Wondering about the untapped generation in retail technology? Us too.
We've researched trends, behavior, and tactics among Gen Z, and reporting on how they exercise their massive buying power using Mommy and Daddy.
Generation Z is growing up, and they love to buy.
Gen Z is 19 years old and younger, dominating the population demographic at 25.9 percent. They are increasingly superseding Millennials in their tendency to spend (rather, their parents' tendency to spend). It is estimated that this power quantifies to about $44 billion in buying power per year. Given that all older generations before Z are inevitably more researched, many marketing tips and tricks discovered before 2014 pertain to older people’s interests and buying habits. In other words, those tips could already be obsolete.
They use social media. A lot.
Fifty-two percent of Generation Z uses social media or YouTube to do their research. There’s no reason, then, that they shouldn’t learn about your company through those platforms. Give your customers opportunities while they’re in your store to share their purchases on their social media accounts, boosting your online presence. Social media engagement in-store will only translate to increased exposure out of store.
Their average attention spans are shorter than that of a goldfish.
No, really. A study done on 2,000 Canadian participants discovered that stunning stat. So as retailers and service providers, embrace it. Figure out ways to keep media in your stores engaging, but not distracting or annoying. Convey your promotions and info with color, motion, and graphics on a digital screen, and let them discover new information on their own with changing, interactive touchscreens or responsive shelving.
They are self-sufficient.
Turns out, 72% of high school students want to start their own business someday. They look to the future, and spend over 3 hours a day on a computer not for school or work related purposes. They’re self-motivated and self- sufficient, so as a business, cater to that. Let them check inventory, store directories, and special offers without having to consult anyone. Digital concierge platforms are one way of doing that while still repping your brand and guaranteeing customer satisfaction.
They communicate with images
You often hear people share their preferred methods of learning: some audio learners, some conversational learners, some visual learners. Today, the latter seems to take over, exclusively via screens. Gen Z prefers to work with five screens at a time, and consumes media in bite sized snippets across each one. They often use emojis and GIFs instead of text to share what they mean. Communicate with them in the language they best understand by showcasing rotating pictures and graphics promotions in your establishment.