Millennials have been the topic of e-commerce conversation for some time now. They’ve been leading the way in today’s “I want it now” culture and are using more types of devices than ever before. But what about their older counterparts? Have we forgotten how big a group the baby boomers, those born from 1946 to 1964, actually are? In fact, as consumers, baby boomers outspend everyone by $400 billion annually, providing over 50% of national consumption.
So what’s the problem? Despite the numbers, many brands grant only 10% of their marketing budgets to this group (while 50% usually goes to millennials who generate a comparatively smaller fraction of revenue). For instance, did you know that the average purchase for a baby boomer is $203? That’s $30 dollars more than the average millennial purchase. Also important to note is that 26% of boomers dedicate 10+ hours to online shopping every month – the main reason being “I can shop when I want”.
Another problem? An alarming 85% of baby boomers abandon their online shopping carts due to shipping-related reasons. High shipping costs and late communication of shipping costs are the biggest culprits for over half of baby boomers. That’s billions of dollars down the drain for retailers.
With the cost and communication of shipping being the key barriers to purchase, finding a solution to fix these issues is important. Here are three things you might want to know:
1. 61% of baby boomers would increase cart size for free express shipping. Tip: Introduce a qualifying minimum spend that’s reasonable for both you and your baby boomer customers, and have this offer clearly stated on your e-commerce site.
2. 89% of baby boomers want shipping choices. Tip: Consider using a shipping platform like ProShip to help you gain carriers and rate shop them quickly so you can introduce new shipping options faster (and at a cheaper cost).
3. 95% of baby boomers want to track their shipments. Tip: Communicate shipping updates to your baby boomer customers at post-purchase by enlisting the help of automation tools. Allow customers to track their shipments without ever leaving your e-commerce site.
Now that you’ve gained more insight into the baby boomer shopper, it’s time to get shipping and fulfillment right so you can earn maximum profit from the $13.5 trillion that shoppers in this group are forecasted to spend annually.