A Foolish Take: Gen Z Shoppers Are Keen to Try Shopping Innovations
Over the past decade, retailers launched smartphone apps and optimized their websites for mobile devices. Today, many are dabbling with next-gen shopping solutions like voice shopping on smart speakers, virtual reality (VR) shopping apps, and pop-up stores.
Blackhawk Network recently found that many Generation Z shoppers -- defined as folks born between 1995 and 2015 -- were willing to use these newer shopping solutions on a monthly basis.
Data source: Blackhawk Network. Chart by author.
That's good news for Amazon (NASDAQ: AMZN), which controlled 61% of the U.S. smart speaker market in January, according to Voicebot.ai. Amazon is also reportedly developing a VR shopping app, which could turn its online marketplace into a virtual department store. Walmart (NYSE: WMT), which acquired VR start-up Spatialand last year, could also be developing a similar app.
Pop-up stores are also becoming popular for digital-only brands. Facebook launched pop-up stores for its digital retailers, and LVMH is planning pop-ups for Rihanna's new Fenty brand.
Retailers that adopt these solutions could lock in younger shoppers, so investors shouldn't dismiss these new shopping trends as gimmicks or fads.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Leo Sun owns shares of Amazon, FB, and LVMUY. The Motley Fool owns shares of and recommends Amazon and FB. The Motley Fool has a disclosure policy.
