THE EFFECTIVENESS OF RELATIONSHIP MARKETING STRATEGIES IN RETAINING MILLENNIAL CONSUMERS WITH SPECIAL REFERENCE TO E-COMMERCE PLATFORMS

Abstract

In the rapidly changing e-commerce environment, companies are constantly under pressure to retain millennial customers, who are characterized by their unique buying habits and very high expectations. The world's largest consumer demographic, millennials, prefer personalised, technology-enabled, and real experiences. As long-term client ties grow increasingly crucial, relationship marketing tactics have arisen to build loyalty. Still, corporations aiming to meet millennial clients' demands for ease, innovation, and trust have been researching such strategies' effectiveness in keeping them. Relationship marketing can retain millennial customers through personalisation, technology, and e-commerce site trust, according to this study. The literature shows that personalised marketing and technical advances like AI-driven customer interactions boost consumer engagement and loyalty. However, research suggests that overusing technology without human interaction can impair consumer emotional relationships. Trust is also important, as millennials value openness and ethics when choosing brands. This exploratory and descriptive study used factor analysis and multiple regressions to determine how relevant these factors were in developing the link between these elements using raw data from 243 Chennai customers. Personalisation was the highest predictor, followed by technology and trust, indicating the utilisation of innovative technologies and personalised customer care. E-commerce platforms can use these insights to develop long-term relationships with millennial customers and improve client retention.