Don’t Buy Gen Z’s Loyalty, Reward It
As the consumers of tomorrow, it’s more important than ever to understand the buying behaviours of Gen Z, also known as Zoomers. Gen Z are individuals born in the late 1990s and the early 2010s. The most essential thing to remember, however, is that as a more socially aware generation, you can’t buy their loyalty. Gen Z doesn’t want to just buy from a business, they want to partner with it.
Understanding Gen Z loyalty
Businesses should be happy to know that 79% of Gen Z love the idea of loyalty programmes and 60% think all brands should offer loyalty programmes. However, while the national average of people in the UK on loyalty apps clocks in at around 76% – Gen Z find themselves well below the said average with 49.1% male-identifying and 56.7% female-identifying customers regularly using loyalty programmes.
While the idea generally receives positive sentiment, there’s a disconnect between how businesses talk to Gen Z about rewards platforms. According to the results of a 2019 survey carried out by Attest, over 20% of respondents in the Gen Z age group said they were loyal to certain brands and avoided others. Alongside millennials, they have the highest brand loyalty among other age groups.
How can you inspire more loyalty with the customers of tomorrow?
1. Focus on technology
Technology is one of the biggest drivers of convenience. Born into a generation introduced to the internet at an early age and entirely familiar with the digital world, your business needs to be where they are: online. This means your loyalty app needs to be digital.
2. Make it quick and easy
The fast-paced digital landscape we live in today has directly impacted attention spans. The average online attention span is 8.25 seconds. While it’s impossible to sign-up for anything in under 8 seconds, the convenience of having an easy and quick sign-up process for your loyalty solution makes for a frictionless experience. Plus, with a digital solution, there’s no fumbling for loyalty cards when you’re integrated into a single app.
3. Listen to their needs
Gen Z wants to be heard, they’re not afraid to let their opinions be known. Understanding which products work best is as easy as taking the time to assess consumer feedback. Eliminate the guesswork by understanding their spending habits and responding accordingly with value offerings. You can give them what they want by listening to and looking at their buying behaviours.
4. Be transparent
Most rewards programmes over-promise and under-deliver with the benefits marketed. Only a small percentage of people receive said benefits. Gen Z is extremely discerning and by giving them exactly what you advertise with no extra work from their side, helps build brand trust. Gen Z also wants to know that their data is secure, how it’s used, and the reputation of the company asking for these details.
How Yoyo Wallet can help your business access Gen Z
Yoyo Wallet is a mobile payment, loyalty, and rewards app rolled into one. With every purchase, users receive points, stamps, and exclusive rewards. Plus, it’s free, fast, and easy for anyone to use.
The app allows businesses to attract, retain, engage, and grow their customer base with integrated, world-class loyalty and rewards technology.
From a retailer’s perspective, the product suite offers access to a dashboard called Engage, which enables decision-makers to get insight into who their customers are based on matching those customers to their basket data. To date, some Yoyo Wallet clients have excelled at utilising this technology to their benefit, and have experienced a 26% increase in spend frequency and basket size, and a 3 x increase in customer lifetime value, as a result.