Let’s get this out of the way, Generation Z (Gen Z’s) are nothing like those old timers, Millennials, but why do they matter to eTailers? Because they have different buying preferences and their burgeoning purchasing power will over time change the dynamics of how eTailers sell their products.
Crazy as it may sound to some, consumers born after 1996 do not share the same buying habits as those in the much discussed and maligned generation ahead of them. And while we are not suggesting you stress about purchases made by toddlers (give it a few years!) you really need to be aware of the characteristics of consumers in Generation Z who have reached the age where they make purchases and in many cases, may already be working for you.
So, a few thoughts on Generation Z and what they might mean to your business:
- They Value a different shopping experience than Millennials
- Gen Z’s are frugal beyond the price, they look at not just the item price but also the component costs such as shipping
- Gen Z’s affected less by bargains, although price is important
- Comfortable with shopping online but given that many do not yet have credit cards they will shop in store
- Shop in store to solve problems or uncertainty and due to lack of credit card
- Value efficiency for their online shopping experience and ease of access
- They care more about the “Experience”, fast casual dining is better at delivering what Gen Z’s want than are retailers
- Unlike Millennials they have no experience or fond memories of dial up Internet or “old” online retail, they have not adapted to technology, it is completely native to them and informs their buying habits
- They have high expectations and if say a package does not arrive on time, for any reason, they are likely to turn to a different vendor in the future
- Gen Z does not have much brand loyalty, no second chances are given
- Teens are Retail’s barometer and in many ways a laboratory to test new trends
- Gen Z’s are quickly falling out of love with Facebook and have increasingly turned to Instagram and Snapchat as their social media platforms of choice
With a market that is still literally growing up there are at present more trends than rules but it is safe to say that Generation Z will become an increasing part of your customer base, especially as they come of age and become more independent of their parents in their buying habits.
If you have questions about getting your business ready for selling to Generation Z or any eCommerce trend please contact our experts at: firstname.lastname@example.org.