Millennials are generally the most favoured and widely targeted group of ecommerce shoppers. They are tech savvy, have grown up with the internet and are most likely to shop online on the go via a mobile device.
However, older generations, in this case people over the age of 50, are also an important target demographic that online retailers cannot afford to ignore. They represent a growing part of the global population, have a higher disposable income and are eager to spend money online.
Today, people in their 60s are the fastest growing consumer group in the world, expected to account for more than a third of the adult populations of Spain, Germany, Japan, Italy and Russia by 2050. This means that an increasing part of the consumer expenditure in these regions will be coming from this age group, with online retail growing year-on-year.
Similarly, consumer spending in the UK from shoppers over 50s is also growing. It has already reached £260 billion a year and represents as much as 40% of the total spend in the country.
So, if approached strategically, the relatively untapped consumer group of shoppers over the age of 50 could be a fantastic online opportunity for retailers that are able to cater for their shopping needs.
According to recent research, the proportion of consumers around the age of 55 that go online on a daily basis ranges from 65% in Germany, 66% in the US and reaches up to 70% in the UK, Spain and France. The percentage of consumers from this age group that not only surf the internet daily, but either research products online or make a purchase, is also quite high –53% and 46% in the UK, and 51% and 34% in France respectively.
It is worth bearing in mind that more senior online shoppers generally look for quality and value over bargains, yet they are also keen on using coupons and discounts codes.
In terms of product selection, the over fifties tend to purchase products and brands based on their previous experiences. So, providing detailed product information and high quality visuals are two best retail practices worth considering when targeting this consumer group.
Although senior shoppers still prefer larger screens when shopping online, they are becoming increasingly confident in purchasing items using their smartphones and tablets. In 2014, for example, 10% of the shoppers in Norway, over the age of 55, used tablets to buy goods online, as did 7% in the US and 5% in the UK. Similarly, in the UK, 13% of the shoppers aged 45-55 researched a recent purchase online using their smartphones, as did 3% of the shoppers over the age of 55.
As the world’s population ages, older generations will become more and more confident with the ecommerce landscape, and the online opportunities for this consumer group will continue to grow.
Let us develop a tailored solution for your business that will help you reach new international customers and grow your global sales.get in touch