Maximizing customer experience value for consumers is the main challenge that we took on in developing our latest Innovative startup RTE CUBE.
Who are our key customers?
Based on big data and market research regarding generational shopping preferences, we found some interesting correlations that we would like to share.
- …tend to check product opinions and to do comparison analysis while shopping in a virtual or a physical store
- …tend to ask opinions of friends and family before purchasing and therefore create a big cross generational buying influence
- …are influential when it comes to brand loyalty thanks to sharing opinions in social media about the quality of a product or service
- …appreciate services that reduce/eliminate queues- time pressure and impatience is a key driver of customer experience
- …are influenced mainly by price, opinions and by the user experience across customer buying journey
- …are driven by occasions, discounts and good deals. Consumers like to be rewarded for their opinions
Postmillenials Gen Z – age 8-23 years. In 2030, they will account for 75% of employees and consumers. They are often referred to as the C generation – Connected (to be fluent in rapid information gathering. They are able to shift through institutional messages, to filter out excess noise, and to identify voices they can trust). They seek the opinions of friends through social media, comparing prices and expect value through rebates, coupons, reward programs. Postmillenials value high quality of the brand and environmental friendliness.
Gen Z has the impact on their parents’ (generation X) purchasing decisions, especially when it comes to furniture and household goods. 48% want to be able to customize products to meet their requirements.
Research shows that the shop staff behavior and training impacts greatly whether the consumer will return to you.
Millenials Gen Y – age 22-37 years is the first generation in the labor market brought up in the era of globalization and universal access to computers and the Internet.
The generation does not avoid expressing doubts, which is perceived as a demanding attitude. Majority believe that companies should offer more ways to express their opinion – they want to be heard. They want access to the best opportunities and comparisons.
Majority like to buy via smartphones and believe that brands should be socially responsible – not only generate profit.
Generation X – age 38 years – 50 years is a generation that was born or grew up during the economic crisis of the 1970s. Generation X had a chance to enter professional life in the 90s and use the free market. The majority admits that their children have influence on purchasing decisions. Information about products, their features and opinions is important. Before the purchase decision they do research on the internet and buy in a stationary store when it’s convenient. They like to shop online.
Baby Boomers – over 50 years – is the generation of the economic boom and the baby boom, which took place after the end of the Second World War. Representatives of this generation grew up in the period of intense economic and social transformations, and entered the labor market in the 70’s and 80’s.
Generally they like to buy in stationary stores for physical customer service interaction. Baby Boomers are influenced by other generations.
CUBE – a global innovative market place integrated into ecosystems, that closes that gap between businesses and consumers. It allows participants to interact directly between each others in a secure way.
It uses the latest research regarding business and consumer behavioral trends and provides unique value using state of the art technology (such as IoT, Blockchain, AI, Big Data, cloud etc.)
At the Cube we try to address the particular needs of different generations.
Details to follow…stay tuned.