Blog

Wealthy shoppers prefer to purchase products online

December 13, 2013

Businesses hoping to attract wealthy shoppers with significant amount of disposable income will need to sell their products online, as well as at in-store locations.

Businesses hoping to attract wealthy shoppers with significant amount of disposable income will need to sell their products online, as well as at in-store locations. It seems that shoppers who have more money than most to spend are more likely to spend it at online shopping pages.

A recent Gallup report noted that Americans with household incomes that amount to more than $75,000 are significantly more likely to purchase holiday gifts online than are lower- or middle-income Americans. Additionally, Americans with higher education levels are much more likely to shop online than Americans with lower education levels, which the report attributes to the close correlation between high income and high education levels in the U.S. 

While holiday shopping is still most commonly done, on average, at department and discount stores, some demographics now shop online more often than they shop at brick-and-mortar store locations, according to Gallup. Both wealthy Americans and young adults are more likely to do holiday shopping at credit card wireless terminals than they are to do so at physical store locations, according to the report, offering an important insight for businesses hoping to command as much of their consumer’s disposable income as possible.

However, such a strategy won’t be successful if the online credit card processing pages attached to the online stores aren’t working properly. Mobiquity recently reported that 48 percent of smartphone users and half of all tablet users, for example, will abandon shopping at a retail outlet completely if they find themselves having a poor online shopping experience. 

“Mobile shopping has grown exponentially year-on-year but the mobile experience still has a long way to go before it comes close to matching or surpassing online shopping,” said Andrew Hiser, chief creative officer at Mobiquity. “Until retailers fix their design and UX issues, they will continue to leave money on the table.”

Back To Blog