Generation Z is taking How to Attract the retail industry by storm. They have become a force with growing purchasing power, and the financial opportunities are significant for retailers able to attract this clientele.
The oldest Gen Zs are finishing school, starting their careers, and beginning to earn their own living. Every year, more and more Gen Zs are becoming active consumers. A report from IBM and the National Retail Federation (NRF) estimates this generation at more than 2 billion individuals. That’s a significant economic powerhouse—worth more than $44 billion.
Industry Trends: How to Attract
These digital natives were born into the world of the internet, smartphones, social media, and e-commerce. They’re accustomed to a hyperconnected, multichannel world. Retailers and brands everywhere are striving to understand what this new generation demands. What can you do to attract Gen Z to your home?
How can retailers attract Generation Z?
- Flexible and multi-channel commerce
- Interactive Personalization
- Clothing rental services
- Quality customer interactions
What is Generation Z?
People born between 1981 and 1996 constitute Generation Y ( millennials ), and people How to Attract born from 1997 onwards constitute Generation Z.
1. Flexible and multi-channel commerce
While Millennials grew up during the internet boom, Gen Zers were born digital natives. Except for the oldest among them, Gen Zers can’t remember a world without the internet. The iPhone was launched in 2007, and by the time many of them were teenagers, they were able to surf the internet using mobile devices, Wi-Fi, and cell phone networks.
Gen Zs are used to direct-to-consumer omnichannel commerce , next-day fulfillment, and personalized shopping experiences. Companies like Amazon are raising expectations, and independent retailers must adapt if they want to stay competitive. While research shows that the majority of Gen Zs (67%) still shop primarily in-store, their smartphones have become essential to the purchasing process, whether through webrooming or showrooming .
4. Study the possibilities of integrations into your cash register system
Versatility is the most valuable and effective feature of a POS system . With smart integrations, your POS system becomes the only tool you need for marketing, sales, customer service, inventory management, and more.
Get the most out of your checkout marketing
Your sales area is limited, but if you don’t overload it, it can be used to promote your products and increase your in-store sales.
That’s where “checkout marketing” comes in: it allows you to create additional sales opportunities — without annoying your customers!
By focusing your efforts on finding products that will help your customers solve their problems, you’ll be sure to earn their loyalty and increase their customer lifetime value.
With so many competitors vying for attention, retailers can’t afford to have disappointing interactions with their customers. Thanks to social media, it’s become easier than ever to talk and interact with companies and share opinions about them (very publicly). If done effectively, retailers can benefit from a proliferation of social proof generated by users who become brand ambassadors, providing consumers with important social validation while reinforcing their position as a desirable place to shop.