The Future is Female
The female economy is a hot topic of debate. Women represent, perhaps, one of the largest disruptive forces in business today. Yet, it’s fair to say that, for the most part, businesses are unprepared. And why? Well, because we live in a world where the majority of products and experiences are designed by men, irrespective of the target audience. This is, in part, driven by the under-representation of females throughout the technology sector, and the limited understanding of different consumer behaviours. Thus, resulting in generic and male oriented UX, design and experiences that are not truly reflective of the different needs of the female consumer.
Traditionally, we have viewed gender in a very binary manner, but, with the matter of gender fluidity being driven by Millennials and Generation Z-ers, we are seeing the concept of ‘mindset-driven purchasing’ appearing, helping to explain behavioural differences between the genders, and, thus, defining customer experiences more and more. When we look at the female consumer, we notice characteristics such as enjoyment, pleasure, and emotion evoked from the overall shopping experience; characteristics that we can associate with a more ‘hedonic’ mindset.
85% of purchasing decisions are made by women
Women make up around 85% of all purchasing decisions across industry sectors, buying not only for themselves, but for their husband, partner, children…the list goes on. And with women representing the largest spenders in retail, spending over $150 billion annually, retailers should be creating bespoke experiences that resonate with the female shopper more effectively.
Key differences of the female shopper include: the strong emphasis on influencers and social media, the time spent immersed within engaging and inspiring editorial, as well as the value of peer reviews and opinions. Incorporating these features, amongst others, will help brands and retailers to resonate with their female shopper more effectively, and fully harness their power as consumers.
Simply put, brands need to give their female shoppers what they want, when they want, and how they want…in order to fully benefit from their great consumer power. With the current push for female empowerment within mainstream media and mainstream advertising, allowing your female consumers to navigate through an experience that is more tailored to them, is going to be vital, in order to stay ahead within this increasingly competitive environment.
I recently presented “Mindset driven purchasing and the female shopper” at the annual eCommerce conference “Commerce 2020” held at Google. It’s a theme I’ll continue to develop and commercialise for clients – so watch this space.