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GenZ: The New Shopping Powerhouse
How do we adapt to this new trend?
Gen Z is the new shopping powerhouse
According to Google Trends, Gen Z is the new shopping powerhouse. Gen Z, or those born between 1997 and 2012, is nearly 30% of the total global population and the first generation to be fully raised in a digital world. They spend more time online than any other group, and their spending power is growing. It’s predicted that by 2025, they’ll make up about 27% of the workforce.
Retailers Need to Appeal to Gen Z's Habits and Preferences
To be successful with Gen Z, retailers need to appeal to their specific habits and preferences. For example, Gen Z seeks out input from trusted sources online. They also enjoy livestream commerce, where influencers host live shopping experiences. In fact, 46% of global consumers have already purchased products online through livestream commerce.
Specifically, YouTube is more likely than other video and social media platforms to meet Gen Z’s top shopping needs, whether they’re making a quick decision for an impulse buy or need guidance and trustworthy information for a more considered purchase.
Gen Z Shops In-Store Too
Despite being digital natives, Gen Z still shops in physical stores. In fact, 42% of their spend occurs through physical stores, comparable to millennials (38% of spend). As a result, retailers will need to create more seamless omnichannel shopping experiences by leveraging in-store digital to enhance the experience, testing next-gen technology like shoppable videos, and getting real customer feedback.
What is a Seamless Omnichannel Shopping Experience?
A seamless omnichannel shopping experience refers to a unified and integrated approach to retail that allows customers to interact with a retailer across multiple channels, such as online, mobile, and in-store, in a seamless and consistent way.
With a seamless omnichannel experience, customers can start a transaction on one channel and finish it on another without any disruption in the process. To create a seamless omnichannel experience, retailers need to integrate their physical and digital channels, making it easy for customers to switch between them. This involves ensuring that information and pricing are consistent across all channels, providing options for in-store pickup or returns, and allowing customers to use loyalty rewards across all channels.
Another key aspect of a seamless omnichannel experience is the use of technology to enhance the customer experience. For example, retailers can leverage augmented reality (AR) or virtual reality (VR) to allow customers to “try on” products before purchasing them, or use shoppable videos to make it easier for customers to purchase products they see in a video.
Overall, a seamless omnichannel shopping experience is all about making it easy and convenient for customers to shop with a retailer, regardless of which channel they choose to use. By providing a consistent and integrated experience across all channels, retailers can enhance customer satisfaction, increase loyalty, and ultimately drive sales.