The retail landscape is changing, and traditional brick-and-mortar retailers are transforming to keep up with the times. One area of retailing that has seen major change is aging demographics in search of quality brands and memorable experiences, driving the growth of online retail marketing (ORM).
Whether you’re a brand marketer, e-commerce marketer, or digital strategy consultant, you’ll find rich insights from Marriott’s Senior Manager Online Retail Marketing report.
The Rise Of Online Retail Marketing
According to HubSpot Blogs research, only 12% of consumers age 65 and older bought products online in 2016. That’s compared to nearly 40% of millennials and Gen-Z consumers.
While the digital nomads of today might be driven by the desire to avoid big-box stores and their crowded parking lots, open-minded seniors are taking advantage of the inbound approach to marketing and enjoy the convenience of shopping online from the comfort of their homes.
For many companies, retail marketing is an area of focus and an integral part of their overall marketing strategy. Many brands see marketing to older consumers as a significant growth opportunity — 41% of consumers age 55 or older buy products online as a result of inbound marketing techniques. That’s according to a HubSpot Blogs analysis of the Marriott’s Senior Manager Online Retail Marketing report.
The opportunity for brands and retailers to reach older consumers via digital marketing is further supported by the fact that 71% of adults in the U.S. use at least one mobile device (e.g. iPhone, Android, or other mobile phones) to access the Internet. In particular, 40% of adults use a mobile phone to access the Internet while shopping. That’s according to the Mobile Marketing Association.
Key Findings From Marriott’s Senior Manager Report
The following are some of the key findings from Marriott’s Senior Manager report:
Retail Marketing Is No Longer Limited to Traditional Methods.
The rise of e-commerce means that brick-and-mortar stores aren’t limited to catering to in-person shoppers. With retail marketing, you can target online shoppers and encourage them to come into the physical stores or visit their websites. You can also analyse online activity to identify shopper demographics, psychographics, and digital behaviour.
Traditional retail marketing methods such as television advertising and print media have been around for ages, but with the rise of digital marketing and online commerce, retailers need to evolve with the times to stay competitive.
Marketing To Seniors Is A Whole New Ballgame.
Marketing to seniors isn’t covered by a single ad campaign or digital strategy. You need to approach marketing to older consumers as a whole, including online retailers that can provide physical stores and catalogues for offline shopping.
To reach this audience, you need to consider the following:
- Information Architecture
You must also adapt your approach to suit the unique needs of this audience. For example, when marketing to seniors, you might consider bundling products together to reduce the number of items they have to remember and transport. You can also give them additional discounts for shopping at your physical stores or online.
The Importance Of Personal Experience In Retailing.
While brands and retailers might not always be the most traditional of industries, they can still learn a lot from other industries that operate in a more traditional manner. For instance, consider how retail stores and brands can use inbound marketing to attract customers.
According to the research, consumers are more likely to buy a product or service that they’ve had personal experiences with. Companies like Uber, Airbnb, and Warby Parker have all used inbound marketing to grow their businesses and become major players in their industries.
You can drive interest and excitement for your brand or retailer by consistently creating exceptional experiences for customers. For example, you might consider using virtual reality (VR) to give customers a taste of what your product or service is like, or allowing them to try on products before buying them.
Retail can be a fun and rewarding industry to work in, but you must approach marketing to seniors as a whole. To get started, consider the four P’s of retailing:
- Product: What are you selling?
- Price: How much are you asking for it?
- Place: Where can I buy it?
- Promotions: What special offers do you have?