Understanding Behavioral and Trends of Millennials: Best Research Areas for future researchers: 2019 - The Indian Perspective
Personality traits of the Millennials and their thoughts about work and life are different compared to other generations. This particular industrial challenge/idea can be your UK business & management dissertation topics. When you Order Business and Management Dissertation Services at Tutors India, we promise you the following – Plagiarism free, Always on Time, outstanding customer support, written to Standard, Unlimited Revisions support and High-quality Subject Matter Experts. Explore more by visiting www.tutorsindia.com/services and we offer customized quote based on your requirement understanding. To learn more about what is dissertation and how to write dissertation explore our exclusive site www.tutorsindia.com/academy/books.com. For further information on our recent research insights, explore www.tutorsindia.com/recent-trends or www.tutorsindia.com/blog--------------- Contact: Website: www.tutorsindia.com Email: info@tutorsindia.com UnitedKingdom: +44-1143520021 India: +91-4448137070 Whatsapp Number: +91-8754446690 Address: No:10, Kutty Street, Nungambakkam, Chennai -34
Personality traits of the Millennials and their thoughts about work and life are different compared to other generations. This particular industrial challenge/idea can be your UK business & management dissertation topics. When you Order Business and Management Dissertation Services at Tutors India, we promise you the following – Plagiarism free, Always on Time, outstanding customer support, written to Standard, Unlimited Revisions support and High-quality Subject Matter Experts. Explore more by visiting www.tutorsindia.com/services and we offer customized quote based on your requirement understanding. To learn more about what is dissertation and how to write dissertation explore our exclusive site www.tutorsindia.com/academy/books.com. For further information on our recent research insights, explore www.tutorsindia.com/recent-trends or www.tutorsindia.com/blog---------------
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Tutors India Lab<br />
Tutors India Lab<br />
INDIAN PRESPECTIVE<br />
UNDERSTANDING BEHAVIORAL<br />
AND TRENDS OF MILLENNIALS<br />
<strong>Best</strong> <strong>Research</strong> <strong>Areas</strong> <strong>for</strong> <strong>future</strong> <strong>researchers</strong>: <strong>2019</strong><br />
1 | <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>of</strong> millennials<br />
Business <strong>and</strong> Management
Tutors India Lab<br />
EXECUTIVE<br />
SUMMARY<br />
1. <strong>The</strong> employment rate <strong>of</strong> the <strong>Indian</strong> millennials is 47%, which makes<br />
them the most attractive segment <strong>for</strong> different retailers <strong>and</strong> br<strong>and</strong>s.<br />
2. <strong>Indian</strong> millennials have become the chief users <strong>of</strong> the online retail<br />
modes because <strong>of</strong> the rising internet penetration.<br />
3. <strong>The</strong> br<strong>and</strong> loyalty among the <strong>Indian</strong> millennials is decreasing when<br />
compared to other older generations.<br />
21 | | <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>and</strong> <strong>of</strong> millennials <strong>Trends</strong> <strong>of</strong> millennials<br />
Business <strong>and</strong> Management
Tutors India Lab<br />
INTRODUCTION<br />
In recent years, millennials, the individuals born between 1980 <strong>and</strong> 1999, have gained a lot <strong>of</strong> attention because<br />
<strong>of</strong> their behavior <strong>and</strong> habits. <strong>The</strong> global population <strong>of</strong> the millennials is approximately 2 billion, which is 27% <strong>of</strong><br />
the total global population. (Deloitte, <strong>2019</strong>) Some <strong>of</strong> them are on the verge <strong>of</strong> developing into responsible adults,<br />
whereas some <strong>of</strong> them have already stepped into adulthood while adapting themselves to the rapid modernization.<br />
According to Deloitte 2018 millennial report (Private, 2018), India has a millennial population <strong>of</strong> 440 million, which<br />
equates to 34% <strong>of</strong> the entire <strong>Indian</strong> population. In addition to this, millennials constitute 47% <strong>of</strong> the entire <strong>Indian</strong><br />
working population (Livemint, <strong>2019</strong>). <strong>The</strong> spending power <strong>of</strong> the millennials has increased along with their access to<br />
different products <strong>and</strong> services.<br />
<strong>The</strong> millennials are the first generation to utilize the advancements in technology <strong>for</strong> a variety <strong>of</strong> purposes including<br />
communication, entertainment, education, shopping, etc. Notably, the availability <strong>of</strong> various online purchase channels<br />
has trans<strong>for</strong>med the way millennials purchase. <strong>The</strong>re<strong>for</strong>e, it is vital <strong>for</strong> the br<strong>and</strong>s to adopt different strategies<br />
to that are streamlined to attract the millennials (Jennifer Brown et al., 2017)<br />
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| <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>of</strong> millennials<br />
Business <strong>and</strong> Management
Tutors India Lab<br />
INDIAN<br />
MILLENNIALS<br />
<strong>Millennials</strong> have become the chief users <strong>of</strong> the online<br />
retail modes because <strong>of</strong> the rising internet penetration<br />
(Foundation, 2018). A variety <strong>of</strong> things including fashion,<br />
electronics, groceries, food, household supplies,<br />
beauty products, arts, h<strong>and</strong>icrafts <strong>and</strong> many more are<br />
available online (FCCI & PWC, 2016). <strong>The</strong> easy return<br />
policy <strong>of</strong> the online shopping sites that allows the consumers<br />
to try the products <strong>and</strong> return them if they are<br />
not satisfied is one <strong>of</strong> the primary reasons <strong>for</strong> the popularity<br />
<strong>of</strong> e-commerce sites. Moreover, the <strong>future</strong> trends<br />
<strong>of</strong> the e-commerce industry have indicated that in the<br />
<strong>future</strong> a large number <strong>of</strong> people from the tier III <strong>and</strong> tier<br />
IV cities will be involved in online buying too. <strong>The</strong> main<br />
reason <strong>for</strong> this is the availability <strong>of</strong> smartphones <strong>and</strong><br />
data plans that are af<strong>for</strong>dable (AKBEN, <strong>2019</strong>). <strong>The</strong><br />
decision making process involved in the purchase <strong>of</strong><br />
good is influenced by a number <strong>of</strong> aspects including<br />
ratings, online reviews, peer opinions etc. (Sethi, Kaur,<br />
& Wadera, 2018).<br />
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| <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>of</strong> millennials<br />
Business <strong>and</strong> Management
Tutors India Lab<br />
BRAND<br />
LOYALTY<br />
<strong>The</strong> br<strong>and</strong> loyalty among the <strong>Indian</strong> millennials is decreasing when compared to other older generations. <strong>The</strong><br />
br<strong>and</strong> loyalty <strong>of</strong> the millennials is impacted by millennials preference <strong>for</strong> convenience <strong>and</strong> the increasing use<br />
<strong>of</strong> technology. However, the <strong>Indian</strong> millennials are <strong>of</strong>ten attracted towards br<strong>and</strong>s that hold loyalty towards the<br />
br<strong>and</strong>s that hold values <strong>and</strong> has unique selling propositions. <strong>The</strong> association between br<strong>and</strong> loyalty <strong>and</strong> br<strong>and</strong><br />
resonance is very weak in the case <strong>of</strong> the millennials. At present, where there are number <strong>of</strong> br<strong>and</strong> choices<br />
are available <strong>for</strong> the <strong>Indian</strong> millennials, many br<strong>and</strong>s are finding it very difficult to gain the br<strong>and</strong> loyalty <strong>of</strong> the<br />
<strong>Indian</strong> millennials (Private, 2018). <strong>The</strong> br<strong>and</strong> managers should develop different strategies including online<br />
personalization, creating emotional impact etc. in order to gain the trust <strong>of</strong> the individuals towards their br<strong>and</strong>s<br />
which is the key towards develop a br<strong>and</strong> loyalty among the millennials (Gehan, Dhameeth & Yamamoto,<br />
2017).<br />
SUMMARY<br />
Social media also plays an essential role in helping the br<strong>and</strong>s to make a personal communication with the<br />
millennials. In order to personalize the relationship br<strong>and</strong>s have with their customers, br<strong>and</strong>s can resort to<br />
online recommendations. <strong>The</strong> online recommendations can be in the <strong>for</strong>m <strong>of</strong> personal reviews by customers or<br />
personalized product recommendations provided by the search engines. In addition to this, br<strong>and</strong>s can provide<br />
loyalty programme which provides personalized <strong>of</strong>fers to the millennials based on their purchase patterns<br />
(Smith, 2017). Further millennials are <strong>of</strong>ten attracted to br<strong>and</strong>s whose values are similar to that <strong>of</strong> their values.<br />
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| <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>of</strong> millennials<br />
Business <strong>and</strong> Management
Tutors India Lab<br />
.<br />
.<br />
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REFERENCES<br />
AKBEN. (<strong>2019</strong>). E-commerce <strong>and</strong> Consumer Internet<br />
Sector – India Trendbook <strong>2019</strong>.<br />
Deloitte. (<strong>2019</strong>). Unravelling the <strong>Indian</strong> Consumer.<br />
FCCI, & PWC. (2016). Shaping Consumer <strong>Trends</strong>.<br />
Foundation, I. B. E. (2018). <strong>Indian</strong> E-COMMERCE<br />
Industry Report.<br />
Gehan, Dhameeth, S., & Yamamoto, O. (2017).<br />
Relationship Between <strong>Millennials</strong> <strong>and</strong> Br<strong>and</strong> Loyalty:<br />
Mediating Br<strong>and</strong> Loyalty Factors. Journal <strong>of</strong> Business<br />
<strong>The</strong>ory <strong>and</strong> Practice, 5(3), 223. https://doi.org/10.22158/<br />
jbtp.v5n3p223<br />
Jennifer Brown, Apostolova, V., Barton, C., Bolton, P.,<br />
Dempsey, N., Harari, D., … Powell, A. (2017). <strong>Millennials</strong>.Livemint.<br />
(<strong>2019</strong>, September). Livemint.<br />
Private, F. (2018). Redefining the consumer story. (February).<br />
Retrieved from https://rls.net.in/wp-content/uploads/2018/02/<strong>Trends</strong>etting-Millenials_RAI-Deloitte.pdf<br />
Sethi, R. S., Kaur, J., & Wadera, D. (2018). Purchase<br />
Intention Survey <strong>of</strong> <strong>Millennials</strong>. Academy <strong>of</strong> Marketing<br />
Studies Journa, 22(1), 16. Smith, K. T. (2017). Digital<br />
Marketing Strategies that <strong>Millennials</strong> Find Appealing ,<br />
Motivating , or Just Annoying. (October 2011). https://<br />
doi.org/10.2139/ssrn.1692443<br />
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1 | <strong>Underst<strong>and</strong>ing</strong> <strong>Behavioral</strong> <strong>and</strong> <strong>Trends</strong> <strong>of</strong> millennials<br />
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