Re-inventing Retail for Millennials and Gen Z

Earnings and the buying power of Gen X customers are relatively higher than that of millennials and Gen Z. However, the future lies with the younger generations. The ever-changing shopping behavior of these people brings some challenges while creating new opportunities to get greater visibility for businesses. So, retailers should equally prioritize their marketing efforts targeting new-age customers.

Accept the Loyalty Challenge!

According to a recent study by Bloomberg, the tech-savvy demographics will account for nearly 64% of the global population by the end of 2019. As far as their shopping behaviors concerned, millennials and Gen Z set themselves apart from the older generations, while being distinct from each other.(https://www.weforum.org/agenda/2018/08/generation-z-will-outnumber-millennials-by-2019/)

The retail landscape is changing dramatically with Gen Z now being the center of strategies. They are more social and less loyal than millennial successors. Millennials, irrespective of the purchase price, prioritize brands that align with their values. On the other hand, Gen Z prefers shopping around to find the best deals. So, brand loyalty boils down to experience and value creation while you are selling to these customer segments, who love to receive exclusive offers and reward-based loyalty programs.

To build a loyal customer base, it is much recommended for retailers to shift their focus to revamping their loyalty programs with a more user-centric approach. Technology integration can open doors for marketers to create a customer-focused experience on the shop floor.

Visibility is Vital!

Online is the first place modern consumers turn to while looking for a product or service. While connecting through digital channels, they expect the brands to build a relationship with them and provide hassle-free customer support. They follow a give-and-take approach on social media by supporting your brand in exchange for the value they receive on the digital channels. A study by RetailDive reports that 80% of purchases made by Gen Z are influenced by social media. Unsurprisingly, a socially inactive brand would be at the brink of being forgotten by people, including their existing customers. https://www.retaildive.com/news/study-80-of-gen-z-purchases-influenced-by-social-media/447249

Building an online community now appears on the top of the to-do list of businesses. Social media is flooding with business pages and content, targeting their audience. In order to stand out in the crowd, businesses should really focus on creating original, quality content that only adds true value to their audience.

The increasing consumption of social media platforms like Instagram is also encouraging millennials and Gen Z shoppers to visit brand stores as they love to share their shopping moments with their online friends. Most of them prefer to feel the physical presence of the products and then buy online. If you can optimize their experience on the shop floor, you can convert those visitors into buying customers.

Make the cut with Nucleus Vision

Nucleus Vision’s ingenious technology solution creates an omnichannel platform for brick-and-mortar stores. In an unprecedented manner, the technology strengthens customer engagement on the shop floor by providing retailers with powerful insights — including search and shopping history of customers and their lifetime value for retailers. Millennials and Gen Z love to receive exclusive offers and reward-based loyalty programs. Designed with these tech-savvy customers in mind, Nucleus Vision’s interoperable loyalty program creates a stronger relationship between retailers and shoppers.

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