Motivating Millennials With Gift Cards
Gift cards are becoming an increasingly popular choice for motivating Millennials (we recently wrote about their preference for e-gifting) and according to a report from the NPD Group and UPenn's Wharton School, gift cards are quite popular with the 18 to 34-year-old crowd. The report studies consumer behavior in the retail industry and how the landscape is changing with new technology. The study looked at retail trends across the generations: Baby Boomers, Generation X, and Millennials.
Customer Loyalty Programs for Millennials
Millennials play a major role in the way retailers and merchants now look at the loyalty game. With technology constantly evolving and Millennial consumers, aged 18-34, on the brink of every change, those same retailers and merchants have to be right there with them. A recent study from Excentus, The Road to Rewards: What Drives Millennial Loyalty? states,
Annual Pay Raises Replaced by Better Benefits?
Annual pay raises: something employees look forward to and sometimes count on. But has the annual pay raise gone the way of the anniversary lunch and the 10-year watch? In a post-recession economy, with a young workforce that is more focused on benefits and flexibility, organizations are taking a new approach to investing in their employees. Employees are looking for less money and more alternative compensation. Benefits now make up 31.6% of employees’ total compensation, which according to government data is a figure on the rise.
3 Ways to Help Millennials in the Workplace
Millennials are an increasing portion of the workforce in America. But employers aren’t sure quite how to handle millennials in the workplace, and often times they can be misunderstood. They are often viewed as job hoppers (but it might just be because they have a constant fear of being let go), they are viewed as overconfident (but they’ve actually had more experience prior to graduation than any previous generation) and employers have a hard time helping them reach their full potential. Fast Company has offers strategies to help millennials in the workplace in their article, How to Bridge the Gap Between Potential and Performance. Here are my top three:
Millennials Prefer E-Gift Cards
When it comes to millennials and technology e-gift cards are growing in popularity. A recent article from Loyalty360 discussed how millennials prefer e-gift cards to their plastic counterparts. 14 percent of millennials have given or received an e-gift card in the past year compared to only 7 percent of 30-49-year-olds and about 8 percent of 50-64-year-olds who have given or received an e-gift card. So why do millennials prefer e-gift cards? While not specifically asked if they preferred e-gift cards over plastic, millennials did offer a hint; millennials are twice as likely to have lost a gift card before they could spend the entire balance. About 40 percent of millennials have admitted to losing a gift card. E-gift cards are appealing to those who worry about losing cash. They are harder to lose since they exist in your email as opposed to a physical piece of plastic that may never make it into your wallet and are easier to track. E-gift cards also save time on the part of the 'gifter' as they can be purchased with just a few clicks from your computer, tablet, and mobile device from anywhere at any time. Many retailers can scan and redeem e-gift cards directly from your mobile device, some retailers even offer rewards programs for doing so. Electronic gift cards are growing more common for retailers. 59 percent of gift cards are available electronically, up from 41 percent back in 2010. It's also good to know that most retailers will also accept electronic gift cards (as well as plastic) online, great for the online shopper to complete their whole transaction seamlessly online without having to open their wallets. While for some, e-gift cards may seem like an impersonal gift, many retailers are combating that by offering personalization to electronic gift cards. Multiple designs, personal photos, and videos can all be uploaded directly to the e-gift card to really improve the buying and giving experience. Here's what the Washington Post had to say on, "Why millennials prefer electronic gift cards."
