Technology is only successful when embraced by the target market for whom it is intended, and more than ever, this is the millennial generation.
Whether or not you subscribe to the caricature of millennials as coddled, impatient, gadget-obsessed individuals, you can’t afford to ignore them. In order for a digital consumer product or service to be successful, you need to cater to this highly-connected and demanding generation.
So, what is it that developers, whether in the Fintech, ecommerce or entertainment space, should consider when creating new technology? Here are three insights on millennials you need to know:
Millennial Insight 1 – They are always ‘on’
According to the GSMA Global Mobile Economy Report 2015, it is projected that 69% of the global population will be using mobile broadband by 2020, and there are countless other statistics showing the increase in connectivity across the globe, particularly in emerging markets.
In the younger generation, this has fostered an expectation of accessibility and connectivity, partnered with reduced patience and tolerance for technology that goes down, or systems that don’t work consistently.
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The simply reality is if something isn’t meeting the need, right now, then consumers will find an alternative solution. For this reason, organisations that rely on technology must make sure a solution is solid, efficient and scalable before taking it to market.
Millennial Insight 2 – They aren’t loyal and ‘old-fashioned’
Brand loyalty, a catchphrase on the tip of every marketer’s tongue, is a concept that seems to be fading amongst the millennial market. Gone are the days of long-standing relationships with businesses and brands.
More and more, it is about searching for the best value, regardless of who is offering it. With the wealth of information and expertise that businesses have, it is often possible to diversify an existing service to offer more value to their customers. The differentiating factor for businesses then, is in identifying the need within the market, and leveraging existing capabilities to offer this added-value that will retain their existing client base and attract new business.
Millennial Insight 3 – They don’t want lengthy explanations
Something that has become clear, particularly in the consumer banking space, is that simplicity is king. With constant attempts by fraudsters to gain illegal access to funds, there are more and more detailed explanations about how consumers can protect themselves and what signs to look out for.
But, long-winded instructions are not what millennials are after. Their favoured brands and technology solutions are those that offer a straightforward and easy-to-follow user experience; and one that gets the job done with the least amount of fuss.
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It comes down to whether the technology enables the consumer to do what they want to do, without adding unnecessary complications or confusion that is likely to drive the user to abandon the interaction.
Of course, a balance must be reached in order not to isolate or exclude other segments of the population, and this is what all businesses and technology providers should be striving for.