You may have observed that your customer base has changed since you opened your retail business.
Rieva Lesonsky, CEO of GrowBizMedia/SmallBusinessCurrents.com is joined by Shawn Hessinger, Executive Editor of Small Business Trends to explore how millennial and Gen Z shopping habits are altering retail, and how your business must adapt in response to this shifting retail landscape.
Check out this edited transcript of their discussion from the latest episode of Small Biz in 15 and view/listen to their discussion above or via SoundCloud below.
Consumer Shopping Habits of Millennials and Gen Z Customers
Shawn Hessinger: Today we’re going to talk about both e-commerce and retail as there is much confusion regarding these two areas of commerce. Customers now are different than they were even five years ago – they don’t do what was popular five years ago anymore?
Rieva Lesonsky: There is a vast customer base out there, yet so many business owners have misperceptions of various generations. For example, they assume millennials and Gen Z alike behave similarly and they could be completely wrong in this assumption; without understanding what these generations want and need they risk losing customers in their pursuit.