How retailers can win over Gen Z
Generation Z represents a major growing shopping demographic, according to a study by Criteo, which defines these consumers as those aged 16- to 24-years-old. Gen Zers make up 23% of the US population, and will hold increased spending power in the near future as younger members enter the workforce.
Though Gen Zers are digitally native, shopping in-store is still very important to them:
- In-store shopping allows them to see and touch items before buying them.Eighty percent of Gen Z respondents said they look forward to shopping in stores when they have the time, and 65% said they don’t even care to buy new products unless they can touch them first. Additionally, 80% responded that they like trying new retail stores to discover new brands and products. These statistics indicate that Gen Zers have a strong desire to see and touch items before buying them, and that they want shopping to be an immersive experience — two areas where online-only purchases can fall short.
- They like to use online research to make the most educated shopping decisions possible, even in-store. Sixty-seven percent of Gen Zers said that they’ve used their phones in-store to research a potential purchase, while another 27% said that they’ve seen a product in-store and immediately purchased it online from another retailer. This trend is further supported by the fact that 51% of Gen Zers responded that they compare different products within a site when shopping for health and beauty products, while 30% said they would visit several websites to make comparisons. It’s likely that Gen Zers would shop this way across many other categories of products as well.
- Gen Zers prefer immersive and visual shopping experiences. Updated and novel store design as well as more unique merchandise would drive in-store visits for more than 40% of respondents, according to Criteo’s data. Gen Zers are also drawn to stores that display a mixture of many different brands and styles in the same space, and to retailers that host social media-worthy events, like concerts.
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Gregory Magana, Business Insider.