What do millennials expect when it comes to consumer experience in the 5G era?

As we are making our way through the age of personalisation and customised services amid the pressing need for enough time at our disposal technological advances in the realm of connectivity and communication is in sync with the needs of the future generations Indias entry into the 5G market is yet another development in a similar directionKapil Sharma CEO FiveS Digital explains what the young and the millennials are looking for in this era of path breaking tech advancements in the countryAccording to Sharma the installation of 5G technology will make internet adoption much faster than previously possible as Indias internet market expands and by the end of 2025 there should be more than 700 million internet users These days customer behaviour is influenced by speed simplicity personalisation and discounts They are pressed for time due to an increase in newage consumers And they are turned off by anything that takes a long time Additionally they are even more pushy in their requests now that social media is a powerful tool for raising voices and sharing ideasGen X Gen Z and Millennial consumers are now different in their approach due to the following main factors Penetration of the internet Long working hours Larger choices Higher inflationPenetration of internetWhile technology plays a key role in our lives today it has also affected us negatively With significant penetration of the internet content consumption has risen more than 1000 per cent in the last 23 years And this is largely dominated by millennials and the elderly population Ecommerces growth story is all around content and influencers who drive millennial consumer behaviour Now with technology users expectations have grown significantly When the likes of Swiggy and Zomato were launched we found it interesting Now with time the average time spent on ordering is around 1015 minutes if not more This is because we are spoilt by choices However the new generation of consumers expects tech to solve this also for them They want personalised recommendations basis mood diet past pattern etc They need it much faster Same way for shopping they need to see the SKUs they would potentially like much more quickly This is because the time availability at hand is pretty constrainedLong work hoursYouth today are slogging long hours at work to make more money essentially to fit their lifestyle With such long hours they are pressed on time thus affecting their temperament As an outcome wherever they go they have little time at hand Be it a visit to the store for buying groceries or for clothes They want to hit the section and come out really fast Also this is impacting the loyalties of the consumers unlike earlier If they do not get what they are looking for they become restless They prefer quicker checkin shorter queues and the fastest possible checkoutNo dearth of optionsWith 100 big and small ecommerce platforms and digitalisation in traditional businesses there is no dearth of choices Millennials are okay to spend money if they get a good experience which is equivalent to the time they save and ease of buying simpler returns etc UPI and UPI Credit soon have disrupted the long queues for payments at shopping hubs This means millennials are building trust and thus firming preferences if they have a seamless timesaving and valueadding experience In a recently concluded survey 90 per cent of millennials said they will not hesitate to try a newer platformstore if they have even one bad experience This reflects that the behaviour is driven by a plethora of options made available So they expect highly personalised or hyperpersonalised attention to their needs and expectationsHigher inflationMillennials are the real cause behind inflation Surprising right And this is the reason why we are seeing a huge surge in demand to suit their lifestyle Mathematician within all millennials has taken over all potential calorieburning logic For every task by virtue of higher inflation consumers are looking for easy athome available options With a recent study from NRN around food ordering behaviour 71 per cent of orders are placed by millennials So either they become the face of their family or they order online for feeding themselves This indicates with millennials spending a significant amount of money are expecting superior experiences than their predecessorsWith money available at disposal less time to spend and wider choices it has become imperative that the new age consumers or customers expect services to suit their preferences and needs The future of commerce is revolving around companies delivering a great experience to their customers Thus the term Customer Effort Score is gaining traction over and above NPS As consumers continue to evolve and have newer expectations with respect to their experiences businesses have a dire need or urgency to evolve faster delivering hyperpersonalizationAlso read 5G rollout will benefit education sector in a big way Dharmendra PradhanThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever