The contribution of millennials is particularly noteworthy to the Indian consumer segment, says a Retailers Association of India (RAI)-Deloitte report titled “Trend-setting Millennials: Redefining the Consumer Story”. The population cohort represents nearly 34 per cent of the Indian population and unlike other developed countries, this generation is amongst the chief wage earners in the household. As one of the youngest countries globally, India has become one of the major flag bearers of development. Millennials spend most of the amount on monthly essentials followed by education and spending on utilities.
Savings account for 10 per cent of the overall or any incremental income, indicting a shift toward consumption economy rather than a savings economy—a predominant feature of the preceding demographic cohort (Gen X, born between mid-1960s and early 1980s). Research indicates 36 per cent of Indian millennials have a fitness app installed on their phones and about 45 per cent think leading a healthy life is essential. Second, convenience is an important consideration for millennials on account of their hectic lifestyle and hence the “ready to eat” product category has grown exponentially at the rate of over 28 per cent per annum. over the last five years. Also, brands that clearly define the source of their materials or establish work done for a specific cause/movement tend to strike a chord with current and prospective customers. Millennials also aim at differentiating themselves from the rest of the crowd and in lieu of the same, prefer personalised product and service categories.
Failure to complete digital transformation to hit revenue
Four out of five businesses (81 per cent) are expected to see a negative impact on revenue in the next 12 months if they fail to complete digital transformation initiatives, according to a global survey of IT decision makers (ITDMs) by MuleSoft, a platform provider for building application networks. The Connectivity Benchmark Report 2018 on digital transformation initiatives and the business impact of APIs looks at how ITDMs are handling digital transformation, IT operations and change management. While IT budgets have remained relatively static, ITDMs have seen project volumes grow, on average, by 27 per cent. As a result, IT departments are being stretched even thinner. Most concerning, the study reveals, is an IT delivery gap, with two-thirds of ITDMs admitting they were unable to deliver all projects asked of them last year.
One of the main contributors to the growing IT delivery gap is integration, which continues to be a significant drain on time, budget and resources. The survey results show the vast majority (89 per cent) of ITDMs believe that integration challenges are slowing or hindering digital transformation within their organisations. It is clear that organisations need to adopt a more efficient IT operating model. Yet, this is easier said than done as ITDMs continue to face the age-old dilemma of “keeping the lights on” versus innovating. Furthermore, when it comes to building new applications and services, it is very common for development teams to work in isolation, meaning organisations are unable to discover and reuse the assets that have been created.