We live in an increasingly fast-paced society, where the technology you possess determines how much of your finger actually is on the proverbial pulse.
The way business is done has changed; millennials are altering the very nature of commerce, as the need to stay in touch and up-to-date drives decisions made by consumers. These changes give some indication as to where the future is headed and how this future can improve the services of companies, ultimately to the benefit of consumers.
Millennials are using current technology; they have a need to stay up-to-date. How is this possible without breaking the bank? There are a few options available to them; Rent-To-Own (RTO) from Teljoy is one of the better ways of doing this. Gen X might have developed a sense of loyalty and purchased products as a result of this but Gen Y, on the other hand.
Millennials have the freedom to rent the latest and greatest without the need to own it. In other words, you’re more likely to know a millennial with a Teljoy rental agreement. This allows them to maintain their tech dependence, using tech as required for their daily lifestyle.
Unlike millennials, Gen Xers are considered tech savvy in that they attempt to understand the item being used. Millennials don’t need to know the ins and outs of a phone, it just needs to work.
This gives them more time to get on with the things that matter to them. The value of time in modern life is greater than at any time in the past, “instant gratification” is the buzzword of the moment and is important to millennials as everything needs to happen now, never later. Keeping a finger on the pulse by having access to technology is an absolute priority. Gen X did not use or approach technology in the same way; it was a tool but not one that was as integrated with lifestyle.
How do millennials assess products? Jason Dorsey of The Centre of Generational Kinetics has concluded that millennials are visual buyers and learners. They have grown up with screens and aggressive advertising, this means that they might be harder to capture as consumers and are less easily persuaded to purchase than their parents or others from Gen X.
Dorsey goes on to talk about the consistency of Gen Y, that they are in better contact with each other, allowing them to discuss the technology that works in alignment to their lifestyle. This can be seen in the rapid spread of certain products such as apps. It can even be seen in the dialogue used where #totes, a relatively generic term, is part of the hashtag language and the more recent changes to certain words trending around the globe.
A different approach
Consumers are not just interested in how pretty a product might be, it’s important to note a historical difference between Gen X and Gen Y. Gen X, roughly half the size of Gen Y in real terms, had to fight for a voice, so they took less for granted and generally had a culture of respect towards authority.
This is not so for Gen Y, the children of Gen X, who have been raised in the belief that their voice matters and is important. In addition to this, there is a change in the relationship to authority. It is acceptable culture for millennials to question and decide what they believe. This different approach contributes to the awareness of consumer power millennials control. The aforementioned Rent-to-Own model is a fantastic vehicle for this as it provides a platform for a fast-moving lifestyle and highly competitive industry so different from the past.
Loyalty and trust
As previously mentioned, Gen Y are different in their approach to commerce. This has given some the impression that they are not loyal. The fact is that millennials are very loyal but usually only once they have made a decision. Decisions are influenced by the shared information from peers and what they have learned about their requirements. Gen Xers were not brought up with the same entitlement, so trust and loyalty were based less on information and more on the brand. This shift is important to note as it has given millennials more power in the relationship between consumer and company. The impact is particularly true as the range of products, services, payment and competition has increased considerably compared to the days of gen Xers.