Millennials
Currently, there are 1.8 million online retailers in the USA, representing 25% of the entire retail market. By 2025, the number of online shoppers in the United States will reach 291.2 million. The most popular online shopping categories are electronics, fashion, and media. Many corporations are switching to the Internet, including Walmart and JCPenney. This is mainly because it is cheaper and requires less physical setup than traditional stores.
Despite the recent boom in e-commerce, most Americans still prefer shopping in physical stores. Only 6% of Americans exclusively shop online. The majority of online consumers are millennials. They tend to make purchases online because it’s more convenient and gives them a chance to compare prices and find discounts that they would not otherwise have access to.
The exact number of online stores is hard to pin down. The industry is undergoing dramatic change. Some companies are going out of business, while new shops are opening out of necessity or sheer chance. Ultimately, the number of online stores is increasing, and in the U.S. alone, there are expected to be 2.1 million online retail shops and 263 million online shoppers in 2021.
Generation X
Today, Generation X is looking for bargains and using the Internet for shopping. Gen X has been the laggard generation in the U.S., but this does not mean they have no money to spend. They are spending more than millennials in many categories. They spend more on food and wine than any other generation and are also parents of the up-and-coming Gen Z consumer group.
While Gen X is tech-reliant, they still like to watch traditional T.V. They’re also very active on Facebook. And if they’re unsure about a product, they’ll use the Internet to compare prices and styles before purchasing.
While the younger generations are the most significant online shoppers, they aren’t the only ones. Most younger generations – the Boomers, Millennials, and Silent Generation – also prefer to shop in person. According to statistics, about one-third of Americans ages 35 to 44 buy products online. While younger generations spend more money in stores than their elders, older generations spend more on the Internet.
Those in this generation are more conservative and more likely to buy something if they see a discount. And a survey of Gen X consumers shows they are less impulsive than other generations. Seventy percent of Xers are brand loyal. However, more than eighty percent of them would consider purchasing a different brand if it were offered a discount. And over forty percent have used a buy now, pay later feature. So, if you’re looking to sell products online to Gen X consumers, you’ll want to invest in digital marketing.
One of the significant reasons millennials buy online is the ease of use and the availability of brand names. The millennials are brand conscious, with twenty-nine percent saying they search online for brand names daily. So, if you’re looking to attract these people, you’ll have to consider the best way to attract them and make them stay loyal to your brand.
Baby boomers
The USA’s booming baby boomer population is increasingly interested in shopping online. With an estimated 75 million Americans, this demographic represents about 70 percent of the nation’s disposable income. But even though many boomers are shopping online, they still prefer to buy their products in person. And they have high expectations for customer service.
When asked about their future shopping plans, baby boomers tend to favor convenience over price. However, they would be willing to try new stores as well. They are a confident generation, and they know what they want. This means they are unlikely to rely on their families or friends to buy them what they need.
Baby boomers are a unique demographic, and their preferences and shopping habits vary significantly from the generations before them. Baby boomers, however, are the most likely to use the Internet. They spend over half of all online shopping. They are also expected to buy more items at once.
Online shoppers are increasingly sophisticated, and the Internet has become essential to the buyer’s journey. Boomers typically research products before purchasing them and use several digital touchpoints, including blog articles, reviews, and videos. They spend over 20 hours online each week. For this demographic, the Internet is an ideal place to advertise.
As the number of baby boomers increases, retailers should pay special attention to e-commerce to meet their needs. Providing detailed information about products will make online shopping more enjoyable and convenient. Some retailers have even created services to help older adults create an account on their websites. Instacart, for example, makes it easy for older consumers to set up their accounts. They should also offer curbside pickup as an additional convenience.
Generation Z
In the U.S., consumers tend to make online purchases with debit or credit cards, but there are also mobile wallet solutions. Payment methods vary and are especially popular among millennials and Generation Z, who are more likely to use mobile wallets and peer-to-peer platforms to pay for their purchases. Meanwhile, older generations tend to prefer using credit cards and debit cards. They also often opt for cash-on-delivery.
The American consumer has increasingly turned to online shopping, with more than 50% of consumers between the ages of 30 and 44 making online purchases every month. As of 2017, millennials were the biggest age group to shop online, accounting for twenty-one percent of all online shoppers. This is partly due to the convenience and ease of searching for products and the ability to compare prices and look for discounts online.
According to Statista, there are approximately 263 million U.S. consumers online. This number is set to rise steadily. The most popular categories for online shopping are fashion, electronics, and media. In February 2020, millennials aged 25 to 34 made up 20.2% of the U.S. population. In the same month, 17 percent of people aged 35 to 44 were active online shoppers.
The average U.S. consumer spends more than an hour daily on their smartphones. In addition, Gen Z consumers are much more likely to spend money on a mobile device than millennials, according to a referral center survey by ReferralCandy. 93% of parents said that Gen Z children influence their household spending. Moreover, this demographic is predicted to make up 40% of all consumer shopping in the coming years.
Amazon
According to Statista, the number of online shops in the USA is currently at around 263 million and is expected to increase to 291.2 million in 2025. The top categories for online shopping include electronics, fashion, and media. Many corporations are closing down traditional brick-and-mortar stores in favor of online shops to cut costs. Having fewer physical setups saves them thousands of dollars a year.
While eCommerce has become a popular way of shopping, it is not intended to replace traditional shopping. Retail sales on the Internet accounted for only 12.5% of total retail sales in the U.S. in the second quarter of the year. Even though more people are choosing to shop online, most Americans prefer to shop in a brick-and-mortar store. A recent survey showed that 56% of Americans prefer to buy products in stores.
Amazon is the most popular online shopping destination in the USA. It receives more than two billion unique visitors every month. This figure is nearly double that of eBay, which only receives 700 million unique visitors per month. Amazon is the preferred shopping destination for millennials, who are more likely to buy online than in brick-and-mortar stores. They also prefer to compare prices and find discounts when shopping online.
The ease of buying and selling online has ushered in a new trade era. With the click of a finger, consumers can browse thousands of products and compare them. The process takes seconds instead of hours, and anyone with an internet connection sets up online shops.
