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The Future Of Beauty: The Future of Retail
By: Maura Cannon, Jennifer Marino, Yumiko Nishikawa, Denee Pearson
Posted: August 26, 2010
Future of Retail: Yumiko Nishikawa (Shiseido Cosmetics America), Maura Cannon (Clinique/Estée Lauder Companies), Denee Pearson (Lancome/L’Oréal USA), Jennifer Marino (MediaCom).
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At the same time, they are stressed trying to juggle an overwhelming number of choices and tasks. To put this in perspective, they change tasks every three minutes and send 1,700 texts a month. With all this going on around them, their attention span is extremely limited, which makes it very difficult to break through to this generation.
Catch Me If I Fall: Millennials hide it well but, after a lifetime of option overload and being told "not to settle,” they often feel anxious about what to do and buy. They crave authenticity so they can make smarter purchase decisions. We believe the future lies in being able to emotionally engage them in an honest dialogue to help retailers build a passionate community of loyal shoppers.
Connect with Me: Millennials thrive in communities and have a high need for validation. The numbers speak for themselves:
- Facebook has 400 million active users that log-in 500 billion minutes per month;
- Twitter is now registering 55 million tweets per day.
For retailers, this level of connectivity can make or break a business. Most importantly, consumers, not companies or brands, own the message. If we forget this fact, she will surely tell all her friends about it on Facebook.
No Boundaries: Time and place are becoming irrelevant for this generation, which has grown up with few borders, boundaries and rules. Today, the concept of no boundaries is more about convenience than the experience. Retailers that can combine both the experience and convenience, while bypassing traditional borders, will win this generation.