Millennials’ Consumer Behavior In The New Retail Environment

The rise of the new retail business model has gradually subverted the traditional retail business model and an e-commerce model.The retail industry giants such as Alibaba and JD.com have basically taken shape in the new retail sector,which has injected new vitality into the development of the retail industry.But it also brings opportunities and challenges to companies that have focused on traditional models.Millennials are the most closely related to the new retail development and the backbone of consumption in the new retail environment.Therefore,by studying the factors affecting the consumption behavior of millennials in the new retail environment,it will give the effective advice to the companies which want to develop new retail business.The text of this article is divided into five chapters,from the introduction of the development history of the retail industry to clarify the background of the new retail development.By defining the concept of new retail,pointing out the advantages of new retail,that are Integration,digitization,intelligence,and humanization.Integration focuses on omni-channel sales;digital refers to the digitalization of consumer behavior,intelligentization emphasizes the intelligentization of stores and logistics,and humanization refers to paying more attention to consumer experience.By expounding the theory of consumer behavior and analyzing the millennial consumption behavior in the new retail environment,millennials consumers are different from other age groups because of their social environment influence,consumption concept and consumption habits.Sales service,focus on personalization and customization,focus on experience and participation,and behavioral characteristics deeply influenced by the Internet.Select the main model of consumer behavior under the Internet environment--SICAS model,and propose the main factors affecting consumer behavior according to the model.It is assumed that Luckin Coffee has set a precedent for new retail in the coffee industry,and has achieved great success by reshaping the advantages of consumer scenarios,data mining,price marketing,and social fission.Taking millennial generation consumers as the main research object,taking samples by questionnaire survey,using SCIAS model as the theoretical basis,using correlation test and multi-factor linear regression analysis method to obtain sales service,cost performance,convenience,social impact is The main factors affecting the purchase intention of millennials in the new retail environment are all positively correlated,and based on this data,and propose omni-channel sales to improve service efficiency,pay attention to consumer experience and increase user stickiness.Reinventing consumer scenarios to increase buying opportunities,develop digital supply chains,and create solutions to benign social impacts.