Retail Economics’ Post

Highlighting the generational shift in shopping behaviors, a recent PYMNTS study found that 78% of millennials make grocery purchases across both digital and physical channels. Dive into the data and see how some retailers are adapting to the trend below:

New Study Reveals 75% of Millennials Prefer Online Shopping Over In-Store Purchases – Find Out Why Millennials Are Shifting Buying Habits. Did you know that 90% of all data worldwide was created in the past two years? That's right, the digital explosion is happening right before our eyes! With the rapid advancement of technology, the amount of data being generated is growing exponentially. But it's not just about the quantity of data, it's also about the value it holds. Data is the new currency of the digital age. Companies that can leverage this vast amount of information to gain insights and make data-driven decisions are the ones that will thrive in today's competitive landscape. At our innovative technology company, we specialize in helping businesses unlock the power of data. Our IT consultation services provide the expertise needed to optimize infrastructure and maximize data storage and processing capabilities. Our custom software development solutions enable businesses to create tailored applications that streamline operations and extract valuable insights. And our digital marketing strategies leverage data to target the right audience at the right time, leading to increased customer engagement and conversions. In this data-driven world, it's crucial for businesses to stay ahead of the curve. By harnessing the power of data, businesses can gain a competitive edge, improve customer experiences, and drive growth. So, what are you waiting for? Are you ready to harness the power of data and propel your business into the digital future? Join us on this exciting journey and let's fuel your digital growth together! Now, tell us, what steps are you taking to stay ahead in the data-driven world? How has data transformed your business? We want to hear your insights and experiences! Source: https://lnkd.in/et45-GrM

🚀 𝟳𝟬% 𝗼𝗳 𝗦𝗵𝗼𝗽𝗽𝗲𝗿𝘀 𝗦𝗮𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗢𝗽𝘁𝗶𝗼𝗻𝘀 𝗜𝗺𝗽𝗮𝗰𝘁 𝗧𝗵𝗲𝗶𝗿 𝗢𝗻𝗹𝗶𝗻𝗲 𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀 💳🛒 A recent study reveals that 70% of consumers find the availability of their preferred payment method very or extremely influential when selecting online stores. 🌐📱 Online marketplaces are leading in this area, with 53% of shoppers indicating they offer the best payment options, compared to just 22% for brand websites. This could explain why brand sites face higher cart abandonment rates, averaging eight in the last 30 days compared to six for retailers’ sites. 😬🛒 Generational trends show that Millennials abandon the most carts, averaging five in a month, while baby boomers and seniors average fewer than one, indicating a clear age-based divide in online shopping behavior. 📉🤔 These findings suggest that retailers need to expand payment options, optimize strategies for younger generations, and tailor platform experiences based on product preferences to reduce cart abandonment and boost loyalty. 📈💰 Source: https://lnkd.in/eTvGhjNT #Ecommerce #RetailTech #DigitalPayments #CartAbandonment #ConsumerBehavior #FinTech #Millennials #GenZ #CustomerExperience #ShoppingTrends #RetailSolutions

The future of #retail will be defined by #GenerationZ. These young consumers hold $360 million spending power, and only about half of the generation has reached adulthood. But #GenZ is almost universally disappointed by #ecommerce. In Coveo’s 2024 commerce industry report, based on a survey of 4K U.S. & U.K. adults, 89% of shoppers said they encountered one or more problems while shopping online, but 96% of Gen Z respondents said something went wrong. This story, by me, includes data from EMARKETER, PYMNTS & GWI and gives #retailers insights and tips on how to adapt to the new #shopping habits that will surely define the coming decades. https://lnkd.in/gDQUANqe

I love this spotlight report on the e-commerce customer journey across generations! 🤩 Very impressive research by my smart colleague at Statista. 🧠 If you want to uncover the customer journey in your industry, reach out to me or my colleagues @Statista+ to conduct your own individual study. 😉 #customerjourney #consumerinsights #marketresearch

With so many Millennials leaving cities, where does that leave physical retail? 🤔 One thing is certain: accurate data lies at the heart of it all. We unpack this in our latest blog 👉 https://bit.ly/3UB0bVl #USRetail #Millennials #Shopping #RetailTrends

Data 🤝 consumer behaviour Lightspeed’s newest State of Retail report showcases the economic importance of social media and technology in the retail industry. Check it out below!

According to Lightspeed's State of Retail report, 37% of Gen Z and young Millennials are turning to TikTok 🎵 as their primary shopping resource. This trend underscores the shifting landscapes of consumer behavior, prompting retailers to adopt a more nuanced, generational approach to their strategies. Are you equipped to meet the next generation of shoppers where they engage most? 🛍️ Learn more: https://lnkd.in/eN8ZQpBi #RetailEvolution #ConsumerInsights #LightspeedData

Exciting News!🎉   Over the past quarter, I’ve been immersed in researching online shopping behaviors across different generations, and today I’m excited to unveil our latest Spotlight report: "The E-commerce Customer Journey Across Generations"!   In this report, we break down the entire e-commerce journey—from product discovery to checkout and post-purchase engagement—revealing key insights into how Gen Z, Millennials, Gen X, and Boomers shop online. 🛒✨   Each generation’s approach to online shopping is distinct, and understanding these behaviors is crucial for businesses aiming to optimize their e-commerce strategies.   Curious to dive in? Check out the full report here: https://lnkd.in/dYGF2BqM #ecommerce #customerjourney #genz #millennials #consumerbehavior

Our Consumer Mindset Report reveals why #Millennials are still making big in-store purchases, what they value most from brands, and how you can tap into their #shopping habits to drive #growth this #holiday season. Check out a few interesting insights below. To dive deeper into the data, download the full report: https://lnkd.in/egdv7NYv #ecommerce #retailtrends #consumerinsights