50% of our workforce is now powered by the millennials who grew up close at hand with social media networks and dominant technology platforms that shape our current world. By 2025 they will go on to form 75% of the global workforce. Their strong belief on today’s technologies already has 38% of them believing that outdated collaborative processes are hindering innovation, and more than a majority opine that they can coach their bosses on learning technology.
Not too long ago, technology served as a divider between generations, but things have changed. There is a significantly higher growth in tech adoption by people who are 65 years and older, even though the content writing and dissemination continues to be done mostly by millennials. Online streaming, virtual gaming, e-tailing have all become de-facto choices for everyone and are bringing generations together onto a common platform and a common view, though with a few changes. This shift is disrupting the traditional purchasing patterns for products and services and is influenced heavily by the ‘millennial’ behavior and their experience expectations. Let’s look at some of these factors influencing buying behaviors:
Affinity for visual communication over written content
Social voice across multiple channels
Move on to alternatives rather than complain and wait
Love for personalized services
Desire to stay connected across all channels
Emphasis on value comparison more than price comparison
The want for more lovable experiences to remember
Increasing dependence on their technology and tools
Want to subscribe to products but not necessarily own them
Coupled with these factors is the much talked about ‘Fear Of Missing Out’ (FOMO) a deal or experience that ultimately impacts their purchasing decisions. Studies predict that around 69% of the millennials experience FOMO fueled by the fact that they believe in social reviews before making purchase and share experiences across social media channels as a form of mass communication.
However, millennials are one of the most value conscious generations and function with an enhanced ability to manage risk to optimize their personal finances. This puts the ball back in the court of experience providers to cultivate and deliver meaningful experiences. There is money in the bank, as well as the willingness to spend if the value is incremental and continuous.
Accounting for these behavioral changes is testing the limit of Digital Integration and Mobile based proliferation on an Alpha release of a Technology or Solution making it more and more critical to get things done right the first time.