This article was originally published in the Summer 2019 issue of The Record. Subscribe for FREE here to get the next issue delivered directly to your inbox.
As Gen Z begins to flex its buying power, companies the world over are jumping to adapt to ever-shifting preferences that are predominately digital and proving to be polar opposite to the shopping habits of baby boomers.
Recent statistics find that 94% of Gen Z uses smartphones while in stores to look up pricing and inventory availability – compared to 41% of baby boomers. This means that retailers with a real-time inventory count, accurate pricing and promotions win out. Also, of all the generations, Gen Z has the highest percentage of shoppers who want associates to have handheld mobile devices to deliver better customer service.
Retailers who place promotions and ads on social media are more likely to be seen, considering that 85% of Gen Z responds to social ads. A further 71% of Gen Z customers respond to geotargeting, so a little push in the way of a well-timed promotion has a high chance of enticing them to step inside.
It takes a highly digitised experience, powered by an integrated retail system, to attract Gen Z shoppers to a retail brand. The experience has to be consistent across platforms, and retailers have to be in the spaces Gen Z inhabits, such as social media and smartphones. Customers using the iVend Retail solution from Microsoft Gold partner CitiXsys report several areas of return on investment after implementing an integrated retail management system, including a 5-10% increase in sales and an over 20% increase in customer satisfaction.
What’s clear is that, to meet the needs of Gen Z, it’s not enough just to be omnichannel. Solutions have to be integrated, and they have to be done well. iVend Retail is versatile enough to handle everything from loyalty cards to a single stock pool inventory, and integrates with Microsoft Dynamics 365 Business Central. The solution is sold through a worldwide distribution network of certified partners.
Paula Da Silva is executive vice president of Global Partners and Alliances at CitiXsys – iVend Retail
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