Australian Online Retail: Where the Money Is
Australian Baby Boomers and Generation Xers dominate online spending according to recent research from Mastercard.
The report says that 45-49 year olds are the most active online purchasers followed by the 50-64 years olds.
That could well be because they have more disposable income, but nevertheless it proves once again that Australian shoppers have moved wholeheartedly to the online retail space.
Age is neither a factor nor a barrier when it comes to shopping online.
What’s more, the slightly older Australians prefer to shop online with local retailers as they believe it is faster and more convenient.
Online Business Questions You Should Be Asking
The results of Mastercard’s research raise all sorts of interesting issues such as:
- If you’re an offline business and your target markets are Generation X and Baby Boomers, then you definitely need an online store.
- Are you designing your site to cater for the slightly older market? If not you could be missing out on the most lucrative customers.
- The web is clearly not the preserve of the young; if you’re doing business on the web you need to carefully consider who you are targeting and who you get your business advice from.
- If you’re targeting a range of age groups then you may even need to create different websites.
- There is a clear preference to shop with Australian retailers, so there is great opportunity for local businesses to get online and service the online customers.
- It refutes the argument that online retail is taking business away from Australia.
As I mentioned in a previous post, a large number of Australian businesses are still not online, yet their customers clearly are.
The Mastercard report merely reinforces the point that most Australian businesses need to get online now or forever miss out on growing their market.