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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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This has been accomplished by embracing what they stand for in everything they do and offering experiential shopping with a surprising twist at every turn, as well as holding events and yoga classes in its stores to engage consumers.
Even though this next example is not a retailer, we mention it here since it is such a good illustration of engaging the short attention span of over-taxed Millennials by creating excitement. Red Bull decided to celebrate its one-millionth fan on Facebook by hosting a limited time national scavenger hunt. The brand hid multi-packs of Red Bull all over the country and invited its fans to find them. This created an incredible amount of viral buzz for the brand and a larger base of loyal followers.
Learning from these best practices, what can retailers do to achieve successful and sustainable growth for the next 10 years? The Millennial consumer traits discussed in this paper will be even more amplified in the years to come. Going forward, we need to move towards a more consumer-centric approach to target this generation; otherwise, they may stay away from traditional retail forever.
Show Me, Don’t Tell Me: Millennials do not like to be told how they should feel. Therefore, imposing a brand on them would definitely turn them off. Retailers should provide the tools for them to figure out how they feel based on their own experience.
Back to Reality: Honesty and transparency communicate authenticity. Retailers should be accountable for their actions. Millennials also consider vulnerability as a sign of authenticity. Therefore, if there are any problems or flaws in their products or services, retailers should be able to show the consumers that they can immediately fix them rather than hide them.