The Pre-Christmas sales season has begun, and with that comes an exponential sales growth in most stores. This is why, having sufficient and fully up to date inventory can have a significant impact. So much in fact, that according to a study by the American Technology company, Zebra Technologies, 75% of Millennials abandon store purchases if the specific product they were looking for is out of stock, and then opt for online shopping.
The above statement is not a trivial fact. According to an Economic Publication by Forbes, “Millennials in the US are the third largest living generation and form the majority of the US workforce.”. As the youngest Millennials enter the labour market, alongside those already working and progressing their careers in it, income and expenditure levels rise for them. Therefore, turning their buyer behaviour into something of great consideration for the Merchant.
For example, did you know that Millennials complete more than half of their purchases online?., According to the American Consulting firm, Invesp, who also claim that next year, in 2020, purchases from Millennials alone, will account for 30% of all retail sales.
New consumers, new spending patterns and new ways to buy,. all of which link closely to the the following statement: 75% of Millennials abandon physical in-store shopping and complete their purchases online if the product is out of stock, just like the previous generation, but in a much smaller percentage, 53% according to the same study.
If your business is suffering because of online shopping, avoid it from suffering further.
At Logiscenter, we are experts in all the necessary technology needed to control and keep your inventory updated. Call us. Do not leave yourself without stock at this vital time!
About Millenialls: They are the demographic cohort following the so-called Generation X (born between 1965-1980), meaning, those born between 1981 and 1996, as well as those who consider themselves as the first digitally native generation.