What Generation N brings to the table for merchants, brands
Kristina: What is Gen N and why is this new grouping different from typical demographics?
Leena Iyar, Chief Brand Officer, Moxtra: In just 90 days, Covid-19 transformed the world and created a whole new type of consumer, known as Generation Novel. Gen-N is the product of the pandemic, a ‘digital-first’ customer who almost exclusively experienced every buying journey and brand interaction digitally during the global shutdown. This new generation indicates an evolution from Generation Connected consumer, customers who were considered more connected as a result of being “born digital”, which ultimately drove a lot of customer experience innovation prior to the pandemic.
Looking at the bigger picture, Generation N represents a new generation of business users, rather than an age-bound demographic. These digital-first consumers are a product of the particular environment we moved through as a society. With the rise of Gen-N, companies need to learn what their customers value, and enhance their business models to accommodate these customers. While Generation N is a product of the pandemic, the next stage of business needs to continue moving forward to cater to the needs of the digital-first customer.
Kristina: What does this ageless demographic offer merchants/brands?
Leena: This demographic offers brands nothing but opportunity. Most have begun developing digital solutions over the last 18 months and plan to continue utilizing them going forward. With the buy-in from Generation N, brands can capitalize on the feedback provided by their digital-first customers to continuously build upon and improve their customer-facing systems.
This will benefit companies internally, too. When employers start considering their employee needs alongside their customer needs, they will usually find a lot of crossover. Digital-first individuals working for organizations will expect reliable and engaging digital experiences from their own company as much as any other.
Kristina: In your opinion, is the identification of this ‘ageless’ demo going to change how marketers target more traditional demographics – like Boomers, Gen X, etc?
Leena: Since Generation N represents a type of consumer defined by their environment, as opposed to a generation of people defined by their age, marketers are able to target customers based on their expectations of business right now, rather than attempting to cater to antiquated ideas of business based on age demographics. With the rise of technological solutions and introduction of Generation N, marketers should focus on targeting their consumers according to society’s expectations and the digital world we now live in.
We are exiting an era where businesses will have to target different customer segments based on age and their ability to operate new technologies, because a larger portion of the population has grown up in a digital age. From Baby Boomers to Gen-Z, consumers crave convenient digital experiences alike. When marketers consider what society as a whole desires from businesses today, they can develop more targeted campaigns that accommodate digital-first customers’ needs.