The growth in retail business is getting happier in the last two decades. From the eMarketer projection, by 2018, worldwide retail sales will increase 5.5% to reach $28.300 trillion. Both offline and online retailers can see that the advanced technology has allowed us to gain more profit from both world, and connect them with through the internet. But how far will you go to extend your business? Should you open an offline branch of your retail business? That will do good if you have the budget and resources. But one thing that you should really do is to jump into the online deals.
Let’s take a look of today’s generation – in which we call them millenials. Millenials are attached to technology, very active on social media and love to share their personal opinions (and information) on the net. Why should retailers care? Because millenials are the buyers. Yes, they love to go to the shopping malls, but one thing never left their palms are smartphones. While they are strolling at the sport section, their fingers are busy searching for the latest sport shoes images. And when there is not enough time to go shopping, they will prefer a more convenience way to get what they want: buy online.
There are currently 2 billion millenials living in the world. According to some estimates, this group already have accounts for half of all retail spending. The analytics says that 41% have made a purchase using their smartphone, 63% stay updated on brands through social networks, and 89% would prefer a store with advanced mobile capabilities.
These facts are a wake up call for retailers. Retail business must adapt to the changes in order to gain more profit from these millenials and their shopping behaviour. This would be a best time to start making an e-commerce website to boost your brand, or even better, add the app on Android and iOS as well. Because that’s what they got in hand, so retail should also comes in handy.
We have talked about the things retailers need for a good e-commerce business in our previous blog post. If you have any comments or thoughts, you can drop us an email for further discussion.