UK millennials have growing security concerns around sharing personal information with retailers, but their need for a convenient shopping experience still outweighs these worries, according to new research.
The report, published by LexisNexis Risk Solutions, shows that despite millennials being digitally connected via smartphones and laptops, more than half (52%) are concerned about having their identity stolen through online, or mobile/app-based activities, with women more concerned (65%).
The research also found that 84% of millennials do not believe that their personal information is fully protected online.
This tug of war continues with the research showing that 89% of millennials are still shopping online at home, with 47% on their smartphone and 29% on their tablet.
Worryingly, 93% also expressed that they do not fully trust retailers with their data.
This could suggest that because millennials are task-rich and time-poor, the convenience and flexibility that online shopping offers still prevails, LexisNexis suggested.
In fact, UK retailers are predicting that online shopping will contribute to one of the biggest shopping days this festive season, with revenues set to hit £901 million.
Steve Arnison, director of 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.”