By Alexandre de Vigan, CEO, Nfinite.
In an unsteady economy plagued by high inflation and interest rates, baby boomers are more important than ever. With ample savings and buying power, they can afford to spend on discretionary items. In an environment where quick wins are key, retailers need to prioritize the contingency of consumers who can have the maximum impact on sales—and today, that’s clearly boomers.
But there’s one major problem that most brands and retailers aren’t aware of: Boomers are the least satisfied with product imagery of all generations. Their recent transition from in-store to online shopping has left them with the highest expectations for e-commerce experiences compared to other generations. Retailers that rise to meet these expectations by making information accessible and comprehensive will succeed in winning over boomers, ultimately securing significant revenue throughout a tough time for retail—and beyond.
The Power Of Baby Boomers
The economy is trending downward, with increased inflation, shallow savings and decreased consumer spending. But baby boomers are the outlier, remaining in strong financial positions. As the second largest and most affluent generation, they have the highest purchasing power of any generation. In fact, recent Bank of America data shows that baby boomers and traditionalists are spending more while Gen X, millennials and Gen Z are pulling back on spending. The purchasing power of boomers relative to other generations is underscored by the current economic circumstances.
The Transition From In-Store To Online
As I began to understand the significance of boomers in today’s economy, I reflected on their shopping habits and behaviors. My parents and their transition from shopping purely in-store to shopping online quickly came to mind. Boomers grew up shopping in stores and shopped that way for most of their lives, and the transition to online shopping hasn’t been easy. As they began to dip their toes into e-commerce, many still went into stores to check out (look, hold, feel, test) products before buying them online.
I remember my parents going into a store to examine a table they were considering buying for their dining room. They wanted to be 100% sure that what they were purchasing was the right decision, and they felt compelled to garner as much information as possible. And they likely aren’t alone in this sentiment.
Unmet Expectations
With high expectations and a big appetite for visual information, it’s no wonder boomers are still learning to trust and feel comfortable with online shopping. According to a study our company conducted, only 14% are very satisfied with e-commerce product imagery, which represents the fact that retailers aren’t meeting boomers’ expectations. They crave an e-commerce experience akin to in-store where they can see, touch and feel products. In stores, they don’t have to search for information; it’s all readily laid out in front of them.
So when it comes to e-commerce, they don’t want to put effort into finding specifications, measurements, fabric or material types and pictures from every angle. They want imagery on product pages that is informative, personalized and shown in real-life contexts. In fact, 76% of baby boomers in our study are more likely to purchase an item if they can see it from all angles.
And the importance of trust, which misinformation can deeply mar, cannot be understated. For example, boomers will take their business elsewhere, with 40% very unlikely (and 80% less likely) to shop at a retailer again if e-commerce images are inaccurate or misleading.
The Recipe For Boomer Loyalty
I see a clear path for retailers to combat this dissatisfaction and win over boomers—providing an online experience comparable to a top-tier in-store experience. Detailed, accurate and varied product imagery, along with immersive experiences, can provide boomers with the confidence they need to make an online purchase.
Making the information as simple and accessible as possible—and providing it all in one online touchpoint—takes the risk out of a purchase. Retailers who think of the product description page (PDP) as the online version of a customer standing in front of a product in the aisle of a store will put themselves in the mindset of a boomer. Things like automated video play for a product video or offering a “see it in your home” AR option will ease the pains of the in-store to online transition.
It’s clear that addressing boomers’ concerns and helping them gain confidence in purchase decisions will provide short-term payoffs in an environment where quick wins are crucial. But the long-term implications shouldn’t be ignored. Generational decision-making is powerful, and brands and retailers that engender loyalty with boomers now will see the benefits of boomers’ children and grandchildren following suit. After all, I’m still loyal to the brand of toothpaste my parents bought when I was growing up.
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