Millennial shoppers transforming retail
Those retailers who can’t elevate their game won’t be on the playing field for long
While e-commerce presents new, unparalleled possibilities for accelerated growth, most retailers also are going through unprecedented challenges, and their very survival is in query.
They must preserve with ever-evolving science and client expectations. Also omnichannel retailers are being pushed via patrons to give a compelling, seamless experience across all channels. The traces of big difference between brick-and-mortar and digital experiences are endlessly blurred.
Retailers of all sizes are experiencing tensions within their organization about prioritizing the alterations wanted to remain aggressive. The insights provided listed here are designed to aid them check the exceptional path ahead as they navigate the intricacies of a market that is in no way been tougher.
They are clearly divided into four categories:
Shoppers are shifting transactions to digital
For the first time, online shoppers in this survey now state that on average just over half of their purchases were made online.
Increase in use of digital tools projected
While the PC remains a stalwart, one in four shoppers are projecting more shopping on smartphones and tablets. Since 2014, user intentions to shop more have increased each year for both PCs and smartphones.
Mobile means business
Purchasing on mobile is increasing, so retailers must continue to optimize their online experience via these devices. The study shows that customers are often using their smartphone as the glue that connects all shopping interactions — from PC to tablet to store.
Millennial technology behavior a disruptor
Millennials are adopting devices and participating more in technology services overall, including shopping-related activities, resulting in consumer behavior shifts that have implications for all retailers. These “tech natives” will become even more prevalent in years to come
Device adoption rates telling
A three-year comparison of adoption rates among online shoppers reveals that many new technologies — including smartphones, connected TVs and wearables — are up. Adoption rates of personal computers and tablets are stable.
Wearables interest strongest with males and Millennials
Manufacturers are investing heavily in wearables. Global analyst MarketsandMarkets estimates that this sector will grow from $23 billion today to $173 billion in 2020. Wearables use is up 5% from 2015 to 2016 and varies by age and gender.
Product searches usually don’t start with search engines
Contrary to findings from other sources, the avid online shoppers in this survey started just 15% of their product searches with Google, Bing, etc. Instead, product searches were started 35% of the time at marketplaces (27% Amazon and 8% others), 31% at retailers’ channels (14% website, 13% in store, 4% app), 6% with catalogs and circulars and 4% at a social network
Source: UPS Research
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