If you haven't already noticed, the Millennials have arrived.
Roughly defined as the generation of people born between 1980 and 1999, estimates from the Department of Labor indicate that by 2025, Millennials will account for approximately 75% of the United States workforce.
When it comes to supply chains, many companies aren't sure how to approach the Millennial generation. Due to large differences from their predecessors, many executives simply neglect to consider Millennials in their supply chain strategy. This is a mistake and it's one that not everyone understands that they are making. Here are 3 of the top reasons why you should be targeting Millennials with your supply chain strategy.
1. Millennials are Great With Technology
Millennials are a generation who grew up with the kind of technology that most baby boomers struggle with, making them more likely to understand how to use sophisticated technology that relates to the supply chain.
Not only do Millennials work well with existing technology, they are more likely to be successful at adopting new technology as well. Research shows that Millennials are 2.5 times more likely to be early adopters of technology than their counterparts. When you combine this with the popularity of digital marketing techniques like blogging and social media that provide excellent ROI, it's easy to see why Millennials are an excellent fit for modern marketing and your supply chain strategy should reflect this.
2. Millennials Love Being a Part of Something
Another hallmark of the Millennial generation is an affinity for working together with others. According to Forbes, there are several reasons for this, including the rise of online teamwork through video games and school systems that reward teams instead of individuals.
One of the most widely used marketing tactics is the concept of customers joining an elite group. Luxury brands do this all the time: they tell consumers that buying a specific car, watch, or piece of clothing allows them entry to a privileged population. Millennials are an ideal target for this type of supply chain strategy. Allowing yourself to understand and develop a strategy to highlight this behavior will multiply your successes with this specific demographic.
3. Millennials are Diverse
When you compare the numbers, it's easy to see that Millennials are the most diverse group of people in the history of the United States. Consider this fact: 43% of adults in the Millennial generation are minority, compared to the baby boomer generation, where only 28% are minority. Projections estimate that the U.S. will be comprised mostly of minorities by the year 2043: Millennials are a big reason for that change.
Why is diversity important for your supply chain strategy? It's simple: because the world is becoming diverse. Making your supply chain efforts diverse enough to appeal to many different types of people can help your business reach high levels of success.
Looking for more information about why you should include Millennials in your supply chain strategy? Sign up for AFFLINK's upcoming webinar to learn how to reach Millennials in today's enterprise.