Key power shoppers, Millennials and Generation Z are flocking to Kylie Cosmetics and digital natives like Glossier. With the extreme following these brands have curated over a short time span, it’s increasingly apparent that beauty brands and retailers are dealing with entirely new types of competition when marketing to these generations.
And, that — in conjunction with the need for influencer marketing strategies, competitive e-commerce plans, high-tech innovations — has positioned beauty industry stakeholders on the tips of their toes given the unstable retail market.
Asserting brand identity and familiarity amidst a largely saturated in-store arena is necessitated and expedited by the quickly fluctuating product cravings and digital demands of Millennials and Gen Z.
From elevated in-store experiences to powerful e-commerce capabilities, experts affirm that brands must firmly root themselves within their unique points of differentiation in order to provide memories that will inspire a shopper to return.
WWD recently reported, for instance, that Jaime Bettencourt — in-store media solutions provider Mood Media’s senior vice president of business development and account management — expressed that nuanced connections to a brand have become key.
“Consumers are choosing to associate with brands that build the strongest personal and emotional connections, and to achieve that, it is imperative that retailers consider and consciously execute across all customer touch points,” she said.
On top of this, as Tanya Levina — marketing agency Fluent’s research director — recently pointed out to WWD, affordability for Millennials and Gen Z is also of the essence. “[Younger consumers] have lower incomes than older consumers, so it is more important for them to score a deal,” she explained.
Accordingly, brands are posed with numerous challenges of late in reaching the elusive Millennial and Gen Z consumer — a tall order that combines effective product, memorable experiences and an affordable price point.
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