Insight: 93% of UK millennials lack trust in online retail
A new study has found that UK millennials are becoming increasingly concerned about sharing personal information with retailers, but their need for a convenient shopping experience still outweighs their security worries.
According to research released by LexisNexis Risk Solutions, 52% of millennials questioned said they were worried about having their identity stolen through online, or mobile/app-based activities, with women more concerned at 65%. The research also found that 84% of millennials do not believe that their personal information is fully protected online.
The research found that 89% of millennials are still shopping online at home, with 47% on their smartphone and 29% on their tablet. In addition, some 93% admitted to not fully trusting retailers with their data.
Not only does the research highlight millennials’ security concerns, it also demonstrates the challenges that they face today, including barriers to securing credit. The study found that only 38% of millennials own a credit card, suggesting that younger millennials in particular are less likely to have the credit history or income to qualify for a credit card.
The findings also show that nearly 18% of millennials questioned said they had not used cash at all in the last 60 days.
Steve Arnison, director at LexisNexis Risk Solutions, said: "These findings highlight the unease that many millennials feel about information sharing, particularly when it comes to online and mobile transactions. Retailers today must recognise that customer privacy concerns will continue to increase as society becomes more digitally connected. As such, businesses will need to take proactive measures now to protect their customer’s best interests and meet the demands of an increasingly digitally-savvy customer base.”
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