Originally published by Forbes
Born between 1981 and 1996, millennials currently make up roughly 25% of the U.S. population and are regular subjects of news analysis and public discussion. In 2014, Pew Research Center released a report that labeled them “digital natives” for the fact that they’re the first adult population that grew up with technology. Unlike older generations, most millennials have been active with technology since childhood. This means that millennials, more than any other adult group of consumers, are relying on and expecting technology to enhance the way they interact with businesses.
Not only are the rising voices of millennials driving market demand for today’s most successful products and services, but they are shaping the way the businesses behind them function. To cater to this tech-driven generation, brands must provide three important criteria in anything they offer: simplicity, speed and convenience.
Here’s a look at how these qualities have played out in three industries currently being reshaped by millennials:
The grocery industry is just one of many that have been disrupted by the millennial generation. The emergence of 365 by Whole Foods Market symbolizes a push toward the ease and simplicity of shopping in a smaller store format. Catering to millennial demand for natural and organic products, 365 stores announced their opening with a claim that they would put their focus on creating a “hip, technology-oriented store.” AmazonGo opened its first cashierless grocery store earlier this year in Seattle. Advertised as “conveniently compact,” the experience targets millennials seeking you guessed it — speed, ease and convenience.
Simplified access to care is just one of the ways in which the health care industry is embracing transformation to meet the demands of millennials. According to a study, 74% of millennials said they would like to see interactive scheduling and online payment options available with health care systems. As interactive communication becomes more and more necessary to reach millennial audiences, it’s not hard to believe that, as Accenture notes, “by the end of 2019, 66% of U.S. health systems will offer digital self-scheduling and 64% of patients will book appointments digitally, delivering $3.2 billion in value and a competitive boost for health systems.” Another great example of millennials shaping health care is the emergence of telemedicine services providing convenient and quick remote consultations. It has been reported that millennials are “more than twice as likely to be interested in telemedicine than baby boomers.”
A reported 92% of millennials use mobile banking, making it one of the most popular services among this generation. The ease, speed and convenience of mobile banking mean millennials can quickly transfer funds, check balances and make payments while they’re on the go. The emergence of payment services which have seen fantastic success among millennials is another great example of simplicity and technology shaping the growth of new services in this sector.
It’s no doubt — millennials have been shaped by technology and their interaction and relationship with it is something that makes their generation unique. As their purchasing power continues to grow and lead market demand, any business seeking success will need to meet them with the experience they’ve become accustomed to or risk being left behind.
Read more at: Forbes