Digital Transformation has brought several changes in our lives, changes in technology, processes, workflow, communication, and even overall services and products. But more changes will come in near future due to millennials getting active in workforce environment.
Millennials are those who are born after 1985 and grown up with the internet. They are the first to grow up surrounded by digital technologies like broadband internet, home computers, video games, social media, and smartphones. They don’t know what is a floppy drive or audio tape or beeper.
Millennials are very different from their parents and grandparents. While my wife and I prefer to go jewelry shop and buy something for us, my daughter will order anything and everything on Amazon. So much cross-selling is happening to them that they take the decision in a split of the second. Millennials employ a variety of devices and are omnichannel to conduct research prior to a purchase and expect a seamless experience across every channel.
On-demand is a way of life for them. They use mobile apps for transferring money, checking balances and getting loan approvals, or calling an Uber, watching movies they like. Further, they believe in using all the mobile payments like apple pay, google wallet or Samsung pay more than cash. This way ATM machines will vanish from the streets as the telephone booth had gone. P2P payments like Paytm are made more popular by millennials leading to less use of cheques or cards.
They prefer to have the digital relationship with the service provider – whether it is a bank or telephone or insurance. They don’t want to visit physical branches anymore and want to get all their problems solved immediately – digitally. They value their time more than anything and instead of driving around to buy products they want to buy, they prefer online shopping. They are faster at adopting the innovative technologies like IoT, Augmented/Virtual reality, wearables or Artificial Intelligence enabled digital assistants. This has led to more and more businesses becoming digital to service them.
As we enter a time where millennials begin to dominate the global workforce, it is important to acknowledge and understand what they are bringing to the table and how times have changed and evolved for all generations.