What Gen Z wants: how to capture their growing buying power
Gen Z and Millennial shoppers lead the way in higher e-commerce spending, according to a survey by ClearSale – and here’s what they want: good prices, security and a frictionless shopping experience.
Excluding food purchases and digital goods, almost half of those surveyed spend $50 to $100 per month in online shopping. They purchase from a range of products in clothing, accessories, electronics and beauty supplies.
Gen Z shoppers prioritise good prices (74 per cent), fast shipping (66 per cent) and convenience (51 per cent) when shopping.
Importantly, 71 per cent will not buy a product if the shipping is too expensive and 53 per cent will likely abandon their purchase if they think the site might be untrustworthy.
The report has also highlighted more than 81 per cent of respondents use digital wallets rather than a credit card.
For the younger generations like Gen Z and Millennials, personalisation plays a vital role in their shopping experience while older consumers are more interested in a product’s features.
ClearSale says e-commerce retailers need to strike a balance between the two groups or else they run the risk of losing $3 trillion dollars in spending power.