There are segmentations that marketing specialists use constantly to establish their marketing strategies. Therefore, if you are a business owner, you need to know the differences between each generation so that the results of your actions are effective. The most common are millennials/generation Y, generation Z, generation X, and the baby boomers. You want to target your efforts in a way that will help you create business for generations, or help you get successful with a very specific audience.
Business for generations:
The millennials are born in the 1980s and 1990s. They were said to be people growing up in the age of the new millennium. Essentially, they are people born in an increasingly technological world, characterized by greater use and familiarity with communications, media, and digital technologies compared to the generations before. In the field of e-commerce, millennials are characterized by being very informed, but buying “little”. Still, they are a generation that’s interesting and valuable from the business point of view, because a great majority of millennials are willing to buy everything online, if possible. Therefore, the main reason why you should focus on the millennials is none other than their mastery of the so-called new technologies and easiness with which they face the online purchases and secure payment processes via the Internet. Of course, pay attention to the following features and data about the millennials:
- Men, more than women, prefer to buy everything online (40% of men versus 33% of women).
- Almost 30 million millennials have little confidence in large companies (which is good for small businesses).
- The millennials represent a potential annual market close to 170 billion dollars.
- They tend to have positive inclinations to buy products associated with a good cause.
- Good customer service is key in the decision to purchase for the Millennials today.
- Price is more important than quality, as long as the disparity is not too great.
- Millennials spend 17.4 hours a week on social media channels.
Age-wise, this is the population after the millennials. Some consider that generation Z starts in the middle of the 90s with one decade into the 2000s. Therefore, this generation consists of adolescents and some young adults. They are characterized by looking for brands with which they can establish a connection, and apps are a tool that they value very much. They are even known as the generation of apps.
Useful things about Generation Z that can help your business strategy:
- Members of Generation Z indicate that they spend less than 35% of their time watching TV.
- 22% say they read fewer blogs compared to the last year results.
- They are concerned about what companies and brands make of their personal information.
- One of the most important things about Generation Z is the fact that they only identify with brands and publishers that use technology to tell stories creatively.
- They consult Snapchat 18 times a day on average.
- When looking for a job, they opt for Instagram (59%), Snapchat (56%) and Tumblr (17%).
- They love interacting with brands and are very selective with these. The 55% choose organic brands and 53% prefer brands they identify with.
- They think that virtual reality is one of the most powerful and engaging technological innovations.
- The attention of these young people has a span of eight seconds.
- They can use up to 11 hours a day on their social media channels.
“Generation Z shoppers learned to click before they could walk or talk, but they also appreciate the practical experience of shopping at a physical store. Brands must be agile enough to meet both needs.”
For this age group, the birth dates are between 1960 and 1980. Its name originates from the novel by Douglass Coupland. According to the story, the protagonist’s children were of that age and had similar behavior. They are a segment that adapts very well to changes and are more committed to their work and personal relationships. For them, the Internet turns out to be a perfect space to do business, and read books or newspapers.
The name for this age group may sound strange since it refers to older adults. Baby boomers are people born between 1946 and 1964. They are a more “serious” generation and usually look for valuable content on television and radio. More specific programs such as newscasts and documentaries are generally thought to be enjoyable for baby boomers. They are also the generation that reads the most, mainly novels and personal improvement books.
So, when you want to organize your business for generations of buyers, who should be the winning segmentation for e-commerce? Right now, 80% of generation X will make digital purchases in the next 5 years. But don’t forget about the constant focus on the millennials, either.
Generation segments that are of significant interest for online businesses are very specific in their expectations. You have to make sure that your online presence is strong, with a great, modern and functional website. Of course, mobile responsiveness is a must as well. And, if you want to attract them to your online business, you need to offer something valuable in return.