This year marks one of importance to businesses and indeed people who aim to understand the ever-expanding group of people who are millennials.
On April 13th and 14th there will be a summit in London, called Millennial 20/20, which will see businesses and their founders, start-ups and huge companies gather to understand this group of consumers. It will also peek into the future to have a look at how they will and are developing the market.
Businesses all need to be aware that the marketplace is largely populated by customers who are digital and tech-savvy. Not only is the consumer intelligent about digital technologies and products, but they are driven by advances in technology that allow them to use digital these services and products.
A clear-cut example of this is the fact that commuters in London can now use their phone as their Oyster card to travel on buses, Tubes and other forms of transport in the city. Millennials as a group of people are interested in ‘gadgetry’ and will enjoy being able to use something digital as opposed to a tangible product.
Similarly, millennials will be fluent in the use of apps, for the purposes of games, shopping, leisure or ordering a taxi.
Uber has become one of the most popular services in the millennial age, which could be for a multitude of reasons. As a service, Uber is a particularly safe taxi service as it allows the user to track where the taxi is via GPS and it will message a friend on the user’s behalf to ensure the user has been picked up and set down safely. Another reason for its rise in popularity may also be because payments can be made online through PayPal or a debit/credit card, thereby negating the need for physical cash.
We’re sure you’ll agree that such apps, products, businesses and services are themselves products of innovation and part of a changing world that is becoming ever more reliant on digital technology.
As such, Millennial 20/20 will be looking closely at these innovations and at the technology and creativity that is the lifeblood of millennial businesses.
Business Reporter states that there are four dedicated industry tracks for the millennial business owner. These are: fashion and beauty, food and beverage, travel and hospitality and sport and fitness.
Millennial 20/20 will take a look at the framework that helps millennials create businesses in these industries. This framework consists of marketing, retail, design, mobile, payments, video, social, e-commerce, CRM, big data and merchandising, and the summit will be holding challenging discussions into how millennials use these to create their businesses.
The summit itself was founded by entrepreneurs Rupa Ganatra, Viktoria de Chevron Villette and Simon Berger, who hope to showcase world-class influencers to those who attend the inaugural event in April.
Over the two days the summit will feature 3,000 brands and attendees, 150 speakers, 40 exhibitors and it will finish with a party on the Thursday evening.
Speakers will include Angela Brav, CEO of Intercontinental Hotels, Rio Ferdinand, BT Sport pundit and footballer, chief image officer of DKNY Hector Muelas and customer experience director Zia Zareem-Slade from Fortnum & Mason, among many others.
A statement from the Millennial 20/20 Summit website states that it aims to “focus at a unique time in industry, where large and small businesses are dealing with a more complex and ever-evolving and powerful consumer that requires them to think of innovation, disruption and technology as key components of their future”.
The summit aims to be an event that is like no other, and in some ways is an innovation on of itself.
Speaking on the summit Ms Ganatra, one of its creators, said: “Staying relevant in a millennial-driven marketplace requires constant innovation, creativity and risk-taking by businesses.”
She has highlighted the strong position that millennials hold in various industries and economies all over the world as they have “a global spending power of over £8.9 billion and are already reshaping the economy”.
The way people are spending their money is different to the generation before millennials, which opens up new avenues for businesses and creates a wholly different customer and therefore, a different customer experience. It is this that the summit seeks to highlight to businesses across the two days, as well as the fact that changing and adapting with the consumer is the best way for them to retain business.
Co-founder Viktoria de Chevron Villette gave her opinion, saying: “Change is unavoidable because the generation that is now taking control of wealth and spending has developed a very different, tech-obsessed consumer taste.”
For the millennial, change is part of their everyday consumer lives, but for businesses change can be vital to their survival in the business market.
The Millennial 20/20 Summit will take place at Victoria House in Central London on 13th-14th April, between 8.30am and 6pm each day and tickets cost £150-£250.