52 percent of millennials say that they always research background information before buying goods or services, compared with 45 percent of Generation X consumers and 41 percent of baby boomers.
So says the McKinsey article in the link below.
The commercial digital world we live in is always in a state of flux, change is inevitable and based on my experience change (positive/negative) happens as a result of changes in behaviour combined with a business that's lost it's 'WHY'!.
Companies that don't invest time, effort, and resource to keep pace with the dynamics of change tend to be the losers in the world of commerce.
What you were great at yesterday will no longer be a strategy for the future.
Customers—particularly younger ones—want to know what the companies they engage with are doing for, with, and to the world. Nine in ten Generation Z consumers believe that companies have a responsibility to address environmental and social issues. Younger people think that environmentally and socially focused companies are better prospective employers, and the vast majority say they would be more loyal to companies aligned with those values - link below.
Today's generations know nothing other than the free to access, free to use, lo-cost, no-cost digital world that many from previous generations still find somewhat bewildering. Especially in multi-channel retail.
The next wave of disruption doesn't require you to invest in the next 'digital' big thing, it doesn't require you to bolt new tech onto old tech, it also doesn't have the patience to wait around for decades for you and your team to think about how to adjust and adapt.
Social commerce will turn us all into shoppable product demos and our life into a catalogue of stylised products. It will also introduce new revenue streams, business models, marketing strategies and regulatory hurdles. Social currency is the fuel of the modern retail economy, and community is its killer app.
A McKinsey report from last year—The State of Fashion 2019, written in partnership with The Business of Fashion—offers one lens on socially demanding consumers. The data make clear that today’s shoppers care deeply about the social impact of the companies they patronize. They are also willing to dig, often deeply, into the provenance of products they’re considering, to assure themselves that these products meet a desired social aspiration. Some two-thirds of consumers around the world say they would switch, avoid, or boycott brands for their stances on controversial issues. One response is transparency, as the following examples show:
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