For Gen Z and Millennials, Online is a Must-Have
For younger generations, small businesses had better be online if they want to take advantage of their shopping dollars. This is according to new data just out of GoDaddy, which surveyed 1,000 Gen Z and Millennial consumers in the U.S. this past September. We’ve often written about the critical nature of a digital presence for a small business’s bottom line, so we’re excited to dive into this new research. Let’s take a closer look…
Of the participants surveyed, a huge majority (80 percent!) noted that they do online research before committing to the business. They check business reviews, social media content, and the company website to ensure their dollars are going to be well spent. But interestingly enough, this survey shed a bit of light on reasons shoppers would avoid shopping at a business. The red flags that would keep them away:
- Lack of reviews (56 percent)
- The business not accepting their favorite payment method (36.5 percent)
- Lack of contact information on the company website (32.5 percent)
- An “under construction” or incomplete website (31.5 percent)
- No “About Us” page on the website (26 percent)
- Unclear detail on whether their credit card information is safe in the hands of the small business (23.5 percent)
How can small businesses make improvements to their digital presence? Gen Z and Millennial shoppers agree that businesses should be updating their social media and blog content on a regular basis—74 percent said a lack of consistently updated content has a negative effect on their image. To top that off, 80 percent of respondents noted that a dedicated website and ecommerce store serve to make a business more credible.
In terms of online shopping preferences, there really is no divide between these age groups. But looking at social media tells us an interestingly different story: 61 percent of Gen Zers expect to see a business on Instagram, while 67 percent of Millennials expect them on Facebook. For TikTok, those numbers are 48 percent (Gen Z) vs. 30 percent (Millennials). There’s no denying the importance of social media, however: both groups overwhelmingly want businesses to be present on some type of social platform.
These are interesting findings to be sure, and they underscore the importance of a reputable online presence in order for small businesses to thrive. Check out all the findings at GoDaddy’s website.
At the Financial Pantry, we always have our ear to the ground of what’s happening in the small business world. Be sure to check back regularly for the latest industry news and advice from our loan experts. And if your business needs additional cash-on-hand to cover expenses like a website revamp, look no further than our best-in-class loan products. Whether it’s a line of credit or an interest-only Flex Pay loan, we offer fast online approvals—with funds wired to your business checking account in 3 to 5 business days. Learn more at ARF Financial today!
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