Gen Z represent over 40% of the US population and are set to become more powerful in the retail industry. A research by Bain & Company and Google highlights that these groups will not entirely differ from older generations and will provide a continuity with current dominant habits.
Physical stores will remain crucial in retail experience, and online shopping can improve its appeal by using emerging technologies to help online shoppers get a clearer, more tactile sense of what they are browsing. The key takeaway is that retailers must connect with Gen Z everywhere to gain a competitive edge in the industry.
Physical stores are important to Gen Z for retail experience.
The retail industry is being remade by Gen Z, the youngest and most digitally immersed generation. Gen Z represents over 25% of the US population and is set to become more powerful in the retail industry.
According to a study by Bain & Company and Google, physical stores will remain crucial in the retail experience for Gen Z, even though they are digital natives. Millennials and Gen Z said that physical stores accounted for 38% of their retail spending across 12 categories over the previous six months.
Brick-and-mortar retail could strengthen its hold on younger consumers.
Moreover, brick-and-mortar retail could strengthen its hold on younger consumers, with 36% of Gen Z and millennial shoppers expecting to increase their spending in physical stores over the next two years.
Therefore, retailers must focus on delivering a seamless experience by connecting physical and digital channels, offering personalized and lower-friction in-store shopping, and deploying consumer-facing technology more broadly in-store.
Online shopping needs to use emerging technologies to improve its appeal to younger consumers.
In addition, the appetite for tech-led innovations will grow among younger consumers. Online shopping can still improve its appeal by using emerging technologies to help online shoppers get a clearer, more tactile sense of what they are browsing. Retailers must raise their game to win over these discerning consumers, who spent their formative years immersed in digital technology.
They can use tools like virtual try-on, virtual try-out, livestreaming, and e-commerce via social media to provide a satisfying online experience. In conclusion, the retail industry must adapt to the preferences of Gen Z by combining physical and digital channels and providing personalized, frictionless experiences across all platforms. Retailers who can connect with Gen Z and delight them everywhere, not just on apps, on social media, or in the metaverse, will be the winners in the industry.
Insperme, can help retailers develop a comprehensive strategy to connect with millennials and Gen Z and gain a competitive edge in the industry. Connect with us at +91-9560923881
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