Diversifying merchandise to appeal to several generations can be a great way for retailers to expand market reach and increase revenue. In addition to broadcasting that their stores have something for everyone, business owners can benefit from crossover sales – items that would appear to attract a specific age group may actually be a hit among everyone.
When considering how to broaden a consumer base, proprietors should consider several factors that can greatly impact – positively or negatively – the bottom line. Changing the scope of offerings can be a risk, and success requires reevaluating budget and business strategies.
This major leap also involves due diligence regarding the new products a business owner plans to introduce in their establishment. In dealing with unfamiliar waters, they need to know which items are most beneficial for their business plan, and how to best acquire them at a fair cost.
This involves understanding the brick-and-mortar shopping habits of different generations. For example, those in Gen Z (born 1997 to 2012) are known for valuing eco-friendly and ethically sourced products, while their predecessors in the Millennials age group (1981-1996) prefer trying on clothes, footwear and accessories before making purchases.
Younger generations also use the latest technology to purchase items. Shop owners need to use point of sale tools that accept modern payment methods such as QR codes and Apple Pay.
The youngest shoppers, Gen Alpha (2013 to 2025), crave the immediacy of playing with and testing interactive toys and gaming in the store.
Older generations like Baby Boomers (1946-1964) and Gen X (1965-1980) greatly appreciate customer service. They would rather interact with a human being than a Chatbot. These age groups are also more inclined to buy health-related items, medication and produce in brick-and-mortar stores as opposed to delivery services.
Yet, making well-informed decisions to set the stage for a bright, new chapter in your business will be for naught if people are unaware of your merchandise makeover.
Marketing your change in brand identity is entirely critical to enticing new customers, whether you are new to town or have established a well-earned and longtime presence in the community.
For instance, a store owner could tweak well-known catch lines. One example would be All Ages – and Generations – Welcome. They can go further by messaging openness to all communities.
For instance, posting signage that states Embracing All Lifestyles greatly increases the chance of gaining loyal patrons by clearly stating that you respect all shoppers equally. Word of mouth would presumably spread about your business being a hospitable establishment that encourages positivity and respect among all shoppers.
Inexpensive tech items that consumers need in a pinch can also drive increased sales. A fantastic case in point are device accessories such as adaptors, headphones and chargers. Shoppers will spend less money in the moment for immediate necessity and purchase more costly brands later.
Shaking up your store’s array of products can be an excellent way to grow your business, prevent stagnation, and keep up with trends and technology. By doing so, you’ll increase the likelihood of profitability by successfully serving the needs of current and future generations to come.
