SlideShare a Scribd company logo
http://www.carangid.net
Workshop:
Gen Z and the
marketplaces:
let’s translate their needs
DMA Spring Conference 2024, 2024.06.05.07
http://www.carangid.net
Hi!
Partners and references
Laura Szabó
Managing Director at Carangid
laura.szabo@carangid.net
linkedin.com/in/lauraszabo
Helping marketplaces, digital brokerages proptechs,
and job listings with business consulting and
product management.
Former CPO at ingatlan.com, Former Head of Real
Estate az OLX Portugal, Product Strategist and
Product consultant
http://www.carangid.net
Digital Natives
Pros in social media
What is Gen Z like?
Digital Natives
Defaulting to online
research before
decisions
Digital Natives
Connected 24/7
Diverse
Valuing personal
identity
Conscious consumers
Valuing flexibility
Wellbeing focused
Prioritizing health and
wellness
Diverse
Diverse & inclusive
Diverse
Geographically
different
Conscious consumers
Expecting a client first
provider behavior
Conscious consumers
Mindful about
financials
http://www.carangid.net
How are these characteristics important
for marketplaces?
Let’s discuss these characteristics
In the meantime please think about:
1) A good example
Where your marketplace (or any other
you know) nailed a Gen Z specific solution
2) An improvement area for your business
Related to targeting Gen Z
http://www.carangid.net
Digital Natives
Pros in social media
They rely on social media to: stay connected to
friends, self-expression, entertainment, making
purchase decisions, learning, participate in social
activism.
In purchasing decisions opinion of trusted people
matters more than other endorsements. Trusted
people are mostly friends & family, but
influencers can also make the list.
Relevance for marketplaces
- Social networks is a primary channel for reaching Gen Z,
sales/marketing activities leveraging social media are more
effective
- Visually engaging listing content with good photos/videos are
important, because they are used to high quality visual
representation everywhere
- Mobile first solutions are a must
- Reviews/ratings/influencer collaborations/real testimonials
help in building credibility in their eyes
http://www.carangid.net
Digital Natives
Defaulting to online
research before
decisions
They trust online providers just as much - if not
more - than offline.
They default to online research before purchase
decision.
Because of limited timeframe & plethora of
options, they optimize effort by researching on
trusted platforms/brands.
They prefer genuine unfiltered content instead of
overly polished, generic marketing messages
Relevance for marketplaces
Marketplaces need to strive to be THE trusted platform on their
market, by being comprehensive with the most content
Support the research use case:
- Build credibility with education materials and a responsive
customer support
- Utilize real ratings & reviews. Example: Online grocery shop
Rohlik.cz/Kifli.hu integrates Vivino ratings when shopping for
wine
http://www.carangid.net
Digital Natives
Connected 24/7
They are present on all platforms, always
connected.
But they are multitasking, and can get
overloaded, so they highly value simple,
straightforward solutions.
Relevance for marketplaces
- When designing solutions for Gen Z, keywords should be
“getting things done fast” and “reducing friction”
- Instant notifications on important things
- Short-form content in the presentation of listings: eg concise
descriptions, easy to digest parameter structure, short videos
- One-click actions, shortcuts for completing tasks
http://www.carangid.net
Diverse
Valuing personal
identity
It is important for them to see how
services/products fit in and benefit their exact
use case.
Relevance for marketplaces
- Product/service descriptions reviewing from the aspect of the
individual's use case, and going fairly deep in details, give a lot
of credibility and assurance in the purchasing decision
http://www.carangid.net
Diverse
Diverse & inclusive
They are diverse and inclusive by default in terms
of race / ethnicity / sexual orientation.
They also expect others (including service
providers) to be inclusive.
Relevance for marketplaces
Companies sharing similar values are well received, and - where
it makes sense - integrating diversity and inclusivity related
features also sends a good message. For example:
- Providing inclusivity related information in the search journey
and in the listing description in a roommate finding use case.
- Neighborhood profile from a diversity standpoint on an
apartment listing
- Filtering for job opportunities from employers with inclusive
hiring practices on a job portal.
http://www.carangid.net
Diverse
Geographically
different
Gen Z are not the same everywhere: growing up
in different locations influences their
characteristics / requirements / pain points /
priorities. For example:
Gen Z in EU: care for environment, love to travel,
vocal on politics
Gen Z in USA: saving money, all about latest tech,
looks at job as a means of making money
Gen Z in Asia: heavily influenced by social media,
high interest in luxury brands
Relevance for marketplaces
- Solutions that work in a certain location might not work
elsewhere, local Gen Z needs and pain points should be
identified and addressed.
http://www.carangid.net
Conscious consumers
Valuing flexibility
They are used to having options, and in general
favor solutions which ensure:
- Instant availability
- Low entry barrier
- Simple, easy to understand offering structure
- Straightforward, frictionless UX
Relevance for marketplaces
- Solutions where the whole transaction happens online, and no
further wait, or subsequent offline steps are needed are
preferred
http://www.carangid.net
Conscious consumers
Expecting a client first
provider behavior
“The client is always right”, and Gen Z is very
conscious about this.
In the US this is a more general narrative, not only
relevant for younger generations, but in other
parts of the world (eg. Central/Eastern Europe)
due to cultural heritage, the narrative is more like
“companies dictate the terms, and customers
take what they are given”. Gen Z growing up in a
global community, don’t accept the latter
narrative.
Relevance for marketplaces
- They meet lot of "client first" services, so they expect this from
every provider.
- This expectation might sometimes come through as rudeness,
although it is more a learned behavior on getting things done
with providers.
http://www.carangid.net
Conscious consumers
Mindful about
financials
Growing up in recession, seeing rising prices, high
inflation, dialed-back employer benefits, tech
sector layoffs, they are practical in financials,
saving money, prioritizing long term goals.
They search for deals/discounts, when paying for
it, they seek frictionless payment options.
But since they live in a lot of artificially generated
demand (like having the latest tech) the
temptation to buy is high.
Relevance for marketplaces
For example BNPL is a popular payment form among Gen Z (and
not necessarily because of impulsive spending habits):
- BNPL is a very frictionless payment form
- It is more accessible than a credit card, with a less rigid
payment structure
- BNPL providers are usually well integrated into platforms, and
tend to have a good frictionless UX
http://www.carangid.net
Wellbeing focused
Prioritizing health and
wellness
Gen Z put a large focus on physical and mental
wellbeing compared to older generations, and
more likely to choose products/services/places
promoting wellbeing.
Relevance for marketplaces
- Browsing jobs on a job portal, highlighting wellbeing related
benefits matters
http://www.carangid.net
Thank you!
Let’s keep in touch!
laura.szabo@carangid.net
linkedin.com/in/lauraszabo

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Gen Z and the marketplaces - let's translate their needs

  • 1. http://www.carangid.net Workshop: Gen Z and the marketplaces: let’s translate their needs DMA Spring Conference 2024, 2024.06.05.07
  • 2. http://www.carangid.net Hi! Partners and references Laura Szabó Managing Director at Carangid laura.szabo@carangid.net linkedin.com/in/lauraszabo Helping marketplaces, digital brokerages proptechs, and job listings with business consulting and product management. Former CPO at ingatlan.com, Former Head of Real Estate az OLX Portugal, Product Strategist and Product consultant
  • 3. http://www.carangid.net Digital Natives Pros in social media What is Gen Z like? Digital Natives Defaulting to online research before decisions Digital Natives Connected 24/7 Diverse Valuing personal identity Conscious consumers Valuing flexibility Wellbeing focused Prioritizing health and wellness Diverse Diverse & inclusive Diverse Geographically different Conscious consumers Expecting a client first provider behavior Conscious consumers Mindful about financials
  • 4. http://www.carangid.net How are these characteristics important for marketplaces? Let’s discuss these characteristics In the meantime please think about: 1) A good example Where your marketplace (or any other you know) nailed a Gen Z specific solution 2) An improvement area for your business Related to targeting Gen Z
  • 5. http://www.carangid.net Digital Natives Pros in social media They rely on social media to: stay connected to friends, self-expression, entertainment, making purchase decisions, learning, participate in social activism. In purchasing decisions opinion of trusted people matters more than other endorsements. Trusted people are mostly friends & family, but influencers can also make the list. Relevance for marketplaces - Social networks is a primary channel for reaching Gen Z, sales/marketing activities leveraging social media are more effective - Visually engaging listing content with good photos/videos are important, because they are used to high quality visual representation everywhere - Mobile first solutions are a must - Reviews/ratings/influencer collaborations/real testimonials help in building credibility in their eyes
  • 6. http://www.carangid.net Digital Natives Defaulting to online research before decisions They trust online providers just as much - if not more - than offline. They default to online research before purchase decision. Because of limited timeframe & plethora of options, they optimize effort by researching on trusted platforms/brands. They prefer genuine unfiltered content instead of overly polished, generic marketing messages Relevance for marketplaces Marketplaces need to strive to be THE trusted platform on their market, by being comprehensive with the most content Support the research use case: - Build credibility with education materials and a responsive customer support - Utilize real ratings & reviews. Example: Online grocery shop Rohlik.cz/Kifli.hu integrates Vivino ratings when shopping for wine
  • 7. http://www.carangid.net Digital Natives Connected 24/7 They are present on all platforms, always connected. But they are multitasking, and can get overloaded, so they highly value simple, straightforward solutions. Relevance for marketplaces - When designing solutions for Gen Z, keywords should be “getting things done fast” and “reducing friction” - Instant notifications on important things - Short-form content in the presentation of listings: eg concise descriptions, easy to digest parameter structure, short videos - One-click actions, shortcuts for completing tasks
  • 8. http://www.carangid.net Diverse Valuing personal identity It is important for them to see how services/products fit in and benefit their exact use case. Relevance for marketplaces - Product/service descriptions reviewing from the aspect of the individual's use case, and going fairly deep in details, give a lot of credibility and assurance in the purchasing decision
  • 9. http://www.carangid.net Diverse Diverse & inclusive They are diverse and inclusive by default in terms of race / ethnicity / sexual orientation. They also expect others (including service providers) to be inclusive. Relevance for marketplaces Companies sharing similar values are well received, and - where it makes sense - integrating diversity and inclusivity related features also sends a good message. For example: - Providing inclusivity related information in the search journey and in the listing description in a roommate finding use case. - Neighborhood profile from a diversity standpoint on an apartment listing - Filtering for job opportunities from employers with inclusive hiring practices on a job portal.
  • 10. http://www.carangid.net Diverse Geographically different Gen Z are not the same everywhere: growing up in different locations influences their characteristics / requirements / pain points / priorities. For example: Gen Z in EU: care for environment, love to travel, vocal on politics Gen Z in USA: saving money, all about latest tech, looks at job as a means of making money Gen Z in Asia: heavily influenced by social media, high interest in luxury brands Relevance for marketplaces - Solutions that work in a certain location might not work elsewhere, local Gen Z needs and pain points should be identified and addressed.
  • 11. http://www.carangid.net Conscious consumers Valuing flexibility They are used to having options, and in general favor solutions which ensure: - Instant availability - Low entry barrier - Simple, easy to understand offering structure - Straightforward, frictionless UX Relevance for marketplaces - Solutions where the whole transaction happens online, and no further wait, or subsequent offline steps are needed are preferred
  • 12. http://www.carangid.net Conscious consumers Expecting a client first provider behavior “The client is always right”, and Gen Z is very conscious about this. In the US this is a more general narrative, not only relevant for younger generations, but in other parts of the world (eg. Central/Eastern Europe) due to cultural heritage, the narrative is more like “companies dictate the terms, and customers take what they are given”. Gen Z growing up in a global community, don’t accept the latter narrative. Relevance for marketplaces - They meet lot of "client first" services, so they expect this from every provider. - This expectation might sometimes come through as rudeness, although it is more a learned behavior on getting things done with providers.
  • 13. http://www.carangid.net Conscious consumers Mindful about financials Growing up in recession, seeing rising prices, high inflation, dialed-back employer benefits, tech sector layoffs, they are practical in financials, saving money, prioritizing long term goals. They search for deals/discounts, when paying for it, they seek frictionless payment options. But since they live in a lot of artificially generated demand (like having the latest tech) the temptation to buy is high. Relevance for marketplaces For example BNPL is a popular payment form among Gen Z (and not necessarily because of impulsive spending habits): - BNPL is a very frictionless payment form - It is more accessible than a credit card, with a less rigid payment structure - BNPL providers are usually well integrated into platforms, and tend to have a good frictionless UX
  • 14. http://www.carangid.net Wellbeing focused Prioritizing health and wellness Gen Z put a large focus on physical and mental wellbeing compared to older generations, and more likely to choose products/services/places promoting wellbeing. Relevance for marketplaces - Browsing jobs on a job portal, highlighting wellbeing related benefits matters
  • 15. http://www.carangid.net Thank you! Let’s keep in touch! laura.szabo@carangid.net linkedin.com/in/lauraszabo