GEN Y & Z
Understanding the Y and Z generations means understanding the consumers of tomorrow. In Canada, Millennials currently represent 24% of the population and their demographic weight continues to grow. They are followed by Generation Z (20 years old and under). This generation has also become the preferred target of brands. According to a study conducted by IBM, by 2020 the Generation Z purchasing power will amount to $ 44 billion annually. Reasoning is they are more equipped, more connected, and more informed as well as the Generation Z’s are also much more demanding. It is for this reason that companies must adapt now to the consumption trends of these hyper-connected young adults.
A thoughtful shopping journey
We know that the generations Y and Z are hyper-connected so reviews they hear or find on the internet about your shop or your products are very important. More than half of those surveyed in these two generations reported using social media to view comments before buying. It is therefore important for a brand to increase its presence on social networks. In addition, more than 40% of those surveyed said they made a decision based on their peers’ feedback.
Generation Z particularly likes to take their time before buying anything. This generation likes comparing products on the web and trying them in store. It is therefore necessary to provide effective interfaces that are easy to use.
Create a connected shopping experience
According to a study conducted by HRC Retail Advisory – to attract Generation Y and Z, it is essential to use new technologies in-store. Also, when asked if they would use a Magic Mirror in fitting rooms, 66% of 18- to 34-year-olds answered positively, 50% more than 35- to 41-year-olds. With this connected mirror, people can try on clothes simply by choosing the digital outfit, visualizing it on the screen, and then send their photo on social networks or by email, an image of their new outfit. Generations Y and Z are very favorable to new technologies, especially if they allow them to stay connected. And show their new look to all their friends and followers!
In addition, 68% of the Millenniums, plus 64% of Generation Z say they would use a retailer’s application to make a payment like their very own currency or pre-loaded gift cards.
Create an omnichannel shopping journey
According to Adyen, 66% of young adults think that it is easier to shop if they can check the availability of a product online beforehand. That is why many stores are now turning to point-of-sale software’s offering a “click and collect” option. This service allows consumers to order or reserve an item via an application or a company’s website, then be able to pick it up directly in the store. This option is very popular with the new generations.
As the boundaries become increasingly thin between physical stores and online stores, it is important to provide consumers with a connected, omnichannel shopping experience. But do not be worried for the disappearance of physical stores is not tomorrow! Amazon has recently demonstrated this with the opening of Amazon Go.
Techni-Connection is a reseller of 3 POS softwares in Canada (Yourcegid Retail, VisualTouch, Retail Management Hero), addressing today’s evolutions and needs. New features are constantly added to the systems (Clienteling, eCommerce, Click & Collect, SaaS, Mobile-POS) to match omni-channel strategies and personalizing the customers shopping experience.
Techni-Connection delivers cost-effective IT solutions to companies of all sizes. With its 24/7/365 helpdesk support system, TCI responds quickly and efficiently to customers problems and provides on-site support. TCI’s strong in-house technical team is also complimented by a network of 150+ certified IT experts across North America.
Study Reveals Importance of In-Store Tech and Social Media ‘Likes’ for GenZ/Millennials – Retail Insider