The new set of consumers are going to be different and hence reaching out to them is going to be different too. Look around you and you will see a generation that’s growing up differently -growing up in households with no landlines as every body in the family and outside (even the vegetable vendor) has a mobile , growing up in schools where most projects and assignments are typed so they don’t write much with pen and paper. This generation is growing up in a world where ‘instant’ is the buzz word-from food, to movies, to shopping –they want it instantly and they are actually getting it instantly too. This generation values it’s internet connection more than anything else .It’s a whole new world, a whole new culture that is emerging .
This generation is going to impact the world in a way no other generation has and it’s going to influence the other people of the other generations too.
So it’s imperative that we as marketers understand them well and keep a close eye on them as our survival depends a lot on them.
Gen Z wants to live a life with no strings attached.
It wants to do a lot and does not like to be tied down with useless commitments and useless baggages. This is a generation that has grown up in an era of huge economic turmoil , they have seen their parents struggle with jobs, money, recession, they are thus very cost sensitive. Add to this the fact that they are very aware of what is happening around them, as they are constantly connected with each other, they are also huge consumers of media so they are a very smart generation to deal with. Gen Z is not just very aware, it’s socially conscious, it’s environmentally
Lets take a look at how things will change in the future.
The fourth ‘R’
We all know the three ‘R’s’ reuse, recycle, and reduce. ( If you are from the old school the 3R’s used to be reading ,writing ,arithmetic ).Well this is so last generation. Ownership is not just expensive but can slow you down. So while the millenials (generation Y) loved the concept of renting designer wear which saw startups like ‘Rent the Runway’, ‘Bag,Borrow,Steal’ etc gain huge popularity the new gen Z has taken renting to a different level.
Why buy a music album when you can stream it instantly ? So they prefer to spend on a pro membership of the site Spotify than buy music !
Why buy a car when you can hire the latest one from Uber ? 
Why buy a house and spend all your savings when at $200 you can log on to Airbnb and hire a castle somewhere in France !
If ‘renting’ is going to be the strongest trend of the future then companies need to rethink their business models. Some smart ones are already doing that.
SnapGoods shows you how to make money by giving your stuff on rent. It allows you to rent high-end items like cameras, musical instruments and the likes. If you have some expensive items then you can put them on hire too.
Why hire a kennel when you can hire a home to take care of your dog when you are out on a vacation? DogVacay is a site that lets you do just that . It connects you to dog lovers who would take care of your pet for a small fee while you are away.
Sitting free and want to rent out your free time ? TaskRabbit lets you do just that. You could bid to do tasks ranging from delivery to office help and people looking for such services can send you a request and hire you.
Seeing a swanky car in your neighbourhood and want to take it for a spin ?
Getaround helps you do just that. If you have a great car and will not be using it for some time, maybe you are going on a holiday or are unwell or whatever you could put it up for hire on Getaround and earn some cool bucks. Considering that Getaround has an insurance cover of $ 1 million from Berkshire Hathaway could help you in putting those gorgeous wheels on hire with a little more peace of mind.
Got spare cash ? Put it to good use with the Lending Club a peer-to-peer network where one can borrow hard cash. It gives you better interest rates than your traditional savings accounts. So why let your money waste in a bank when it can make more money for you at the Lending Club.
Sharing is the way to go. According to The Wall Street the digital music sales on iTunes have declined, and so have the sales of books on Amazon. What it means is ownership of any form –digital or physical is on the decline and new business models need to be put in place quickly. So Apple’s iTunes Radio now streams music. It’s got Beats too into it’s fold to make streaming even better. Amazon now gives books on rent .
New ways of doing business is the way forward. Look at what Warby Parker has taught the world.
Warby Parker the iconic online sunglasses and reading glasses retailer has a leasing programe where you could change your sunglasses every season.. If renting is the new success mantra then Warby has shown how to do it . Why buy an outlet when you can rent one for some time or even for one day? Why buy a house when you can easily rent an apartment from somewhere similar to https://www.rent.com/arizona/scottsdale-apartments and live mortgage free? Buying a shop or retail space is very expensive so Warby Parker started selling glasses online and thanks to all the saving it could sell them at a very low cost. If there were some fussy customers who still wanted to try on their glasses before buying them Warby Parker found an interesting way to reach them. Through ‘pop-up stores’. They hired a school bus and changed the interiors and called it the Warby Parker class trip. The bus went to the customer when he refused to come to them . Warby Parker wanted to participate in the New York Fashion week but did not have the money. Why buy a space in the NY Fashion week when you can hire one. Going by this logic just one day before the NY Fashion Week Warby Parker went to the New York public library ( the library had no idea what was going to happen) and at a designated time 30 models each one carrying bright blue books entered the library sat down opened their books and started reading-of course wearing the latest collection of glasses from Warby Parker. 40 editors who were supposed to cover the New York fasion week the next day had been invited earlier. They went crazy when they saw this unique fashion show of sorts and could not stop clicking pictures . Security at the library too went crazy but could not do much as everybody was just sitting and reading. It was a pop-up fashion show ! 
Patagonia and outdoor clothing company allows customers to resell the brand’s items online.This interesting strategy increased it’s sales by 16% as Gen Z likes to travel light and not be burdened with a purchase they might regret later .
“No strings attached’ is what your business model should be built around. Renting is no more a dirty word and ownership is no more a way to display status. The new generation has it’s own rules and you need to bend your rules to suit them for this new generation of digital nomads will have it no other way. They love their digital gadgets and it’s through these that you can reach themhowever you need to connect with them in the way they like-and not many of them like to buy !
They are totally prepared , totally aware, totally connected–much more than any other generation , they want to make a difference , they know that they can make a difference and they are quickly changing the world- and rewriting the rules with no strings attached.
Prof Rajita Chaudhuri
Dean, Centre for Undergraduate Studies at Planning and Management.
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