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Technology
is Generation Z’s middle name.
Just as retailers begin to get a bull’s eye on what makes millennials snap – comes along Generation Z, the newest generation of tech-savvy and multi-cultured babies boosting the digital divide of the technological world.
Gen Z or sometimes referred to as i Gen or Internet Generation are categorized as consumers aged 23 and younger. This generation isn’t only the largest social cohort, outnumbering millennials and baby boomers but the most culturally diverse generation too.
Both millennials and i Gens are no strangers to digital media, but unlike millennials who spend slightly more than 5 hours online, Gen Z’s, according to Marketing Tech News, spend 10 hours of online activities a day on multiple screens.
Presently, Gen Z remains the biggest group of global consumers as they take up 40% of the overall global spending which values to more than $44-billion every year, and by year 2020, it is expected to rise by 10% more. Imagine, that is unbelievably few months from now.
Gen Z is a Consumer Powerhouse.
This isn’t the kind of demographic retailers can ignore. But to reach these discerning young shoppers can be a bit of challenge for most marketers today. One big step retailers should take is to reassess the question --- What is the best platform I can use to reach Gen Z and possibly other demographics and get great conversions?
As technologically-dependent as they come, Gen Z’s always make a way to make their lives easy as 1,2,3. Rather than shopping in-store, they would use their digital devices to browse for product ideas, interact with other shoppers on the web, have the products delivered on their doorstep and post it on their social media accounts. That is basically how their shopping life goes.
According to Marketingdive.com, 75% of Gen Z’s population enjoy online shopping than moving around stores.
If we take a look at Lazada, Shopee, Zalora, Carousell and other top performing e-commerce websites in the Philippines, their monthly website traffic estimate can outnumber the country’s total population, a hundred times higher compared to the monthly foot traffic of any physical store. Given the statistics, we can say that e-commerce websites are the future of businesses.
To help you reach Gen Z and grow your business in no-time, we summarized some of the important touch points about their online buying attitudes and habits that you need to note and implement on your business website:
Websites Need to Speed Things Up
If you want to grow your business, this is one important factor to prioritize. You cannot expect Gen Z’s to hang around all day and wait for your website to load forever.
In a report by Google, a website’s average loading time is 22 seconds. However, 53% of visits are abandoned if the site’s loading would take more than three seconds. Surprisingly, slightly above half of the percentage is taken over by Gen Z.
Also, in a recent study by Forbes, it says that the ability to find things quickly is the most important aspect for Gen Z’s online shopping journey.
Website page speed is very crucial in the success of your business and by success we mean – this is what Gen Z wants.
Retailers Need to Quickly Implement Social Media Trends On Their Web Campaigns
To reach Gen Z, retailers must be social media responsive. However, in order to reach them, you must know what platforms they often use for shopping.
Websites takes the top spot for this crowd. Almost double the population of millennials, Gen Z online users would normally check and browse the web to check if the product is legit before jumping on to a purchase, writes Small Biz Trends.
They Value Advertisements
Unlike older generations, Gen Z doesn’t mind ads, as long as they provide value.
A study from MNI Targeted Media, found out that 48% of Gen Zs say ads introduce them to new products, with 47% saying that ads are relevant and 44% of the population want ads to be relevant.
They value products or brands that either offer a discount or remind them to make a purchase, according to the Criteo report, suggesting retargeting can be an effective strategy for reaching this audience.
Generation Z consumers are highly trend-sensitive and does not have the same path-to-purchase mindset as the past generations – instead their shopping experience revolves around digital media.
To understand Gen Z’s habits and address their changing demands is important to shape the future of your business.
Basing on these facts, you might now consider building a business website as there could be lesser opportunities for your business if you just continue to be trapped on stalls.
Build an affordable business website with iRepublic now! Call (02) 3 490 0000.