What Gen Z and Millennials Want From Their Retail Experience
- Gen Z will soon have the most purchasing power.
- Millennials and Gen Z are more connected than any generation before them.
Millennials (ages 21-37) are currently the largest generation with the most purchasing power – especially in the automotive industry. However, Generation Z (ages 2-20) may soon surpass Millennials. While their current age means most aren’t buying cars just yet, they will soon be the largest generation looking to purchase a vehicle. Millennials and Gen Z, while different in age, have many of the same desires when it comes to the car buying process. Here are a few tips on how to ensure your dealership is ready for these new generations of consumers.
Update your mobile site.
The first place many Millennials and Gen Zers look is online. Since a lot of shopping occurs on mobile phones and tablets, make sure your dealership has a mobile site that looks great and is easy to navigate. Very few Gen Zers are willing to stay on a mobile site that is difficult to use. Spending the extra time to ensure your site is appealing to younger generations will keep them on your site longer, and will lead to more traffic at your dealership.
Some Millennials, but Gen Z in particular, look for customization with everything they purchase. Growing up in an age of targeted news feeds and ads, buyers from these generations are not used to one-size-fits-all products. Customization, from paint and interior colors to wheels and spoilers, will be important for both Millennials and Gen Z. Customization typically means extra work for dealerships, so adding an in-store auto accessories point of sale solution could be a great way to simplify this process before customization becomes standard with buyers.
Everyone knows recycling and conserving paper is great, but it can also be great business. Not only will this make a difference in your community, but 80% of Gen Z consumers purchased items from companies that made a positive social or environmental impact. By using an electronic document storage system, younger buyers will be happy that your dealership is doing their part to save paper. Showing Millennials and Gen Z your dealership cares about your community can make a huge difference in the amount of attention it receives from the next generation of buyers.
It’s all about the experience.
While having competitive prices is helpful, if your dealership struggles to make the car buying process enjoyable, sales will suffer. Millennials and Gen Z are largely influenced by friends and family. Ensuring every potential customer that comes into your dealership has the best experience possible will give your dealership tons of word-of-mouth marketing that will bring even more customers to your store. Using immersive technology to create a unique experience will engage customers more than paper will, and the overall consumer experience will be much higher.
While these changes may not currently be at the top of your priorities list, they will soon have to be. Remember, any investment in Millennials will be an investment for Gen Z, and will pay off exponentially when Gen Z begins to buy.
Automotive News recently published an article discussing why dealerships are sourcing lower-grade used vehicles to fill their lots.