Are you ready for an exciting journey into 2024 in the world of retail? With the constant changes in the habits and market trends of Gen Z and Millennials, it is a fact that small businesses are struggling to reach these potential customers. According to two separate surveys, businesses that fail to provide the convenience that these generations want may be missing out on great opportunities.
91% of business owners believe that they offer a convenient online experience to their customers. But the truth is, only 21% of consumers and 19% of Gen Z agree on this. While small businesses identify Generation Z and Millennials as their main target audience, current business practices are often focused on older generations. But don’t worry, entrepreneurs can still attract young customers. According to a study, 73% of Gen Z and 75% of Millennials say they would be more willing to shop at small businesses if they could provide what chain stores offer.
Now let’s look at the topics that customers find most important.
Buy Online, Pick Up in Store: Essential for 73% of Gen Z and 83% of Millennials, but only 34% of small businesses offer it.
Digital Wallet Payments: 27% of small businesses don’t accept digital wallet payments, yet 85% of Gen Z and 82% of Millennials value this feature.
Free Delivery: 90% of customers expect free delivery from small businesses, but only two in five small businesses offer it, and 38% don’t offer it at all.
Online Shopping: 55% of Gen Z and 61% of Millennials think it’s important to shop directly from a company’s website, but only 28% of small businesses operate an online store.
Storytelling: 65% of customers say they’ll shop more if they know a business’ story. But one in five small businesses don’t share it.
We will all see where small businesses stand in terms of these expectations in 2024!
