We don’t know for sure what the long-term effects of the coronavirus pandemic will be, or even how long it will last.
What we do know is that it has changed the way we shop, and it seems likely that this change will be enduring.
While the greatest effect is likely to be seen in the highly tech-savvy younger markets, it is taking place amongst older consumers too.
We have an ageing population
In its report on Ageing Matters: the Future of Older Populations, Euromonitor has flagged up some important factors.
In the next 20 years, the global population aged 65+ years is forecast to increase by 600 million, to reach 1.3 billion. This growth will affect the way that economies, societies and businesses evolve.
And older people do have high disposable incomes
Older populations will see their incomes affected, especially if the over 65s lose out in a contracting job market. But against that, older people in Western Europe already enjoy some of the highest incomes in their age groups in the world.
The pandemic has started to break down the technology barriers
The lockdown has forced many older people to become more adept technologically, so that they can connect with others, access vital services and supplies online, and become more confident with shopping on the internet.
How can retailers and service providers build on this opportunity?
There are growth opportunities for businesses who can approach this market successfully.
But there’s still plenty to do to make online buying more accessible. Can retailers and providers re-think their models to make buying simple enough to appeal to this market?
Suppliers need to think about the technology that’s right for older consumers. I’ve seen a range of ‘solutions’ for web access from mobile devices, from a new top-level operating system over the top of Android to completely re-thought propositions. There needs to be a balance between designing for a novice user while remembering that their ‘technical support’ – family at the end of the phone – will only be familiar with Windows, Android and i-devices.
If older consumers are to have confidence in digital payments, they will need huge support and education in how to secure their accounts and avoid the scammers. This is massive. We see daily how sophisticated criminals can be online, and providers need to take their share of the responsibility for keeping their customers safe.