Resource Interactive Delivers Opening Keynote Address "The Digital Millennials - R U READY" at Annual Shop.org Summit |
President Kelly Mooney Delivers In-depth Findings and Recommendations from Study on the Largest Generation Ever
New York, NY - October 11, 2006 - Resource Interactive once again presented to the 2000-plus attendees at the opening general session of the Shop.org Annual Summit, the largest gathering of online and multichannel retailers. President and Chief Experience Officer, Kelly Mooney, delivered insights and findings from an extensive research study about the digital millennial generation, or Gen Y, specifically the 14 - 24 age group component of this generation, who has grown up knowing only a world that has been always electronically connected, portable and customizable.
This generation, currently comparable in size to the Baby Boomers at 82 million, is expected to top 100 million over time. They hold unprecedented discretionary spending power and have grown up immersed in technology. As a group they are already wielding great influence on the worlds of e-commerce and retail.
Through proprietary qualitative research conducted by Resource, quantitative data from JupiterResearch, and review of topical publications, Resource thought leadership strategists drew powerful insights into this intriguing group including how they remain perpetually connected, multitasking, and optimistic, yet self-entitled. Our team employed a number of proprietary methodologies, including eye-tracking, that revealed that digital millennials process information up to five times faster than older adults.
Respondents overwhelmingly indicated that the mobile phone and the life-line this offered to their social network was the single most important device in their lives, easily out-ranking television and personal computers. To the digital millennial, the social network is defining and a fundamental part of the purchase process. They rarely make a purchase without peer approval. The results of these phenomenon demands a redefinition of the customer journey. Formerly depicted as a traditional funnel, this journey now more closely resembles a fish visually. The funnel to fish illustration indicates that retailers must more narrowly target the consumer, support the engagement of the social network, and then amplify after purchase to re-engage them with the brand.
Just how are retailers applying these discoveries to their brand behavior both online and off? Drawing on the research results and webcam diaries, Mooney revealed insights from respondents about their brand preferences and analysis of brand behavior. She then highlighted five specific ways to develop a brand relationship with the digital millennial, including: keep it real, hear me out, be original or don’t be, my way...now, and entertain me. Mooney then concluded by sharing two innovative prototypes designed to engage the digital millennial for two Resource clients. One of these was developed for consumer electronics, which focused on peer-endorsed branded media. The second prototype explored opportunities for an intimate apparel retailer and encompassed the integration of mobile.
President Mooney’s central message for Shop.org attendees was that the importance of the digital millennial generation is far greater than their sheer numbers might indicate. She said, “Digital millennials see the world differently than previous generations for a long list of societal, cultural and economic reasons. This diverse, multitasking, optimistic group is engaging our brands now. The economic opportunity is enormous if your brand reaches out to this group and allows them to engage their social network within the customer journey.”
About Shop.org
Shop.org is the network for retailers online. Founded in 1996, Shop.org became a division of the National Retail Federation in January 2001. The associations membership includes interactive executives from store-based retailers, catalog-based retailers, web-based retailers, and retail solution providers. More than 2000 industry executives attended the 2006 Shop.org Annual Summit in New York City, featuring keynote speakers Ten Demandments author and Resource Interactive CXO Kelly Mooney, Liberty Media Corporation President and CEO Gregory Maffei, The Paradox of Choice author Barry Schwartz and Permission Marketing author and marketing guru Seth Godin.
About Resource Interactive
Known widely for its revolutionizing consumer insights, Resource Interactive is an Adweek Top Twenty independent interactive agency that helps the world’s leading companies plan, create, build, assess and optimize the digital experience of their customers and other constituencies. Resource Interactive has helped companies such as Wal-Mart, P&G, Restoration Hardware, Target, Apple, Victoria’s Secret, Hewlett-Packard, Crutchfield, Bath & Body Works, Limited Brands, Reebok, NetJets and Kohler use their online channels to drive sales, reduce costs, create community and deepen brand loyalty.
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Contact: Lara Lebeiko
Marketing Communications Manager
614.621.2888 ph
614.621.2873 fx
llebeiko@resource.com