Steez Podcast #4: Gen Zers are changing e-commerce
- In today’s episode, we talk about how Gen Z is changing the financial space in e-commerce.
- Our host, Rebecca Cohen is joined by Mallory Russell, head of global content at Square, Michael Saadat, head of public policy at Block, and Maran Nalluswami, SVP of diversified and value at Synchrony.
Gen Zers are changing the shopping landscape and improving the shopping experience across generations. They're forcing brands to be transparent and authentic.
The younger generations are becoming a powerful force in the economy. Gen Z and Millennials make up 32% of total retail spending in the US. But this is expected to grow to 48% by 2030 as more Gen Z enter the workforce.
What's important to them is their preferences. They value ease, simplicity, and the spontaneity of making instant purchases.
Almost one in five Gen Z abandoned the purchase in the last 12 months because their preferred payment method was not available. And for many Gen Z, their preferred payment method is Buy Now Pay Later, with 44% of Gen Z using it in the last 12 months.
They might start their shopping journey online, do a bit of research, and then head in-store to have a look, touch, and feel. Omni-channels are very real for Gen Z, and businesses need to recognize this shift and ensure that they are strategizing the best route to meet this consumer most authentically.
The industry is light years behind conquering the Gen Z mindset. That’s why we’ve partnered with Publicis Sapient to create #STEEZ, a hub for finserv potentials to learn more about Gen Z and what it means to capture and delight them (download The STEEZ Guide to Gen Z readiness, here: https://steezlife.co/).
Fourth episode of the Steez Podcast
In today’s episode, we talk about how Gen Z is changing the financial space in e-commerce. They prefer shopping experiences that are more convenient and spontaneous, seamlessly interwoven with social media.
Our host, Rebecca Cohen is joined by Mallory Russell, head of global content at Square, Michael Saadat, head of public policy at Block, and Maran Nalluswami, SVP of diversified and value at Synchrony.
Topics discussed
You’ll learn:
- How Gen Z is changing the online and in-person shopping landscape
- Why Gen Z spending habits are different compared to other generations
- How financial institutions should market to Gen Z consumers
- Key themes financial services should keep top-of-mind when servicing Gen Z
Head on over to Steez to listen/watch the full episode: