Generation Z, also known as Net Generation and Internet Generation, usually refers to the generation born between 1995 and 2009. They are seamlessly connected to the Internet information age at birth, and are more influenced by digital information technology, instant messaging equipment, and smart phone products. big.
On August 5, at the theme forum of "Digital Life: The New Trend of Consumption of Generation Z" of the 2022 Beijing News Shell Finance Summer Summit, Yao Liming, Vice President of China Business Economics Association, new retail expert, Chairman of Baum Enterprise Management Consulting Co., Ltd. Bao Yuezhong, Zhou Yanlong, general manager of China Quanjude Group, Liu Huiping, chairman and general manager of Babi Foods, Liu Ruizhi, co-founder of Park Cheng Dairy & Jane Eyre, and Tan Li, co-founder of Ningji, focusing on the impact of Generation Z on digital life consumption, enterprises Discuss topics such as the opportunities and challenges facing digital life.
The guests believed that Generation Z is more personalized in consumption, and in order to meet this personalized consumption demand, companies need to continue to innovate in product production and business models.
Yao Liming provides high-quality and personalized products for the precision of Generation Z
"Gen Z was born and grew up in the golden age of China's social and economic development, and the biggest social environment that accompanied their growth is the rapid coverage of the Internet and the deepening of the digital economy in all aspects."
Yao Liming, vice president of the China Business Economics Association, said that the essence of digitalization is precision, and only precision can provide high-quality and personalized products. This is what the generation Z consumer group needs most, and it is also what enterprises and brands need to pay great attention to. of.
According to research data, the annual consumption scale of the Z generation has reached 4.94 trillion yuan. In the face of such a huge market scale, Yao Liming believes that there are both huge market opportunities and hidden challenges.
He said that the development of digital technology and digital economy has greatly enriched the technical means of product design and production and business model innovation, that is, there will be unlimited possibilities in product innovation in the future.
Faced with challenges, in Yao Liming's view, the first is to discover and grasp the most essential needs of Generation Z in a timely manner, and the second is to maintain the ability to continuously innovate.
"The truth of the winner's longevity has been more vividly interpreted in the Internet age. In the Internet society, any innovation can quickly become popular, and at the same time, the popularity will be short-lived and quickly imitated. This is any enterprise and brand management. Businesses have to face both sides of the Internet society.”
The generation Z consumer group is also composed of many niche circles.
This means that enterprises and brand operators are facing different individuals or communities and circles, presenting diversified and multi-level market demands.
Yao Liming believes that to do business with Generation Z, first of all, we must have a clear target market and precise positioning; secondly, we must increase the interest of products and services, otherwise it will be difficult to stimulate this group's willingness to consume; thirdly, whether it is material products Whether it is a spiritual product or a product, it should be given as much cultural connotation as possible, there should be stories to tell, and room for imagination; finally, once you choose the right direction and a market, you must focus and work hard step by step.
Bao Yuezhong's "online + offline + community" three consumer needs should be integrated and advanced
Self-confidence and individuality, these are the two generalizations of the consumption characteristics of the young consumers of the Z generation by Bao Yuezhong, a new retail expert and chairman of Baum Enterprise Management Consulting Co., Ltd.
In the era of digital consumption, how can enterprises meet the personalized consumption needs of Generation Z?
In Bao Yuezhong's view, many companies think that using traditional products and services with some digital means can meet the needs of today's young consumer groups. Driven by such a simple understanding, many companies have actually taken a detour. .
"To grasp the new opportunities brought by digital consumption, we must first do a good job in product innovation, keep up with the changes in the needs of young consumer groups, and meet the self-confidence and personalized consumption characteristics of this group. This is the key foundation for ushering in the wave of digital consumption."
At the same time, Bao Yuezhong said that enterprises should match their operations with the current digital environment.
"Now, digitalization has become a basic social transformation trend, and digital transformation is something that enterprises must do sooner or later." He believes that digital transformation should seize four key words: online, connection, data, and intelligence.
In other words, digital transformation must first realize all business online, which is the basis of future enterprise operations.
Secondly, the basis of onlineization is to realize the connection of all the marketing elements and business elements of the enterprise. On the basis of these connections, a set of data-based management models must be formed, and finally, on the basis of data-based management, an intelligent replacement of data is formed. traditional management model.
Bao Yuezhong said: "The Chinese market is now composed of three spaces, consisting of online + offline + community, which forms a complete structure of China's modern consumer market." In such a market environment, the key points for enterprises to do It is how to integrate these three consumption needs, rather than simply adding them together. "For the same consumer group, the three consumption structures must be highly integrated to form a new system."
Zhou Yanlong's time-honored brand must seize the "same frequency resonance" with "Generation Z"
Zhou Yanlong, general manager of China Quanjude Group, said that by dealing with the two challenges of "unfamiliarity" and "same frequency resonance" between "Generation Z" and time-honored enterprises, time-honored enterprises are equivalent to seizing two opportunities and can do To become younger and more fashionable, it will better integrate with the main force of consumption in the future.
Zhou Yanlong said that the time-honored brand is relatively unfamiliar to the young consumers of "Gen Z", which is a challenge.
How to solve "same frequency resonance" is also a problem that time-honored enterprises need to solve in the process of better embracing young consumers.
"We need to integrate online consumption, digital consumption and new business models to embrace these young consumer groups, which is a very important opportunity for us in the future."
Zhou Yanlong said that Quanjude is making efforts to study the conversion of catering products to food, that is, pre-made dishes.
Zhou Yanlong believes that prefabricated dishes have been spawned by the epidemic, but the main reason for this is that "Generation Z" has gradually entered the main stage of consumption. Their needs for eating at home and the way the dishes are presented after they arrive home are all prefabricated by Quanjude. The starting point of dish logic.
Zhou Yanlong said: "We conceived a picture, a 100-year-old Chinese time-honored brand 'Old Man' opens his arms and embraces more young people who are more than 100 years younger than himself. In fact, this is a very harmonious and beautiful picture. People are willing to see a picture that also has sustainable development capabilities, and we will continue to explore and try boldly on this road."
Liu Huiping: The digital consumption trend of Generation Z will not weaken
Liu Huiping, chairman and general manager of Babi Foods, said at the theme forum "Digital Life: New Consumption Trend of Generation Z" that the digital consumption trend of Generation Z will not weaken, but will only strengthen. Babi Food's current product development, marketing operations, Management capabilities have gradually adapted to online channels and developed online celebrity products to adapt to the online and personalized consumption characteristics of Generation Z.
In Liu Huiping's eyes, Gen Z consumers have several basic characteristics, one is online, the other is appearance control, and the third is personalization.
In the past, it may take more than ten years for a company to reach a scale of more than one billion. Now it can rise rapidly with the help of e-commerce, which is a huge opportunity.
"The challenge is that the company's supply chain capabilities, organizational capabilities, and capital capabilities must be strong enough, and the ability to obtain a large amount of traffic and capital must be relatively strong. The brand loyalty of Generation Z is getting weaker and weaker, and the requirements for enterprises' innovation capabilities are also strong. It's getting higher and higher, otherwise it's easy to be eliminated."
In response to the characteristics of online consumption of Generation Z, Babi Foods has strengthened its sales on food delivery platforms such as Ele.me and Meituan. Product development, marketing operations, and management capabilities have gradually adapted to online channels.
In order to meet the personalized consumption needs of Generation Z, Babi Foods often develops some online celebrity products.
"I think the trend of digital consumption of Generation Z will not weaken, but will only strengthen. Therefore, in the future, enterprises must strengthen online operations and online sales, otherwise they will be eliminated in this era sooner or later." Liu Huiping said.
The biggest challenge of Liu Ruizhi's enterprise is not understanding Generation Z
"The era of the mobile Internet has created more opportunities for Gen Z to express themselves. They are generous with their products. For companies, the biggest challenge is to worry about not being able to provide these consumers with the products and services they want." Liu Ruizhi, co-founder of Park Cheng Dairy & Jane Eyre, summed up the consumption characteristics of Generation Z at the theme forum of "Digital Life: The New Consumption Trend of Generation Z".
Liu Ruizhi said, "After changing from a generation Z consumer group to a major consumer group in society, our biggest challenge is worrying about being eliminated by the times, worrying about not understanding these people, and being unable to provide the products and services they want. For example, 'a drop into the soul' The language of "Jeuizi" and "storm inhalation" cannot be understood and empathized by the post-60s, post-75s or even post-85s, and it is also unexpected."
Regarding the development of digital consumption of enterprises, Liu Ruizhi said that he hopes that Generation Z can make the world a better place by living their own life. He also hopes that more Generation Z will join consumer brand companies to truly lead the trend of the times and establish a foothold in the Chinese market. , great products and companies going global.
Tan Li Generation Z consumption needs cultural identity, interest-driven, value marketing
Tan Li, co-founder of the new tea brand Ningji, said that Gen Z mainly needs three aspects: cultural identity, interest-driven, and value marketing in terms of consumption.
New tea brands have grown rapidly in recent years, driven by a large number of Gen Z consumers.
Tan Li believes that Generation Z mainly needs three aspects in terms of consumption: the first is cultural identity, which also includes recognition of appearance; the second is interest-driven, such as blind boxes, figures, two-dimensional, Hanfu, etc. are all interests Drive; the third is value marketing, breaking the aesthetic deviation, and pleasing him becomes pleasing to oneself.
The rise of Generation Z has brought opportunities and challenges to the consumer sector.
Tan Li said that in recent years, many fast-rising brands belong to the new consumption field. The reason why new consumer brands have great opportunities is because the Z generation pays less attention to brands.
Looking forward to the future of Generation Z and digital consumption, Tan Li said, "Generation Z is the current mainstream of consumption, and the concept of consumption has undergone tremendous changes. Enterprises must do IP, not Internet celebrities. In the future, brand innovation will be greater than brand management. "
Written by special 30-31 editions / Beijing News reporter Guo Tie, Qin Sheng, Nan Wang Zi, Yang Wang Ping