Digital natives are looking for opportunities to have real experiences.The down turn in foot traffic and sales at physical retail has been blamed on consumers who, allegedly, prefer to shop online. However a new study shows that this is more of a handly explanation for poor retail sales, than a truthful assessment of consumer preferences.“We have seen decades of diminishing experiences in brick and mortar stores, and the differences identified in these results point to its impact on consumers over the years,” said Bob Phibbs, CEO, The Retail Doctor. “Retailers have fallen behind in offering in-store experiences that balance personalization and customer service,” he said, referring to survey results that show that nearly 44% have made no progress in tailoring the in-store shopping experience. ‘Digital natives’ are more likely to increase their shopping in physical stores this year than any other generation. Greg Zakowicz, Sr. Commerce Marketing Analyst, Oracle NetSuite The study conducted by Oracle NetSuite, Wakefield Research and The Retail Doctor. The global study of 1,200 consumers and 400 retail executives across the U.S., U.K. and Australia dispelled stereotypes around generations and found big differences in generational expectations across baby boomers, Gen X, millennials and Gen Z.“After all the talk about brick and mortar stores being dead, it’s interesting to see that ‘digital natives’ are more likely to increase their shopping in physical stores this year than any other generation,” said Greg Zakowicz, senior commerce marketing analyst, Oracle NetSuite.“Stepping back, these findings fit with broader trends we have been seeing around the importance of immediacy and underlines why retailers cannot afford to make assumptions about the needs and expectations of different generations. It really is a complex puzzle and as this study clearly shows, retailers need to think carefully about how they meet the needs of different generations.”“There’s an opportunity to take the reins back. The expectation from consumers is clear and it’s up to retailers to offer engaging and custom experiences that will cater to shoppers across a diverse group of generations,” said Mr. Phibbs.A Some What Surprising Look at How Today’s Consumers View Retail Most Likely to Shop In-Store43% Gen Z and Millennials29% Gen X13% Baby BoomersPositive View of the Current Retail Environment57% Gen Z and Millennials40% Gen X27% Baby Boomers Retailers are fascinated by emerging technologies, consumers not so much. While more than three quarters of retail executives (79%) believe having AI and VR in stores will increase sales, the study found that these technologies are not yet widely accepted by any generation.14% of consumers believe that emerging technologies like AI and VR will have a significant impact on their purchase decisions.50% of Millennials said emerging tech in retail stores is attractive, followed by Gen Z (38%), Gen X (35%) and baby boomers (20%). Jury Is Still Out Regarding AIPerceptions of VR varied widely across different generations.58% Gen Z said VR would have some influence on their purchase decisions59% of Baby Boomers said VR would have no influence on their purchase decision. Insta-famous brands reach Gen Z and millennial consumers, but not as much as retailers thinkWhile almost all retail executives (98%) think that engaging customers on social media is important to building stronger relationships with them, the study found a big disconnect with consumers across all generations.12% of consumers think their engagement with brands on social media has a significant impact on the way they think or feel about a brand.38% of Gen Z consumers are more likely to engage with retailers on social to get to know the brand compared to Millennials (25%) and Baby Boomers (21%).65% of Gen Z consumers and 63% of Millennials believe their engagement with brands on social media platforms have an impact on their relationship with brands. 53% of Baby Boomers and 29% of Gen X consumers do not engage with brands on social media.