What Gen Z and IoT Mean for the Telecom Industry
The passage of time is often marked by technological advancements and a shift in consumer behavior. Since the emergence of the personal computer and the internet in the 80’s, consumer behavior and focus have transformed significantly. While past generations of consumers relied on traditional forms of media to receive and share information, the new generation enjoys a much different digital landscape.
Having only known a digital environment, this generation understands and has been at the forefront of emerging IoT-based programs, consuming more data and information than any generation before them. Companies must now adapt to manage large quantities of data and appeal to this new generation of consumers, a generation that has been built on the ease of connectivity and seamless transactions. This is Generation Z.
Gen Z: Who Are They?
Comprised of consumers between the ages of 13 and 22, Generation Z is the most tech-savvy segment of consumers to-date. According to a report published by CommScope, a global network infrastructure provider, Gen Z is projected to grow substantially in coming years. The data revealed that while Gen Z currently accounts for 26% of the world’s population, that percentage is estimated to grow to 33% by 2020. The survey also concluded that, in addition to being responsible for contributing $44 billion to the US economy, the current percentage at which consumers in this generation spend (25%) is projected to grow to 40% in the next decade. The challenge for companies must realize and overcome is that consumers within this generation are more social and technologically proficient than any before them.
Gen Z consumers differ from those from other generations in part because of the different technology that has been available to them and how they utilize it. While the internet was at one time a novelty and required a relative learning curve, Gen Z consumers have grown up with a firm understanding of it. Teenagers have never known a world before social media or video streaming services such as YouTube or Netflix. They have enjoyed an ease of connectivity and seamless transactions that generations before them had never fully experienced at their age.
According to another survey on Gen Z consumers conducted by IBM, 74% reported that they spend their free time online. The CommScope survey also touches upon this generation’s online usage and reliance, finding that 96% of Gen Z-er’s own smartphones. They also found that 60% of them will refuse to use an app or website that is too slow to load. With such a clear need to be connected to everything, it is no surprise that this survey also found that two-thirds of Gen Z consumers show an interest in making transactions through social media.
Data and the Telecom Industry
What does this mean for the telecom industry? With the rise in popularity of IoT and cloud-based technologies, coupled with Generation Z’s massive data consumption and usage, companies must be prepared to appeal to a market centered around the user experience in regard to seamless transactions and connectivity.
Companies may be able to update their current systems to manage this surge in data. By 2020, it is estimated that data volumes will surpass exabytes and we will enter a world of zettabytes. It will be imperative that companies update their bandwidth and telecom systems to place an emphasis on the user experience and ease of connectivity to appeal to Gen Z consumers.
Ensuring that your network can meet the demands of this new data-driven generation, especially as they begin to enter the workforce, will be a significant factor in your organization’s success. The team at Sincera Consulting can help guide your company through the necessary steps to adopt new practices and networking software to keep up with Generation Z’s reliance on connectivity and seamless interactions.
About Sincera Consulting
Sincera Consulting delivers high-quality IT support services to customers in the telecommunications field, specializing in the EAI (formerly Granite Inventory) platform by Ericsson. Since 2003, Sincera has been the vendor of choice for numerous professional and technical IT support services, implementation software, and development contracts. For more information, call 877-874-6237 or contact us today.
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