Industry trends and opportunities
1. A PWC survey suggested that 66% of consumers worry about data protection when shopping online and this is stronger in the millennials with almost all 93% said that they don’t fully trust retailers with their data.
2. 67% of adult American are anxious about “having their personal, credit, or financial information stolen by computer hackers".
3. Global e-commerce retail sales set to hit an astounding $4 trillion by 2020, comprising almost 15% of projected retail spending.
4. Counterfeiting and piracy could rise to $2.3 trillion by 2022. The global value of the counterfeit market in 2015 stood at $1.7 trillion.
5. E-commerce sales are booming, up to 15.5% versus 2016, to $115 billions seasonally adjusted.
6. Nearly 30 major retailers have declared bankruptcy over the past three years, nearly two-thirds of those in 2017, including Toys “R” Us, RadioShack, and Payless. The pressure is expected to continue with some analysts predicting that online sales growth will outpace brick and mortar retailers 3 to 1 by 2020.
7. More than 8,600 brick-and-mortar stores will close doors in 2017.
8. 54% of young consumers feel more loyal when they can personalize the product; 70% for high income young consumers.