount for it.
The automotive industry needs to adapt to the needs of this emerging segment. Players who have demonstrated their commitment towards technology and service are already gaining mass brand loyalty, word of mouth marketing and striking growth in marketing. Tesla owes a lot of its success to Millennials and GenZ who have hyped up the company to such an extent that the only marketing they need is Musk’s Twitter activity. To introduce key differentiators, automotive businesses must closely analyse the millennial consumer, maintain an active digital presence and offer hassle-free experiences. 21North can assist you in delivering digitally powered Doorstep Vehicle Pickup & Drop. Your millennial customers can book, track, monitor and even pay from the comfort of their homes. Through our service, you can attain high customer satisfaction that can contribute significantly to brand loyalty, retention rates and word of mouth marketing. So we urge you to take the right steps, shift the rights gears and accelerate in full force to conquer the Millennial Buyer.