QVC’s $2.4-billion acquisition of flash sale site Zulily last month boiled down to one main reason: millennials. Like many traditional retailers, QVC has a demographic problem: more than 60% of its customers are older than 50, according to Slice Intelligence. Therein lies much of Zulily’s appeal, since more than 64% of its customers are younger than 50.

The QVC-Zulily deal is the latest example of what could be an accelerating trend. Nordstrom acquired Trunk Club, a men’s styling service, for $350 million in 2014; it also bought the flash sales site HauteLook for $270 million in 2011. Both startups had made significant inroads with the millennial market.

As legacy retailers struggle to stay relevant to younger consumers, I predict more purchases of startups by established companies, with Nordstrom and now QVC leading the way.

There are a few ways that acquiring a startup bolsters a traditional retailer’s core business. One is obtaining new (millennial) customers and enabling cross-selling opportunities. For example, I expect to see QVC curate a selection of its products on Zulily in an effort to appeal to the latter’s core customer base of young families. That audience simply wouldn’t be visiting, but Zulily gives the parent company a new marketing channel to reach them.

Another way millennial-focused M&A benefits traditional retailers is talent acquisition, particularly in product management and digital marketing, where legacy retailers are lacking. For example, @WalmartLabs’acquisition of the social marketplace Luvocracy last year provided the retail giant with a design-focused infusion of talent. Walmart ultimately wound down the product, making the deal look like what Silicon Valley calls an “acqui-hire.”

While there are bound to be several motivations underpinning any nine- or 10-figure deal, here are four likely acquisition targets for retailers focused on gaining a foothold among millennials:

Birchbox. Though Sephora recently launched a competitor, Birchbox clearly has gotten a big head start. So the more expedient — albeit much more expensive — thing for Sephora to do is bite the bullet and make an offer. Given that Birchbox has raised more than $70 million and was last valued at $485 million, it would have to be a big offer. But it could pay off in the long term by giving Sephora a new revenue stream while also elevating the brand among millennial consumers who are looking for ways to discover new products that don’t require them to enter a store.

Wanelo. A social network for shopping, Wanelo has a highly engaged millennial user base that obsesses over the app and also uses it to buy things — lots of them — from retailers. That sort of engagement is invaluable to any retailer that’s currently in the throes of figuring out how to market to millennials, who don’t respond nearly as well to traditional forms of advertising like TV (largely because they don’t watch linear television) as older people do.

Competitor Polyvore was recently taken off the auction block when it was acquired by Yahoo, which could raise Wanelo’s value to a potential buyer. Any number of retailers that are already carefully tending their presence on Wanelo, including the highly acquisitive Nordstrom, seem like contenders.

Spring. Another Wanelo competitor, Spring has an aesthetic that brings Instagram to mind. Users can follow hundreds of brands, from high-end sellers like Marc Jacobs and Oscar de la Renta to casual choices like American Apparel and Levi’s, and make purchases directly in the app. It’s focused on creating a smooth end-to-end experience for shoppers, and that’s going to appeal to the many retailers who still struggle with mobile. Bear in mind that mobile commerce is a nut that most retailers haven’t cracked.

Everlane. An online retailer focused on what it calls “radical transparency,” Everlane provides information on manufacturing and the cost of production for every article of clothing it sells. The notion is that consumers shouldn’t pay a large markup for apparel that was cheap to produce.

Millennials are clearly drawn to mission-driven brands  like Everlane. In that context, if a brand like Gap were to buy Everlane and then cross-sell a collection of its own transparently-sourced products on the site, it would be catering to younger consumers in a very smart way.

Given Yahoo’s purchase of Polyvore for reportedly upwards of $200 million, it’s clear that it’s not only retailers that are interested in snapping up startups in the fashion and commerce space. It’s also not hard to imagine Google making a big deal to enhance the Google Shopping experience.

So the pool of potential buyers for companies like Birchbox, Wanelo, Spring and Everlane is fairly deep. But given retailers’ urgent need to figure out millennials — both in terms of marketing to them and inducing them to buy things — I expect to see more blockbuster acquisitions initiated by large retailers.

This piece was originally posted on Forbes.