Why different generations have entirely different expectations when it comes to APEX.
After Payment Emotional Experiences, or APEX, are extremely helpful for customer retention and satisfaction in the modern world. Where reviews are widespread and a dissatisfied customer can let everyone know instantly, keeping your customers happy can be everything. This can be a little bit tricky, as different generations have increasingly different expectations.
Generation Z customers.
Firstly, Generation Z customers are becoming far more responsive to tailored experiences and products, with 37% of Generation Z customers saying they would “love it” if a retailer used their data for a better online experience. The group, overall, is ten times more likely to be responsive to tailored offers based on past purchases. This is compared to customers over 66, for whom only one in 10 “love it” when their experiences are tailored.
This is clear evidence of a societal shift towards being more data-driven and embracing the involvement of computing and algorithms in our retail experiences. With the rise of search engines and online shopping websites, data is gathered on every customer, their searches, their purchases and, through reviews, even their opinions. Potentially, online companies know more about the consumer than the consumer does, and younger people have accepted this as beneficial to their online experiences. Older customers, however, haven’t quite caught up yet, and this needs to be accounted for.
Over 66s do prefer a high-quality in-store experience, compared to Generation Z. They are twice as likely to be responsive to helpful in-store staff and are more likely to see this transfer into sales and further revenue. Therefore, providing personalised service to each customer is extremely beneficial to your business going forward. However, this is offset by the way that Generation Z is less likely to be found in-store. They trust supermarkets 24% less, thus are less likely to be found in actual shops, and more likely to be found online. Throwing all your eggs into the in-store basket is therefore risky, as you’ll lose a chunk of your customers.
Ultimately, there are deep divides between the generations when it comes to purchases of goods and services. Younger buyers will be found online, whereas older ones will be in person, and any intelligent business will gear itself for both. By unifying a data-driven online approach and a personal in-store methodology, your company can embrace both generations effectively.
October 29, 2019