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The $32 Billion Industry Mobile Apps Have Not Disrupted
The plight of millennials in the US is not an online myth. According to the latest US Census, the median total income of full-time, year-round employed workers between the ages 20-35 (millennials) was lower than that of Gen X and Baby Boomers when they were at a similar age.
Analyzing the consumer price index from the Labor department, things don’t get any better for them. The cost of living in major US cities is increasing at its fastest rate in 10 years.
The gradual yet anticipated result of reduced earnings and increased cost of living prices for millennials is decreasing their ability to put more money towards the things Gen X and Baby Boomers took for granted – namely housing and automobiles.
In the automobile space, Uber, Lyft, Venmo, and 100 other last mile connectivity solutions like rented bicycles, electric scooters and skateboard services have really gobbled up attention. There is another interesting phenomenon on the rise.
According to the Automotive Recyclers Association, the professional automotive recycling industry recycles over 4 million motor vehicles annually in the US and Canada alone. Generating $32 billion in sales nationwide, the industry helps support many other industries like shipping, waste removal, forklift, heavy equipment, and towing.
But there is very little technology that connects the buyer and seller in the used market category. Mobile and web apps in this space can and should match the ability of the other apps and become a robust platform that meets the demands and standards set by others.
The sharing economy and the rise of mobility are reasons that services need to be accessed “on-the-go”. It is vital to be relevant to the changing demography that is used to getting everything they need through mobile apps.
The antecedents described above was the direct result of Eleviant working with Pull-A-Part. They are a family business serving the do-it-yourself, used auto parts market. We have worked with them to build mobile apps that now form the core interface between their customers and their business.