More and more consumers are favoring online retailing due to its convenience, with many spending more money on travel and experiences. E-commerce sales totaled US$105.7 billion in the first quarter of 2017, compared with US$92.2 billion a year earlier, the US Census Bureau estimates, underlining the growing strength of the segment
Retailers have been forced to cater to changing consumer preferences and reduce prices to boost the industry. US retail sales totaled US$466.7 billion in April 2017, up 3% from a year earlier, the US Census Bureau estimates. Canadian retail sales were C$48.3 billion (US$35.8 billion) in March 2017, a 6.9% year-on-year increase, according to Statistics Canada.
Changes, including retailers’ active participation in social media and ethical causes, are likely to increase in the near future. There will be more focus on the millennials who form the largest consumer group.