Brands not embracing mobile will be left behind by millennials: report
A new report being released today reveals that 36 percent of millennials have made a decision on where to spend money or have switched companies based on a brand's mobile offerings, suggesting that companies failing to meet these consumers' mobile needs could find themselves facing extinction.
According to the survey completed by image software provider Mitek and research partner Zogby Analytics, 60 percent of millennial participants believe mobile will takeover all processes over the next five years. While some brands are responding accordingly by providing mobile solutions, these consumers are likely to disengage with businesses that do not.
"The smartphone is critical to the millennial age group,? said Jim Debello, CEO of Mitek, San Diego. ?It's also critical that enterprise businesses explore ways to engage through pictures with this audience.
?The big companies now are different than what was big 25 years ago, such as Facebook, Snapchat and Pinterest. Institutions must adopt a new way of communicating and interacting or they will be left behind.?
The inevitable reality
The report shows significant points of data and insight into the minds of millennials.
Businesses? mobile capabilities are sometimes determining whether or not millennials interact with them.
Mitek only expects this trend to increase in the future.
Eight-seven percent of millennials say their smartphone never leaves their side, while 80 percent say that the first thing they do in the morning is check their smartphone.
Eighty-one percent of millennials say it is important for retailers to have high quality mobile apps available for customers.
Nearly half of participants claimed that they are doing daily business with brands via a mobile Web site, while 27 percent do multiple business deals via smartphones each day.
Forty-two percent said they will still engage with a business that does not have a mobile Web site or native app, but they are likely to complain and feel negatively about it. Fourteen percent claim to avoid businesses that do not offer mobile capability.
The simplicity of imagery
The survey report looks at what millennials are doing with their phones now. The prevalence of selfies has translated into a deep love for the smartphone camera and is used for everything from social media to commerce.
Mitek, a solutions provider of mobile photo technology, is known for mobile check depositing across many major financial institutions, such as Wells Fargo and Citi. Mitek recognizes the power of the smartphone camera and believes it will drive the future of mcommerce.
According to the survey, one in three millennials wish some of the most intimidating, and important processes in their lives such as enrolling in classes and signing up for healthcare could be simplified by taking photos to auto populate data instead of manually entering data. Nearly half of participants wish they could do more banking processes with a snapshot, while 41 percent would like more mobile imaging in retail regarding enrollment procedures.
The task of enrolling in membership with an online retailer is bothersome and can discourage users from engagement. Image-capturing technology, provided by Mitek, can be used to scan drivers? licenses and other identification cards to alleviate those burdensome procedures.
One in three millennials wish that nearly every industry would adopt more mobile imaging functionality, so they would be able to enter information by snapping a picture, according to the survey.
?Voice used to be the key channel via phones, then texting was introduced, now photo communication is dominant,? Mr. Debello said. ?Transactions can be picture-based.
?Millennials want transactions and enrollment procedures to be fast and easy, and there's nothing easier than a photo, as a picture says a thousand words.?
Caitlyn Bohannon is an editorial assistant on Mobile Marketer, New York