Article presented by SBS highlighting how technology has completely shaped the way young people react to businesses with a mobile a presence- note 14% wouldn’t do business with a company that doesn’t have a mobile site or app.
Millennials love their smartphones: Deal with it
To say that young people are in love with their smartphones would be an understatement: It’s more like they’re obsessed.
You’ve seen them shuffling down the street, eyes glued to 4-inch screens, fingers tip-tapping away. To say that young people are in love with their smartphones would be an understatement: It’s more like they’re obsessed, confirms a new US study out by Zogby Analytics.
Almost 90 per cent of Millennials say their phones never leave their sides. The first thing that 80 per cent of Millennials do every morning is reach for their smartphones, and 78 per cent spend more than two hours a day texting, surfing, talking, tweeting and — more importantly for businesses — shopping, banking and more.
“Businesses will ignore this at their peril,” says James DeBello, CEO of Mitek, the company behind mobile bank deposits that commissioned the independent study, “Millennials, Selfies and the Changing Face of Mobile Commerce.”
Companies that don’t speak mobile “are missing the boat,” he says, because young consumers are expecting it, even demanding it. “If you don’t have it, you’re considered old-fashioned, out of date and not a company I want to do business with.”
The US study, which surveyed 1,019 people ages 18-34, found that what many Millennials love best about their smartphones is the camera. Almost 90 per cent snap shots daily or weekly, and not just “selfies.” Say, they’re out and about and see a shirt or a stereo they like, DeBello says. They might grab a shot and send it to friends to see what they think — call it shopping by crowdsourcing.
They’re also depositing checks via photo and getting car insurance quotes by shooting a pic of their driver’s license and sending it off. No need to slog through manually entering name, address, yada yada yada. Millennials love the ease and speed of using their smartphone camera as tool to get things done.
“I think the overall trend we discovered is they still wish they could do more, in fact, they expect it. And they want to do it faster and easier,” DeBello says.
What Millennials are saying about mobile:
- 81% say it’s important for retailers to have high-quality mobile apps
- 47% access businesses via mobile at least once a day
- 58% have tried to enroll for a new service or account on mobile
- 36% have made a decision on where to spend money or switched companies based on what they let them accomplish on mobile
For consumers of all generations what this means is that they can expect to see a crop of new, more sophisticated apps on the way. If Millennials had their way, they’d be able to pay bills by snapping a photo of them (45 per cent), enroll for everything from credit cards to gym memberships using a photo of their driver’s license (33 per cent) and take some pain out of tax time by inputting W-2’s by photo (33 per cent).
Companies such as Progressive Insurance, Bank of America and Apple are at the forefront of the trend, DeBello says, but that’s only the start. And the mobile trend is being driven by Millennials … perhaps the very dawdlers in front of you on the sidewalk with their faces in their smartphones.
Millennials by the numbers:
- 87% say their phone never leaves their side
- 88% have or would deposit a check by snapping a picture
- 60% say in the next five years everything will be done on mobile devices
- 54% would pay using a mobile wallet
- 86% say there are still a lot of websites without good mobile functionality
- 14% wouldn’t do business with a company that doesn’t have a mobile site or app
Original article found here