All businesses want to believe that our customers will remain loyal to us, but we know that many factors can impact a customer's loyalty to a business. And while we should not forget to try and maintain our current customer base, as a business, we also need better to understand the new wave of potential consumers and buyers.
The pandemic changed many things about customers. Not only did it force more people to jump online, but it has also pushed many people to support local businesses as opposed to large international companies.
"With 60% of global customers stating that their shopping behaviour has changed due to Covid-19, and 13% seeing it as an opportunity to try new brands, customers are increasingly switching between retailers." - Retail week.
As a business, you may be thinking, why does this new generation of shoppers impact the way business works and how we market our brand to them?
In truth, this new wave of shoppers is more conscious, they are willing to spend money, but they need to know that the business is positively impacting the planet. Sales and discounts drive them to want a sustainable brand that is positively impacting the earth. Such as a business that is:
- Moving away from one use plastic
- Taking part in supporting global change
- Supporting equality
- Paying their staff a fair wage
The campaign reported that 76% of Gen Z feel diversity and inclusion are essential topics for brands to address. They are concerned about advertising and social media and want inclusion throughout the infrastructure of a business, from the lowest levels to the higher-ups.
Gen Z also wants brands conscious of the social struggles to be a part of the conversation authentically, not just to release a statement when it becomes a trending topic.
"These brands are rising to the top because they are sustaining and consistently making these issues a priority, either in their communications or around the content they produce," - Steph Rand (senior research consultant at quantilope)
As a new wave of shoppers emerges, they are not demanding you change your business, but they are now holding you accountable. As a business with a platform, they believe that you should be doing more and doing more.
You do not have to reinvent the wheel, but you can update your current digital marketing efforts to better market your business, your brand, and your services to the market. Are you highlighting your business in the best light? Are you connecting with your audience in a meaningful way?
The expectations your customers will have of your business will differ from industry to industry but at the core is a business using its platform to help better the world. This platform is addressing social change, a company that is more than just being run for profits.