Millennials choose retailers for different reasons than elders
Los Angeles – Millennial consumers choose retailers based on different criteria than their elders. A survey of more than 13,000 e-commerce shoppers by Bizrate Insights found that millennials are by far the most price-sensitive with low pricing driving their choice of retailer.
Meanwhile, Baby Boomers and seniors often choose brands that treated them well in the past. Forty-three percent of millennials selected low price/lowest total cost as a primary reason to buy from a retailer, compared to only 35% of Boomers and 31% of seniors. As in so many other areas of life, Gen X wound up in-between their younger and older counterparts, with 39% favoring low cost.
In contrast, only 9% of millennials selected a retailer who had treated them well in the past, compared to 16% of both Baby Boomers and seniors, and 12% of Gen X.
7-Eleven gets even more convenient
Dallas – 7-Eleven Inc. bases its value proposition on being a convenient way of purchasing food and CPG staples. But for consumers who are too time-strapped to even make a quick visit to their nearest 7-Eleven store, the retailer is offering a new omnichannel delivery service.
7-Eleven and omnichannel delivery provider DoorDash are partnering to provide on-demand delivery from participating 7-Eleven stores in New York, Los Angeles and Chicago, with delivery service following in Washington, D.C. and Boston in the coming months.
The strategic relationship will include in-store marketing, local promotions and the availability of “Convenience Packs,” or groups of products that make purchasing common items from 7-Eleven stores more convenient.
Customers can place orders from the DoorDash mobile app or online. For a limited period, the delivery service fee is $2.99.
“By working with DoorDash, we can bring on-demand delivery to more people and more places,” said Raja Doddala, 7-Eleven’s VP of innovation and omnichannel strategy. “This partnership between the world’s largest convenience store chain and a leading on-demand delivery start-up can redefine convenience. DoorDash’s technology, data analytics and commitment to the customer experience impresses us and makes them a great match for 7-Eleven’s omnichannel initiatives.”
Another retailer joins the innovation lab ranks
Denver – Another company has joined the constantly expanding ranks of retailers who operate proprietary innovation labs.
Demonstrating that the appeal of innovation labs is moving beyond major chains, specialty online retailer eBags is teaming with Iterate Studio to jointly create a two-part innovation lab.
Lab resources will be located in Denver, Silicon Valley, India, and Ukraine. eBags will focus innovation efforts on areas including mobile services and the Internet of Things (IoT). The two main elements of the lab will be a rapid test center designed to speed the adoption of unique digital tools, and a digital R&D lab.
Both labs will leverage resources from start-up curator Iterate Studio.
“Every retailer is challenged to develop leaders who embrace change," said Mike Edwards, CEO of eBags. "Companies and investors must actively harness innovation and smart risk taking, while taking a longer-term view toward transforming and winning. Traditional approaches no longer work. We live in an ever-changing mobile world that quickly adjusts to revolutionary technologies and services like Nest, Snapchat, Uber and Airbnb. To succeed, a company's culture needs to place a high value on data, customer information, speed, and change."