Brick-and-mortar stores are heading to the obsolescence trash-heap, living out their days alongside our old phone booths and arcades while online retail takes hold of the future of shopping. This doom-and-gloom must mean that people prefer shop online. Right? Not so quick.
But there is still hope for retailers. Young people in particular value experiences over material possessions, and many still see shopping as that experiential activity, according to “Generation Nation,” a study available on Collaborata.
Every single generation measured (Boomers, Xers, Millennials, Gen Z) in the study preferred to shop at a physical store instead of online. In fact, Gen Z (67%) prefer this experience more than all other generations. So retailers that can enhance that shopping experience will fare much better in the future.
According to Baljit S. Dail, Chairman of the Board and CEO of JDA SoftwareNow, it’s critical for retailers to enhance the experience of shopping in brick-and-mortar stores. “Consumers want an entire brand experience. They want an emotional connection to your brand…Consumers also want instant gratification that comes from coming out of a store with purchase in hand…And when they do, they spend six times more than when they shop online…Successful retailers of the future will be those that can merge their omnichannel experiences across online and in-store.
According to “Generation Nation,” a third (35%) of Gen Z and Millennials make an online purchase at least once a month, with 21% making multiple purchases throughout the year.
So even if Americans “prefer” to shop in physical stores, as the data from Generation Nation reveals, the convenience of online shopping keeps us clicking.
To dive deeper into these generational insights, that reveal surprising trends, commonalities and differences between the Boomers, Xers, Millennials and Gen Z, please check out the full study, which is available on Collaborata.