Millennials Will Change Your Business
Technology January 26, 2017
You’ve heard of the generational shift in the workplace, but have you considered what the impacts of the so-called millennial generation will be for your business’s revenue, and possibly, its very existence?
Brands and businesses may come and go as a natural course of events on an ever-shifting retail landscape, but on the near horizon lurks the unknown wants and desires of a younger generation whose financial clout is increasing while they eschew the purchasing and consumption habits of previous generations. From cars and homes and their related products and industries to alcohol and bulk warehouse goods, today’s young adults, we are told, are frugal, uninterested in starting families, thus, they’re spending less.
Considered to be persons born between 1980 and 1999, Generation Y is also entering what are traditionally prime earning years as working adults in what is still, arguably, an uncertain economy in many respects. Regardless, this demographic cohort is upending consumption patterns, introducing what has been dubbed the “sharing economy”. It’s a movement that is driven by mobile technology, and it’s heavily influencing consumer behaviour in the greater business-to-consumer arena.
How to Adapt to Millennial Consumers and Thrive
As we noted recently, a PricewaterhouseCoopers report on millennials’ impact on the Canadian retail landscape offers more than a glimmer of hope. On the contrary, there is much opportunity to be had for nimble, forward-looking organizations that make necessary internal and external changes to embrace and harness what is arguably the most profound generational shift in decades that will reverberate throughout the economy.
As a starting point, consider conducting “needs assessment” research to determine how prepared your company is both technologically and in adapting to the demands of your younger, future customers and employees:
- Embrace the Modern Customer Journey. M-commerce across all age demographics is on the rise, especially with Gen Y, as a 2015 Pew Internet study detailed. In other words, mobile is an increasingly critical customer touchpoint, in turn, highlighting the need to have agile logistics services in place to meet demand in-step with how the supply chain adapts.
- Are Younger Workers Joining Your Workforce? Hiring educated young talent to infuse fresh energy and thinking across your organization achieves two noteworthy objectives: it can reinvigorate your company’s approach to doing business, and it can serve to reduce your group benefits plan expenditures. Attracting young talent to the fold is one thing. But as the Deloitte Millennial Survey 2016 highlights, retaining your company’s future leaders by thwarting the “loyalty challenge” employers face with Gen Y professionals will be vital.
Minimizing Economic Shockwaves
Alongside other measures, improving the efficiency of your company’s supply chain and logistics operations should rank high on your priorities list. Although there is no one-size-fits-all solution for how best to manage inventory and new logistics demands in an era of unpredictable and complex consumer habits, it’s clear establishing a proactive inventory management regimen is a must-have for many businesses.
There are options aplenty to complement or redefine how your company manages its inventory. As the calendar turns to 2017, and in a fast-paced and ever-evolving business climate, identifying the tailored logistics solutions you regard paramount, and the third-party logistics partner you align with should be included in your business’s overall strategy.
Do you need a 3PL partner to help you transform your supply chain to meet customer demand efficiently now and in the future? We can help. Canadian retailers big and small have relied on our services since 1950. Tell us what your supply chain and transportation issues are, and we’ll provide you with a cost-effective and forward-looking solution.