Millennials & Technology - E-commerce and sharing apps prosper at expense of traditional outlets

 


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Abstract

 
Millennials have been instrumental in the shift online for many brands. As a demographic, they prefer to shop online and socially rather than conventional methods such as high street browsing. Convenience and price competitiveness are the primary driving factors, which benefits online. This has consequences for business, with online pureplays prospering and more traditional outfits who haven't adapted to more online trends suffering. Department stores have suffered greatly, as they have been unable to adapt to new trends, forcing closures in the UK and US. Some have begun to invest in their online offerings in order to survive. Millennials have also been instrumental in the success of apps in the "gig economy" with businesses such as Airbnb, Deliveroo, and Uber coming to the fore. The effect of this has been a regulatory gap varying between cities and countries, and the rise of the gig economy as these rent seeking companies look to exploit legal gray areas to drive labor costs down. 

Description

Millennials have been instrumental in the shift online for many brands. As a demographic, they prefer to shop online and socially rather than conventional methods such as high street browsing. Convenience and price competitiveness are the primary driving factors, which benefits online. This has consequences for business, with online pureplays prospering and more traditional outfits who haven't adapted to more online trends suffering. Department stores have suffered greatly, as they have been unable to adapt to new trends, forcing closures in the UK and US. Some have begun to invest in their online offerings in order to survive. Millennials have also been instrumental in the success of apps in the "gig economy" with businesses such as Airbnb, Deliveroo, and Uber coming to the fore. The effect of this has been a regulatory gap varying between cities and countries, and the rise of the gig economy as these rent seeking companies look to exploit legal gray areas to drive labor costs down.

Key Questions Answered

- What products do millennials favor?
- Why do millennials favor and purchase the types of products that they do?
- How are they different from previous generations?
- How is this affecting the food, marketing, technology and retail industries worldwide?
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-10-31 

Report: Millennials & Technology - E-commerce and sharing apps prosper at expense of traditional outlets

 

Contents

Table of Contents
Executive summary 2
Millennials & Technology: E-commerce and sharing apps prosper at expense of traditional outlets 2
Technology: e-commerce and sharing apps prosper at expense of traditional outlets 6
Millennials are extremely online 6
Millennial online habits reflected in e-commerce 6
Online retail continues to grow 7
Apparel the main beneficiary 7
Traditional retail outlets losing ground 8
Department stores suffering in both US and UK 8
Selfridges invests online in attempt to adapt 8
Apps facilitate cheaper sharing services in austere age 9
Sharing economy apps have potential to grow 9
Companies that prioritize convenience and price succeed 9
Tech startups generally lead to aggressive expansion 10
Sharing economy has led to the rise of the gig economy 10
Gig economy workers' conditions are damaging publicity 10
Deliveroo faces strikes after attempts to revise contracts 11
Sharing and gig economy present problems for governments 11
Conclusions 12
Appendix 13
Further Reading 13
Ask the analyst 14
About MarketLine 14
Disclaimer 14
 

List of Tables

List of Tables
Table 1: Growth in UK operations of online retailers 8
 

List of Figures

List of Figures
Figure 1: Internet activities by age group, 2017, UK 6
Figure 2: Frequency of online shopping, by age group 2017, UK 7
Figure 3: Logos of sharing economy pioneers 9
Figure 4: Deliveroo driver protests in France and London 11
 

Scope


- Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit.
- Examine which types of industries and businesses are doing particularly well with millennials and which are not.
- See how millennial consumer behaviour is changing our highstreets and online spaces.

 

Classification

Language Code: EN 
Region: Global 
Report Type: Market Report 
Industry: Technology and Media 
Sector: Information and Communications Technology 
Pages: 15 

Reasons to buy this report


- The first generation to grow up with the internet has resulted in a boom in online shopping, and has had a leading effect on other generations. Internet access has been steadily increasing globally, and in developed nations is near full penetration rates.
- One of the main drivers of online growth is apparel purchases, with online pureplays thriving in this industry. It has also forced more conventional stores to adapt online or risk suffering. In 2015, apparel, accessories, luggage & leather goods was the largest segment of online retail, accounting for 28.9% of the sector's total value.
- The established conventional high street model of retail is considered endangered in the UK as online formats grow. In particular, traditional department store formats in several countries have suffered. ONS annual figures for 2016 show that while general business growth in the UK was registered at 17.4%, there were winners and losers- non-store retail grew by 30.7%, while clothing stores only grew 1.5% compared to December 2015.
 

Millennials & Technology - E-commerce and sharing apps prosper at expense of traditional outlets

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Branch ID: 1591

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Global

The global economy is the economy of all the world's countries. The total world population now stands at over 7 billion and the global unemployment rate is 9% with approximately half the world's population paid less than $2 a day. 

The global economy is picking up again after five years of uncertaintity and slow economic growth. The IMF is predicting global growth of 3.7% in 2014 rising to 3.9% in 2015. However, much uncertainity remains. Low inflation in developed economies means that these economies take longer to deal with debt burdens and are at increases risk of deflation. 

The second half of 2013 saw growth in the US and European economies (particularly UK, Germany and France).  

Growth in the US has been helped by cheaper energy from fracking , renewables and more oil and gas exploration. This cheaper energy is bring manufacturing jobs back to the US and helping to boost domestic demand. Recent winter weather conditions have hampered growth in the construction sector and have slowed demand in the construction equipment sector which saw exports drop by 25% in 2013. Growth should pick up in this sector with continued federal investment in infrastructure, new residential house builds and refurbishment and the energy boom.

In Europe growth is expected to be uneven with growth being slow in stressed economies such as Portugal and Greece but confidence picking up in UK, Ireland and even Spain showing some improvement.

Developing economies such as China and India will continue to have strong growth in 2014 and 2015. China has benefitted from increased investment with the Chinese govenment now focused on quality growth of 7.5% in 2014. India which is less reliant on exports expects growth of 5.4% in 2014 and 6.4% in 2015.

Much uncertainity still remains in the global economy with greater optimism needed to stabilise growth.

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Branch ID: 469

Taxonomy Location

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Information and Communications Technology

For market research reports on the ICT industry search the Research and Experts platform.

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Information and Communications Technology

Technology and Media

The fields of technology, media and communications are fast growing and change is a part of fabric of companies in these sectors. These companies need to embrace the challenges faced by makingt use of the best business intelligence sources to keep up-to-date and ahead of the competition.

A recent study by PwC identified that the most innovative 20% of technology and media companies expect a growth rate of nearly 90% over the next five years. The requirement amongst these companies to be innovative and maintain a high level of competitive intelligence maturity has led to increased demand for business intelligence.
 
Research and Experts provide the highest quality market intelligence reports on the following areas of technology, media and communications: computer hardware and electronics, computer software, internet services, media,  telecommunications and IT services. 

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