Digitally influenced consumers ‘Millennials’, are the ones who quickly adapt to the personalized offerings and services, today. The evolution of technology and usage of smartphones have extensively led the way for newer innovations and ideas, which are aggressively being adopted by consumers. From being receptive of the technology-led innovations like digital credit, music streaming apps, e-commerce shopping to now getting prone to convenient digital payment options, consumers are constantly leveraging the new-age technologies.
Here are some of the technological innovations driving millennials attention –
- Digital alternate lending funding consumers’ requirements:
Technology has reinforced the digital payments industry by allowing entry to alternative lending options to consumers. With easy access to credit through digital lending mechanisms, the millennials are fulfilling their immediate needs. In today’s date digital lending platforms like LazyPay are enthralling consumers as it offers app-based instant approval on personal loans, accessibility to easy EMI options and Buy Now Pay Later services on Swiggy, Flipkart and 100+ merchants. Especially, the one-click-pay-later feature on Gaana.com, Sony LIV and ALTBalaji is a win-win situation for millennials as they continue to binge-watch their favourite shows and pay later for it.
- Hitting the right Music note:
As per the latest IMI and the International Federation of the Phonographic Industry, the average Indian internet user spends 21.5 hours per week listening to music, depicting the growing acceptance of Music apps among millennials. Having diverse music categories for millennials to choose from, apps like Spotify offers an extensive catalogue of songs and playlists. This makes the app stand out in the clutter, drawing millennials’ attention.
- Continuing the gaming trend:
Millennials prefer to stay updated about latest technological digital trends and are especially open to trying new games on their smartphones, I pads all the time. The gaming environment has moved from interactive to virtual and augmented reality. The success of popular games like PUBG and Pokemon Go bear became a part of consumers’ daily routine as nothing beats the stress of a hectic day better than an exciting game on your phone.
- Instant cashback on shopping:
With technology giving a boost to online shopping space in the country, Millennials are largely driving purchases due to convenience and an increase in their spending power. Along with finding ease on popular e-commerce platforms, features like Paytm Mall on Paytm app has seen rising consumption among millennials. Looks like instant cashback offering is the new way to shop!
- Digital Fund Transfer – A Game Changer:
Digital payment is accelerating in India with more and more consumers taking advantage of this disruptive technological innovation. UPI (Unified Payments Interface) services on apps like Google Pay and PhonePe has become a way of life, today.