Every generation has its own innovative signature. In the 60’s, it was peace, free love, and music. In the 80’s, it was big hair and bigger attitudes. In the current era, the millennial generation has made its mark through its investment in (and addiction to) technology. Specifically, millennials have become a generation of mobile consumers, and it is critical to understand the economic repercussions that this shift has begun.
This change arguably began with the invention of the smartphone. Prior to the smartphone, cell phones were widely used and surely caused a revolution in the telecommunication industry, but they did not encroach upon other sectors of industry. Everything changed with the invention of the phone that was much more than the phone.
The Power of the Internet in a Pocket-Sized Device
A smartphone is much more than a phone, and this is primarily due to its powerful computing capabilities. Essentially, it is like having a laptop you can fit in your pocket. The advent of applications for smartphones quickly inspired thousands of developers to learn a new skill and create apps that the millennial market would want to consume. This created a surge in interest in the high tech industry, which consequently has led to the creation of hundreds of new jobs, start-up companies, and even college majors!
These apps have not only changed the way that consumers interact with their phones. They have also changed the way that corporations interact with the consumers. Every single industry has felt the consequences of this mobile revolution. From retail shopping to travel to online gaming, there has been a shift in the product development efforts in every industry to make sure that their business interests translate to mobile.
Millennials use their phones not only for staying in touch with friends and families, but also for a wide variety of activities that were previously accomplished in a very different way, such as ordering groceries, learning new languages, and playing casino games like blackjack to win real cash. Companies have realized that in order to stay on top of their respective markets and remain in business, they need to quickly assess how they can best infiltrate the mobile market and translate their services to a mobile platform.
The Motto of Millenials is Innovation
In many ways, the millennial drive for mobile has ushered in a new age of on-demand consumerism. For many industries, this change has been positive, and it has allowed them to advertise their products and services to a much larger market than they had been previously doing. This revolution has also led to the creation of services that are not exclusively mobile, but still serve in that same spirit or take advantage of mobile technology, such as Uber, Amazon Prime, and Netflix.
However, when some rise, some must fall. There are multiple industries that have taken a massive hit from the digitalization of many industries. For example, retail stores and malls have been massively suffering, since so many people now order directly from stores online or use services like Amazon Prime. Local video rental stores are also nearly a thing of the past, thanks to streaming services like Netflix and Hulu. In addition, while taxi cabs still coexist along with ridesharing, there has been a lot of clashing between those two services.
So what can one do to take the most advantage of this innovative trend? One strategy is to look for real-world problems that can be solved with an app. With careful deliberation, anyone can identify an issue, create a solution, develop the next big innovation in mobile, and harness the power of the millennial market.