Millennial Methods are Shaping the Future of Commerce
As millennials start dominating key demographics they are reshaping the future of commerce. What once was the golden standard is now making way for fresh new technologies that are caught up with the speed of today’s business. Software and hardware vendors are focusing much more to the on-demand culture, providing all-in-one services for convenience oriented buyers where before it was a battle for lowest price. Today’s consumers value convenience over cost. What’s really valuable to millennials is their time. Saving that time is well worth the premium cost.
Let’s take a look at some of the tools of the millennial entrepreneur. Five years ago Wordpress was the way to build a simple site if you didn’t have the resources to hire a web developer/agency. Today SquareSpace is the go to tool for dynamic, beautiful sites with full functionality. These sites are made with minimal effort. They look professional and are enough to run a small business. Keeping track of customers and leads used to be a market cornered by Salesforce. All good things come to an end however and now we’re seeing the rise of better, leaner, and sometimes cheaper versions of CRM like Freshdesk.
On the other side of the counter millennial merchants are also driving trends that are much different from their generational counterparts. Millennial merchants are shying away from traditional web development services to bring their digital strategy online. Most of the tools that were shared with enterprise business have made their way to owner operator businesses in a much more simplified way. Ideas are now turned into businesses on the go, anywhere, anytime. This mobility is a huge advantage to someone who is not in a large population center where traditionally businesses needed to be to succeed.
Loyalty offerings are no longer an option. With so many choices for everything out there a strong loyalty solution is required to build your customer base. The nature of our lives now insists on information being available wherever you need it. On demand and real-time data are cornerstones of millennial entrepreneurship.
Finally, support is available in an omni-channel structure. There is a social media outreach, chat bot integration for desktop users, email for detailed correspondence, knowledge base/FAQ for the self service types and the last resort phone number when things really heat up. Having some of those options but not all is no longer viable. Millennial customers value time and if support is available where they are at that moment time is saved.
To summarize, as the convenience demographic grows so does the expectation of today’s merchants to deliver that type of service. Robust customer support, loyalty programs, fast on-demand delivery are key drivers in today’s success stories. Millennial merchants have come to a conclusion that service and quality are valued higher than price point. This allows merchants to increase their earnings and thrive in today’s millennial ecosystem.