Marketing to Gen Z by Jeff Fromm

Author:Jeff Fromm
Language: eng
Format: epub
Publisher: AMACOM
Published: 2018-03-13T04:00:00+00:00

6

NEW KIDS ON THE SHOPPING BLOCK

Today’s empowered customers no longer purchase products; they buy experiences. They engage with brands that deliver what they need, when they need it, regardless of the delivery mechanism or channel.

—“THE RISE OF THE EMPOWERED CUSTOMER,” FORRESTER RESEARCH, 2016

On track to make up 40 percent of consumers by 2020, the future of retail is without a doubt in Pivotals’ hands. Yet most retailers are nowhere near ready for the most demanding and empowered shoppers the world has ever known.

Forrester defines empowered customers as those who are open to new experiences, who show increasingly advanced device behaviors and digital expectations, who can easily seek, evaluate, and share information, and who are willing to take ownership of their decisions to ensure the best possible experience.1

Sounds like a dictionary definition of Pivotals, doesn’t it? These empowered young customers don’t see a difference between their physical and digital worlds—they simply assume everything will blend together seamlessly. Their expectations of speed and personalization are challenging brands and shattering traditional business models. And their lust for researching products and seeking input from peers before making a purchase is changing the shopper journey forever.

What’s more, they’ve grown up with the “Big A”—Amazon, the e-commerce powerhouse that has single-handedly reinvented the shopping experience. Amazon is doing everything right: obsessively focusing on customer wants and needs, innovating at every turn, and making the shopping experience both enjoyable and easy. In turn, this is what Pivotals have come to expect from every shopping experience, not just on Amazon. We call it the “Amazon effect.”

That’s a high bar and one that presents a daunting challenge for most traditional retailers and brands. What will it take to compete with Amazon for the hearts, minds, and wallets of Pivotal consumers?

Before we explore a few ideas, let’s first take a peek inside their piggy banks.

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