Rise of the silver surfer

The grey pound, Woofs (well-off older folk), silver surfers……. the consumer group profiles are in place but eRetailers are increasingly ignoring the growing number of over-40s shopping online.

With recent research revealing 74% of internet users aged 55+ have embraced virtual shopping, the silver surfers are rapidly converting to the benefits of buying online. This is supported by further research which reveals a key driver for growth in online sales at Christmas 2009 will be the older age groups; the over-40s are set to storm the virtual shops even further.

So, why do many companies still believe the online market is strictly for the under-30s? The statistics certainly reveal otherwise. As a market they have taken a little longer to get on board and trust the web enough to input their card details but now that they are, retailers could be throwing away billions if they fail to invest.

Motivated by convenience, lack of crowds and most importantly price, the silver surfers are becoming increasingly savvy putting further pressure onto the eRetailers to stay competitive. In addition, sites must continue to evolve to meet their needs. Small or difficult to read text, unclear navigation and advertising and positioning focused at a younger age group will need to be adapted for the silver surfers as well. Moving forward, retailers must ensure that their online proposition combines the best value with the highest possible service to all key age groups to continue to grow revenue.

The eCommerce marketplace is booming; people are buying more online, whatever their age. The retailer that adapts to meet all customer needs will certainly reap the benefits.