Baby boomers are a too important demographic for eCommerce stores to neglect. To target these customers, businesses must first have the facts about this customer base. eShopWorld has done some of this work with Voices 2021: Cross-Border Shopper Insights survey. Online stores can get good insight about these customers and how best to market to them from this survey. The survey covers 22,000 customers in December 2020. They cover 11 countries namely, Australia, Canada, Chile, France, Germany, Mexico, Russia, Singapore, Turkey, the U.K., and the U.S. The survey presents some interesting facts for attentive online stores.
Firstly, only 9% of boomers compared to 18% of younger shoppers say they are influenced by referrals and/or ratings while shopping online. Interestingly, 72% of 57-75 year old bought a product online in the last 6 months. For the under 40’s it is 91%. This difference is not huge and will continue to shrink in the next few years. Clothing is the most popular product for both age groups. The survey finds about 30% of older respondents say a clear refund policy was important on an eCommerce site compared 24% of under 40s. This shows a small difference but a clear refund policy is a tool for brand loyalty.
Cross border shopping
eShopWorld finding shows the older age group are more likely to expect online best practices in the shopping experience. Certainly at higher rates than younger shoppers, especially the under 40s, according to this survey. When shopping in international online stores boomers are also more likely to want the site in their own local language. This is understandable as they are typically not as online native.
Furthermore, 65% of baby boomers have used credit or debit cards to make international purchases, but just 3% take advantage of buy now, pay later options. In contrast, 12% under 40s have experience with buy now, pay later options online. The study finds, 42% of baby boomers indicate they are looking for a bargain online. They say lower cost is a primary factor when shopping online. However, the figure is 32% for younger customers. Interestingly, just 27% of customers both age groups indicate that satisfaction with a previous shopping experience was a big concern.
In conclusion, the 65 and older are now the fastest-growing group of online buyers. They spent 49% more online in 2020 than the previous year according to data from the NPD Group which tracks online checkouts. The frequency of purchases increased by a huge 40%. On average, they spent more than US$1,600 online from the time spanning January through October. At the start of the pandemic, baby boomers hoarded supplies in a panic. That forced many to take online shopping, now the competition for their business is huge. Companies must cater an online experience more to this demographic.