According to a CIT report, E-commerce Drives Retail Revolution, the retail industry is going through a form of evolution, maybe even a revolution. E-commerce has changed the way retailers sell, so that the major brick-and-mortar companies are looking at their individual stores, potentially closing what they consider unprofitable stores and investing in e-commerce to continue to grow their business.
These are some of the observations from Marc Heller, President of CIT Commercial Services:
“In apparel, millennials and teen consumers have different buying habits than their parents, which is reflected in millennials’ preference for ‘buying’ one specific item, even when at a mall or a store, rather than ‘shopping’ for multiple items,” said Heller. “This difference can be attributed to the fact that millennials are often accustomed to buying a specific item online rather than browsing for items in multiple stores. Consumers whose shopping behavior was established before the rise of e-commerce could be more likely to browse through a store or a mall, leading to the discovery of new items and greater sales.”
Some of the other trends Heller expanded upon include:
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