Retail companies are in the middle of a seismic shift.
Younger shoppers are taking over the market, and they have a penchant for online shopping. This means that older, brick-and-mortar sellers are struggling to keep up with online giants like Amazon.
Home-products maker Procter & Gamble — think Tide detergent and Pampers diapers — laid out in one simple bar chart just how huge this shift has been.
The slide, from a company presentation at an analyst conference this week, shows the monthly buying frequency of US shoppers in hypermarkets — stores with both grocery and department sections — and online.
In just seven years, shoppers have shifted from making one monthly purchase on average online, to 6.5. Meanwhile, purchases at brick-and-mortar stores dropped from 7 visits to just under 5.
But even as traditional retailers adapt to the shift, they face the issue of added costs, which crunch profits.
NOW WATCH: 5 Ways Retailers Trick You Into Spending More Money
See Also:
- Nordstrom's CFO makes crystal clear why online shopping is killing traditional retailers
- Nordstrom just forecast another big win for the American consumer
- If you want to refresh your wardrobe, you're going to love this chart
SEE ALSO: Nordstrom's CFO makes crystal clear why online shopping is killing traditional retailers
