Why eCommerce needs to pay better attention to large-spending Baby Boomers
Are you ready for a brand new beat? While Gen Z and Millennials are lauded as the darling customers of online shopping, it may surprise you to know that it’s the rock-and-rollin’ Baby Boomers that are outspending everyone else. In our latest e-book, ‘The Grey Dollar: eCommerce for Baby Boomers’, we surveyed 4128 shoppers in the United States, United Kingdom, France and Australia, to uncover the online shopping habits and expectations of this lucrative group. Here’s three things that may make retailers rethink their approach to Baby Boomers:
1. It's easier to convert Baby Boomers than you think
Compared to other demographics, Baby Boomers have the strongest intent to purchase when shopping online; 35% of Baby Boomers versus 61% of Gen Z abandoned their carts as they only planned to browse. The high cost of shipping is the key culprit, with 68% of Baby Boomers citing this as the reason for cart abandonment. To increase the likelihood of conversion, retailers need to find sustainable solutions to lower shipping fees, or provide more value by subsiding shipping fees for customers who meet a spend threshold.
2. There's more to Baby Boomer lifestyles than gardening
It’s easy to dismiss Baby Boomers as has-beens in the fast and fluid world of online shopping, but this cannot be further from the truth. Yes, it’s true that Baby Boomers lead the online purchasing category for hardware and garden products, but did you know they do so also for the liquor, computing, and books categories? Failing to address Baby Boomer online shopping concerns would limit your ability to attract more shoppers in this group, impacting your bottom line.
3. Baby Boomers want fuss-free online shopping experiences
Baby Boomers value their time, and it’s no different when it comes to online shopping. This means that certain shipping options which are popular among other groups are not necessarily popular among Baby Boomers - only 23% versus 51% of Baby Boomers would like to collect their online packages from lockers or collection points. In contrast, almost all Baby Boomers surveyed want the ability to track their shipments, the highest among all groups.
As you can see, Baby Boomers aren’t out of touch, nor are they confined to consuming retirement-age products only. The next time you update your shipping and fulfillment strategy, consider the needs and wants of this group - don’t let preconceived ideas inhibit the performance of your ecommerce business. Baby Boomers aren’t on their last legs when it comes to shopping, they’re just starting.