The retail industry currently undergoes through digital transformation, and as a result, businesses must continuously monitor the market conditions for successful growth and development. In addition, they must also target various customer segments to improve organization sales successfully. For instance, Generation Z and Millennials are very tech-savvy and prefer customized products and rewards. With a strong buying and spending power, these segments represent a significant part of the market share. As a result, firms must introduce specific strategies to attract new and retain current customers.
Market evolution and consumer awareness have given rise to a recently popular concept that is Generation ‘C’. Gen C as “Connected Customer” is not just an age group; it is a concept. In fact, around 80 percent of the millennials are considered as Generation C customers. Gen C customers are trendsetters and build market opportunities for the firms to act upon.
Traits of Generation C Customers
Gen C customers prefer visiting online review websites and forums to gain information before conducting major purchase decisions. Moreover, they utilize various devices to research and promote new and upcoming products and services. According to a recent study, around 85 percent of the customers rely on peer reviews and approvals for conducting purchases. Also, they prefer to share their shopping experiences with friends and relatives. Statistically, over 65 percent of Generation C customers are more likely to share about receiving positive experiences.
Businesses must include innovative, creative and interactive content to target Gen C customers successfully. Furthermore, it has become easier to target these customers as around 40 percent don’t mind watching advertisements if they are relevant to them or offer any rewards at the end of the video.
Business who invest in targeting Generation C will witness a growth in footfalls. Statistically, incorporating strategies to target Gen C customers will improve brand loyalty by over 30 percent. Furthermore, these customers become brand advocates and assist companies in strengthening their competitive positioning in the market. Gen C customers prefer to shop from retailers who are present at multiple channels. Therefore, seamless transfer of data in the offline and online stores is crucial for businesses as they improve business operations and customer engagement rates.
Influence of Digital Transformation
Industry experts predict that social media will play a crucial role in generating awareness and gaining insight into customer demands. In addition, around 40 percent of the customers prefer to engage with brands who sell their products via social media. Over 85 percent of the Gen C customers are present on social media and use the platform as a source of information and entertainment.
In conclusion, customer revolution and digital evolution have enhanced the concept of Generation C in the market. As this segment remains highly connected and prefers click-worthy content, businesses must make sure to be present at multiple channels. Furthermore, introducing Analytics and Artificial Intelligence programs in the firm’s infrastructure will enable them to gain real-time information and target customers successfully.
Written By: Saad Khan Choudhary