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1
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· Posted on
February 21, 2024

Kmart's viral equation: TikTok + Gen Z + beauty and storage products = $$$

Kmart has some big plans to attract "social media-savvy Gen Z shoppers".

What's the key learning?

  • Kmart hauls and Insta videos have been popping off on TikTok and Instagram, and now, they're looking to lean into their younger customer base and grow their share of wallet.
  • Share of wallet is a term that describes the amount an existing customer spends with a company... relative to its competitors.
  • Companies try to maximise an existing customer's share of wallet by introducing new and exciting products.

👉 Background: Kmart is the Wesfarmers-owned discount retailer founded back in 1969. We know that Kmart has a HEAP of loyal fans on their Kmart-Facebook-groups, where customers show off their latest bargain hauls.

👉 What happened: Now, Kmart has some big plans to attract "social media-savvy Gen Z shoppers". And it's all because these Kmart hauls and Insta videos have been popping off on TikTok and Instagram.

👉 What else: Kmart says it has generated 3.3 billion impressions across search and social media in the 12 months to December. And now, they're looking to lean into their younger customer base and grow their share of wallet.

What's the key learning?

💡Share of wallet is a term that describes the amount an existing customer spends with a company... relative to its competitors.

💡Companies try to maximise an existing customer's share of wallet by introducing new and exciting products.

  • Gen Z’ers may buy plates and bowls from Kmart when they first move out of home..
  • But they also need storage products for that tiny, dingey apartment without any cupboard space.

💡For Kmart, the idea is to increase its customers' share of wallet by expanding into product categories that are already popular with their Gen Z demographic on Instagram and TikTok.

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