Mobile commerce is expected to be a 1.1 Trillion dollar industry (Links to an external site.). How insane is that? I recently had the pleasure to attend a meeting where Mobile commerce and Generation Z were at the forefront of the conversation. Presented by The Future Laboratory (Links to an external site.), the topic at hand was how Gen Z is transforming the retail space. Although the ease of purchase is at our fingertips, Gen Z wants more with their mobile experience.
Gen Z wants an actual experience. – The current online mobile journey is either app-based or mobile website based with a sleek and easy in and out journey. Open the website or app, click the product, check out in cart (the one-click journey). Gen Z actually finds this boring and 48% of them click out. Some brands like Nike have come up with new non-traditional consumer journeys for Gen Z. In one instance Nike partnered with a UK based designer to drop an exclusive collab that would only appear on craigslist. The consumer then had to go through craigslist customer journey then physically pick up the shoes from the seller.
Gen Z wants a trusted voice – Bombarded with paid reviews, Gen Z finds it hard to trust brands, especially new ones. They are starting to trust peer to peer stores or more locally sourced online retailers (small businesses, retailers they know, etc..). Companies like Amazon now let consumers create shops based on products they’ve purchased. Their friends can then shop their purchases and the owner of the shop receive a percentage from diesel.
Gen Z wants retailtainment – Remember back in the day, or even now you see things on celebrities that you want? Well, Instagram has made it pretty easy to find, but apps like NTWRK and mysnapp make it possible for you to shop digital imagery like music videos. Foot Inc recently invested 3 million dollars into NTWRk!
Gen Z is a consumer we are all still learning, but considering life beyond the .com, elevating the realness and redefining retailtainment are some ways brands can cash in on Gen Z mobile commerce.