Generation Z is the next big thing in business. People belonging to this generation are generally in their teenage or early 20’s. They make a huge proportion of the population across the world. They are about to enter the workforce after millennials. This makes them a key for business. Businesses which are ignoring Gen Z are living in fool’s paradise. Their spending power is already in hundreds of billions.
Nobody can undervalue them, especially when they would be sole consumers in the coming decade. It’s very important for retailers to evaluate how this young generation would shape the business world and which trends are going to change to fit their requirements. Brands and retailers also need to look into what kind of business and ecommerce services Gen Z is expecting from them.
We did some research and made a list of things which are going to change when post-millennials or Gen Z become a workforce.
The list is discussed below:
Mobile Ecommerce:
Mobile or smartphones are important gadgets nowadays. It’s much more than just a mean of communication. Majority of Gen Z use their smartphones for browsing and shopping products, as it is a lightweight device and can be used anywhere and anytime.
Ecommerce transactions happening through mobile phones or tabs can also be termed as M-commerce. Modern shoppers (which includes Gen Z as the majority) wants a quick check-out and access to price and inventory information through their smartphones.
They also use their mobile devices to get know-how about product ideas, interact with other fellow shoppers, and get reviews about certain products. Mobile checkouts and mobile browsing are going to become a necessity, very soon.
Ensured Privacy:
Young people belonging to Gen Z are specifically very much vigilant about their privacy and safety of data. They don’t want their data to be used for any other purpose except for which they have provided it.
Majority of people from Gen Z are keen to protect their privacy. Less than one-third of Gen Z are comfortable while sharing their data online. However, they feel better to share their data with brands if they feel their data is in safe hands and not used for anything else.
The privacy protection is a must for Gen Z. The transparency of data and commitment for its preservation would be required for the acquisition of data from Gen Z in coming times.
Various brands and ecommerce entities should take steps to ensure the protection of their consumer’s data. It will increase the trust between retailer and consumer and also enhance brand loyalty.
Speedy Web:
Generation Z wants quick results. They won’t wait around for online shopping. Retailers need to speed things up because the majority of Gen Z people won’t even use a website which lags or takes time to load.
Online sellers need to remove unnecessary things and files like images from their ecommerce websites for speedy access. Even a millisecond of time is vital for competitive advantage on the web. Even a fraction of a second quicker loading time can put you ahead of your competition.
Quick website loading time and speedy checkouts on web ecommerce stores are going to be even more vital in the future ahead.
Unique Products:
Demonstrating a lifestyle instead of unique attributes to sell products might have worked for millennials but people belonging to Gen Z have a more realistic and practical approach. They consider the uniqueness and advantage of having a product before purchasing it.
They try to evaluate a product through their pragmatic approach before having it. The demonstration of the unique attributes of a product might work better in the future to reach Gen Z customers.
The purchase trends in future would be based on the uniqueness of objects for sale instead of lifestyle which has been a success while selling things to the past generations.
Social Media Trends:
Gen Z people are truly born in a new era of communication technology. They are really more attached to social media than other generations. Although the majority of them don’t use relatively older social media platforms like Facebook and Twitter very much.
They rely on Instagram and Snapchat for getting insights about new products. The retailers need to be social media responsive to enhance their sales and reach Gen Z people. They need to have a prominent presence on social media platforms mostly used by teenagers nowadays.
Social media responsiveness and presence would be key in the future for ecommerce sales.
Visual Search:
This is a modern trend and becoming popular amongst people specifically Gen Z. It’s heating up really fast these days. Google, Snapchat, Amazon, and Pinterest are really encouraging this trend. People are also showing their interest in it as it’s a relatively easier method of finding objects on the web.
Visual search can be an exciting retail trend till later part of 2019. Gen Z is also driven by observing visuals on platforms like Pinterest, Snapchat, and Instagram. Consequently, they will be the first generation to totally get into this visual search movement.
The visual search would be an overwhelming trend in the future online retail business.
Technical Errors Intolerable:
Although the people from the new generation spend a huge part of their day using social media and smartphones. They don’t have any kind of tolerance for technical errors and relevant issues.
They possess a very short attention span, if they don’t get their expected or wanted result from certain website or app, they would assume it as broken. Once they feel their requirements are not fulfilled by a certain platform, there are very short chances that they would embrace it again.
To ensure the sales and engagement with Gen Z consumers online retailers should make it sure that there are no faults or lags in their websites or retail system. Having snafus free system would be a key to a successful business in coming times.
Purpose Based Shopping:
Generation Z people are more cautious about the world. They are well aware of various problems like political, environmental, and socio-economic challenges the whole world is facing right now.
They want their sellers to have a business purpose other than making money. Majority of Gen Z is willing to spend more money on purchase from brands which have an eco-friendly and socially responsible approach.
The new generation wants their sellers to have a purpose to build a better world for them and their successors. In future ahead, retailers have to make contributions for a better society in order to make business with Gen Z people otherwise they would be a part of history.
Customized products:
The new generation of people wants to have a part in the creation of retail products which they have to buy. They want thorough information about the products from retailers during the entire shopping experience.
Retailers need to interact with young consumers like the idea inception process through crowdsourcing. They would be able to provide demanded customization by getting insights through surveys from Gen Z.
Getting an idea about the preferences of young people in the manufacture of objects would be really vital for business in the near future. Retailers would have to make sure they are prioritizing the preferences of Gen Z people while putting new products for sale.
Charge Free Shipping:
Gen Z people are totally unwilling to pay any additional cents for shipping charges. Through recent surveys, it was concluded that a considerable strength of people from Gen Z wants totally free shipping for the products they buy online.
They expect delivery orders to be free even if the product they are purchasing worth a minimal amount of $50 or even less. Free shipping for all orders would be a standard in coming times.
Efficient Supply Chain:
As mentioned before, Gen Z people have no real tolerance for any sort of delays. An efficient supply chain with not even minimal failure rate would be a key factor in business.
Retailers need to ensure the consistent availability of inventory across all channels. Failing to do so might hinder the business in coming times.
Summary:
The Gen Z people are not like any other past generations. Their perspective about everything is way different than their predecessors. Understanding the actual requirements of new generation consumers would be a key for successful business in the near future.
Retailers with appropriate technology and marketing strategy to reach young minds would enjoy a bigger chunk of business as compared to their competitors.
We have enlisted some trends and norms that would change when the Gen Z people would become sole consumers. Exciting days are coming ahead!
If you have any question in your mind, please feel free to reach us by email or using thecontact us form.
