Wednesday, December 05, 2007

Millennials An Untapped Market

Companies are unprepared for the technology demands of today’s youth, suggests a survey carried out by Knowledge Oasis Muscat (KOM).

KOM’s survey revealed that many companies have no immediate plans to allow customers to buy products or services online. Indeed, many of those surveyed said they had no plans to provide online forums for customers to discuss products or services. Moreover, they had no immediate plans to monitor customer discussions on websites or blogs.

The survey was carried out in preparation for KOM’s forthcoming Digital Nation seminar scheduled for 7:30pm, Sunday 9 December at the Crowne Plaza Hotel, Muscat. Supported by Ericsson, Nawras, Microsoft, HP, Infoline SAP Arabia and Omania e-Commerce, the 9 December Digital Nation seminar is entitled iGeneration: Embracing the Digital World which will look at “Millennials” - youngsters born between 1980 and 2000 - and their use of the Internet and the communication tools that the public and private sector need to use to reach this tech savvy generation.

“Millennials account for a large and growing portion of Oman’s workforce. This is a generation that’s grown up with the Internet and they don't remember a world without it. They’re comfortable sourcing commercial information and news from the Web. They communicate socially via e-mail, SMS, shop online, blog and use sites like Flickr, MySpace, YouTube and Facebook. Just consider some basic figures, over 65,000 videos are uploaded to YouTube every day and according to Technorati over 120,000 blogs are launched each day – this is the awesome power of Web 2.0 and Millennials are driving it,” remarks Ibtisam Al Faruji, KOM’s Head of Marketing (pictured).

KOM’s survey revealed that Oman-based executives recognise the importance of Millennials and their contribution to the growth and development of Oman’s economy but acknowledged that they weren’t responding to the generation’s commercial requirements. “The survey clearly reveals that local businesses need to do more to meet this emerging group's online needs. Indeed, it’s evident that Millennials are driving a revolution in the way products and services are chosen, developed and procured. Customer endorsements on blogs are becoming very important and businesses need to wake up to the relevance of what’s happening online. Many are unaware of what’s happening online and the influence Millennials have on how products and services are bought and sold,” says Al Faruji.

The Digital Nation seminar is open to all and free of charge. To register, e-mail your name and contact co-ordinates to: