Companies need to appeal to instant gratification when transforming for mobility
One of the main forces moving us towards a mobility society, where services can easily get to us, is changing demands from consumers. The younger generations were raised with technology and are used to receiving goods and services instantly.
This desire for instant gratification will impact companies’ business models and technology as they move into the mobility society. Additionally, consumer consciousness around sustainability, increased connectivity and converging markets are pushing us closer to the beginning of the mobility disruption in 2025.
Consciousness – The customer takes control
Consumers, especially those in the Millennial and Gen Z generations, are more aware of how their purchases impact the planet. One global survey of Millennials and Gen Zs found that climate change was of their top two concerns in 2021. This increased consciousness combined with differing economic conditions from other generations means that they want devices and vehicles to last.
The younger generations, raised with technology, are also more impatient. They are less likely to want to wait for anything, even customer service. Consumers want products and information instantly and are taking control of their purchases and therefore companies’ agendas.
By 2025, millennials will make up 75% of the workforce and the world will only be more connected. Many companies who are not dialed into what their customers want will need to quickly build those relationships. Success in a mobility society will depend on how well a business knows its customers and how fast it can build technology to meet their needs.
“Consumers want products and information instantly and are taking control of their purchases and therefore companies’ agendas.”
Connectivity – Investing in software organizations
As companies decide to shift toward a mobility society, they will need to leverage new technology and redesign existing architecture. Products must not only meet their customers’ unique desires but also be able to be agile.
Every organization that wants to be part of the mobility society will either require their own software and product groups or access to teams that can build programs quickly. Meeting the needs of consumers will require agile teams that can not only build new software but make updates regularly. If it is going to take a year to deploy something, your business is dead by the time you have made any adjustments.
After deciding on a customer experience your company can uniquely provide, get started. Build yourself into an environment where you are ready to meet new demands. The future will never be absolute, so find a direction to take your organization and pivot when necessary.
Convergence – Merging markets
The borders between industries are breaking down. Industries that traditionally lived offline are going online and creating new ecosystems. New breakthroughs in cloud, data and AI are allowing companies to create customer experiences and move into new industries.
One example of these converging markets is the home environment. Services that you typically leave the home to receive are now being delivered to your door or accessed via a device. A person can now pay utility bills, control the temperature and monitor their home through a device.
Companies looking to find their place in these converging markets need to start creating different customer experiences utilizing data and technology available to them.
The pandemic has accelerated our path into a mobility society by forcing many people to adopt new ways of living and working. As more millennials and Gen Zs enter adulthood, demands for instant services and new ways of interacting with cars and transportation will only continue to grow.
Companies that have not already should begin to form a relationship with their customer. Figure out what problem their organization can uniquely solve and start building your place in the mobility ecosystem.