Who Is Generation Z And How Would They Prefer To Shop?
The period 1997–2012 marks the birth of Generation Z preceded by Generation X(1965–1980) and Generation Y(1981–1996).
Generation Z is the first generation to have had access to all technology upgrades, right from when they were born. Born into the zenith of technological advancement, they cannot think of life without smartphones, high-speed internet, on-demand entertainment, social media, and these seem to have both positive and negative impacts on their behavior.
IMPACT ON SHOPPING BEHAVIOUR
As Generation Z was born with all the technology into their hands, we expect them to splurge on brands, but Generation Z is thrifty. For them, price is a more significant criterion than the brand value, so getting a GenZer to be loyal to a brand is comparatively impossible. GenZers value uniqueness, transparency, and youth empowerment in a brand. Social media influencers who promote brands have a great influence on the Gen Z decision making.
The retail market is waking up to this reality as it may not thrive if it does not keep up with the changing needs of generations. With the older generations having limited access to technology and their unwillingness to adopt technology, retail shopping through physical stores and payment methods using cash were prominent. However, Generation Z prefers to shop online from their smartphones through apps and social media. They prefer self-service checkouts, informative touchpoints, and new payment methods such as Apple Pay, Google Pay, or Pay Pal.
HOW THE RETAIL INDUSTRY OUGHT TO ADAPT TO THESE CHANGES?
The retail industry should provide a unique shopping experience, setting up virtual shops through E-commerce apps, informative touchpoints, self-service checkouts, and interactive changing rooms.
Generation Z prefers ‘fast fashion’ and prefer shopping frequently and changing their possessions too often. So an e-commerce portal needs to regularly bring in new products, new designs, and new offers. Generation Z is savvy in finding good deals and are not willing to pay a full price.
HOW TO DEAL?
• Leverage technology to provide seamless and hassle-free shopping experiences.
• Replace stand-alone retail platforms with hybrid versions.
• Change the structure of your business by replanning transport and logistics components to provide ease, utility, and quick delivery to the customers.
It is high time that the retail industry realized this and brings forth changes in its functioning to adapt to the needs of Generation Z. The future belongs to them!