This is an archived post from OrderDynamics, now Tecsys retail division.
The 3 Things You Need to Know About Gen Z
Gen Z has been getting a lot of attention in the media for the last couple of years. From the way they prefer to work to how they are changing the way we all shop. So what is all the fuss about? Well, in short, they are the future spending superpower. In fact, by 2020 they will have $44 billion in buying power. Now add in the fact that they are extremely different from previous generations and it is no wonder everyone is talking about how to adjust to them.
So what are the three main things you need to know about Gen Z?
1. They are Fast
Gen Z does not slow down for anything. From using multiple screens to apparently only having an attention span of 8 seconds - this group moves at a lightning speed. As a retailer, it is essential to keep up with them. From your fashion trends to store experiences, it all has to move at that same speed. This also counts for your technology. In fact, 60 percent of Gen Z won't even use an app or website that is slow to load or hard to navigate.
Added to that, 45% of teens say they are online almost constantly and they spend a whopping 10.6 hours engaging with online content every single day. If you have a slow-moving site, you are losing that Gen Z buying power by the second.
But does this just affect your online channels? No, not at all. Actually, 85% of modern shoppers expect store associates to have instant access to price and inventory information. So you have to be fast all around.
2. They are Social
As a selling channel, social media still has a lot of room for growth. The Omni-2000 research showed that only 14% of retailers globally offer the option of shopping directly through Instagram. Considering that 88% of 18 - 29 years olds use social media, not enough retailers are taking advantage of this busy channel.
However, Gen Z uses different social media for different purposes. And you have to be sure that you are using the correct social channels for what you want to accomplish. To see how they use the different social media channels, check out the cool infographic below from our friends at Campaign Monitor.
3. They are Cause Conscious
The other important factor when dealing with Gen Z is sustainability. Where Millennials may have started down this path, the Gen Z generation is fully immersed in cause conscious and value-driven retailing. 76% of Gen Z are concerned with humanities impact on the Earth. A concern that impacts all aspects of their behaviour from job preferences to how and where they shop.
For more on this interesting generation, check out below the infographic from Campaign Monitor:
Source: The Ultimate Guide to Marketing to Gen Z by Campaign Monitor
Author:Carla van Deventer is part of the OrderDynamics Marketing team. Her background in corporate communication and events helps her navigate the ever-changing retail tech world.