Gen Z - Probably this is one of the most used words in recent days! With a great population count of 377 million that left a remarkable influence over the country’s consumer market. People who all born from the year of 1997 to 2012 are known by the term Gen Z. It is a large segment of India and this generation presents a $2 trillion opportunity as their influence grows in shaping consumer markets. As most of them from this generation began to join the workforce, many brands started to drive a significant portion of India’s consumer spending. Moreover, this internet generation influences a staggering 43% of household consumption and contributes $860 billion to the economy according to the Boston Consulting Group (BCG) and Snap Inc., joint report.
Though Gen Z might not be the primary buyers yet, they play a key role in household spending. They impact diverse categories like tech, fashion, and beauty, even when they’re not the direct purchaser. These factors prove that Gen Z is significant in impacting the economy.
The Gen Z used to value the opinions of their peer! They have the habit of getting suggestions from their friends before purchasing any product. Around 65% of them seek peer approval, often sharing photos while browsing to get feedback before buying. They use the help of the social media platforms to share them. Brands can tap into this by creating group discounts or incentives for collective shopping. Making any group activity like tagging your friends will help to get the best opinions of peers.
When compared to the search engine results, Gen Z will trust social media influencers and creators while discovering a brand. Instead of searching on the internet, they used to watch the product reviews that were uploaded by the influencers. According to a recent survey, approximately 70% of these individuals rely on this way for brand finding as per their needs. In such cases, businesses can consider the influencer's marketing to attract Gen Z customers.
Typically, Gen Z prefers to shop without leaving their comfort zone to save their time and energy! They opt for a fluid shopping experience that blends digital and physical channels. They will use smartphones and the internet to compare the cost of the brand they want to buy and check wishlists while shopping in-store.
Gen Z has the habit of doing in-depth research before buying any products. 71% of them used to research multiple brands extensively which is much higher than Millennials (47%). They will read the product descriptions and reviews in detail before adding them to the Wishlist or cart.
The Gen Z loves to embrace the tradition and simultaneously, they would like to try the fusion products. For instance, they prefer modernized festive wear or athleisure sarees. This blending of old and new values is a key characteristic of their consumer identity. So, if you sell the fusion products of traditional and modern, it will attract the attention of Gen Z.
The traditional Millennial-focused tactics selling strategies won't grab the attention of Gen Z. Therefore, the brands need to rethink and work on applying new tactics as per Zoomer. Business owners have to focus on factors such as authenticity, visual storytelling, and social causes while connecting meaningfully and engaging with the right influencers.
Following these things can help the brands to connect closely with Generation Z. Therefore, thinking as per the trend and implementing unique tactics will result in making more Gen Z your customers.
תגובות