Just as retailers are starting to finally get to grips with what millennial consumers want, Generation Z now have more spending power and different demands.
18-25 year old shoppers in the UK focus less on being entertained or browsing online first, than their older, millennial counterparts (i.e. those aged 25 to 34) and more on quick, succinct, seamless experiences, in real-time, according to statistics from the latest YouGov report.
Most Generation Z consumers don’t have specific shopping channel preferences and shop across a mixture of online and in-store channels depending on what they are buying. This reinforces the importance of a seamless omnichannel experience.
According to retail technology expert Cybertill, when it comes to jewellery, 26% shop in-store online, while 7% would make their jewellery and accessories purchases online. Additionally, only 10% look online before going to into a store to buy a piece of jewellery, while 6% shop the other way around.
Cybertil also reveals this age group value real-time stock visibility, as 86% said in a survery that their biggest frustration is when an item is marked ‘in-stock’ on a retailer’s website, but is not available when they go to find it in-store.
Furthermore, Gen Z are not enthused by retailers offering ’experience’ as an incentive for signing up to loyalty schemes, with 75% saying discounts and promotions would encourage them to sign up most.
Cybertill says in its report: “For a generation that has a reputation for really needing to be impressed, we were surprised to find that most people in the Gen Z age group are not really bothered by experiential (i.e. in-store product demonstrations, events, testers, etc) features to motivate them to shop in-store.”
Other key findings include 59% of this generation of shoppers want a dedicated checkout for click and collect, nearly half (48%) of Gen Z’s are frustrated with poor mobile phone signal in-store, and 45% want free wi-fi in store to retrieve their order confirmation.