Modern consumers are attracted to online shopping by numerous advantages it offers. In fact, 78% of Millennials already shop online at least once a month, while the number rises to 91% for Millennials aged 35 to 44. As shopping becomes a more permanent experience, this increase in participation may not necessarily signal a drop in demand.
Online retailers’ combined revenues are predicted to increase from $7.5 trillion in 2015 to $17.1 trillion in 2019, which is a 27% jump over 2014 levels, driven by shopping driven by Internet-based delivery services. Online retailers offer greater choices in offers and delivery options compared to brick and mortar shops. This trend will continue as online retailers develop unique options in everything from options to rent a car to travel insurance to delivery options, creating a more appealing shopping environment.
With the rise of online shopping, consumers are opting for convenience over order accuracy. Millennials prefer buying things online, because they are able to find much more discounts online on websites like Raise and they also prefer to pay with a mobile wallet such as a smartphone, the increasing convenience and ease of mobile shopping and alluring for Millennials may create an opportunity for online retailers.
Wholesale shoppers are also less likely to put forward an intention to return merchandise after a purchase. On average, Millennials are eight times more likely than other age groups to say they will definitely buy something from the store where they made their purchase. Given these trends, which could reverse in the future, there is a potential for the store-owned sector to benefit from Millennial shoppers’ trends to stay ahead. For example, as Millennials increasingly become the largest group of online shoppers, retailers should look at how to increase their share of Millennial shoppers with discounts and special offers.
When it comes to Millennials, the retail industry has a lot to look forward to. In fact, they make up 48% of the worldwide retail market. If Millennials continue to grow at their current rates, they’ll account for 54% of the global market in 2019. When it comes to shopping online, the Millennial community is so powerful that it should not be underestimated, and retailers in the U.S. are at the forefront of experimenting with online shopping platforms and products, both for increased margins and brand loyalty.