Business - Markets Reports and Financial News

Prepare your business for Generation Z

on

Many consumers are shifting from retail shopping to online shopping due to its acceptance and convenience. Retail shops might be on their death beds as the number of online stores keeps on increasing daily.

This shift is greatly promoted by the Generation Z. Generation Z comprises anyone born in the mid- to late-1990’s. This is the generation that highly embraces mobile technology through which they can purchase online.

It is estimated that their annual purchasing power averages $44 billion annually, and their influence will increase dramatically as they reach the employment age. Surprisingly, they will likely not have brand loyalty.

As an entrepreneur, you can not allow yourself to be overtaken by events. Consider the following tips to ensure that you net this generation.

Online presence:
The Generation Z embraces mobile technology, relying on mobile devices for browsing and shopping, content consumption, and also as social media for interacting with friends. So, for you to net this generation you need to put a lot of effort on mobile marketing and social media. Build a website and constantly engage with them through social media. The website should be appealing and very interactive.

Convenience:
Your strategy on marketing, operations and human resource management should consider that the Generation Z will demand conveniences in shopping, browsing and receiving customer service through social media and websites.

Privacy:
Businesses have been collecting their customers’ data to analyze their shopping behaviour. Some of the data are collected even without the customers’ knowledge. Generation Z will be more tech savvy and will be very careful about the data they share on social media. You will need to respect their privacy lest you lose them in numbers.

Product value:
The Generation Z will not be attracted by branding alone as this may turn them off. You will need to create value in your products through quality design and manufacturing. This generation prefers and leans toward companies that produce goods and services with real rather than perceived value, and they are also known to rely on the opinions and recommendations of their peers when making any purchasing decision.

Honesty and transparency:
Generation Z will require that you be honest and transparent in our dealings. This will not be much of a problem for them to confirm since the social media and peer reviews will be public. Companies will not be able to hide negative reviews, controversies and comments.

Companies will be forced to face their challenges head-on in order to retain or attract the Generation Z. So, if your business has been thriving on dishonesty, the Generation Z will ensure your downfall.

Individual and group tastes:
The Generation Z respect value individually and at the same time place a great deal of importance on group acceptance. This will be a very delicate balance for entrepreneurs who want to lure them to accept their products.

If you are able to come up with a product that appeals to individual members of this generation and at the same time is acceptable to them as a group, your business will be very successful.

Accommodating these tastes will help your company connect with this generation, more so if you consider hiring and nurturing individuals from this generation as part of your marketing team.

There are no comments yet