Those who consider the women's market
a “niche” market don't get it and will be left behind
in the next five years. Over 85% of retail purchases made in
the United States today are made by women, and at least the next
10% are influenced heavily by women. Long the key holder to household
purchases, women are now making or influencing purchases of big-ticket
items for themselves and their families, including automobiles,
personal computers and other electronics, and, well, you name it.
In the corporate world, more and more women have risen to positions
of purchase decision responsibilities. In short, then, women are
buying for themselves, buying for their families, and buying for
their businesses.
A recent study done by Forrester Research Group, in Cambridge,
MA, noted that 2003 saw $93B in on line retail sales, estimated
that 2004 will see $144B, and projected this figure will
grow in the next five years to $316B. Let's do some math
of our own, now. If over 85% of retail purchases made in the US
are made by women, and in this year alone on line retail sales will
be $144B, we're talking $122.4B. Yes, that's Billion.
The U.S. Census in 2000 reported that women became the majority
of web users for the first time in history, albeit by a slim margin
of 51% to 49%. These on line numbers will grow, and women's comfort
level with on line shopping will only improve over the next five
years. Forrester's number for five years hence was $316B, and 85%
of that figure is $268B. Wirednews.com said women made up half of
all first time web buyers in 2003, and they're not going back to
the mall anymore unless it's an online one.
I've a few suggestions for your online presence in light of these
numbers and trends. Web sites must become, keep pace with and be
an integral part of your marketing strategy in the near- and long-term
future, every bit as much as your radio, television and print media
marketing. Sites meant to appeal to consumers, in general, must
go deeper to develop relationships based upon interests, personal
identities and affinities. Companies must learn to develop an in-depth
knowledge of this vital customer group (remember, it's not a “niche”)
. . . women can be better defined by their interests and personal
identities than by their gender, alone. After all, women do invest,
they do drive cars, they do buy computers, and they do have hobbies.
Putting a photo of a woman in a business suit on your web site is
simply not enough today.
Jack and Jill have changed in the last 50+ years. Jill's on line
now, buying for herself, for her family, and for her business. You
don't need to know Jack; you need to know Jill, and know her well.
Don't get left behind. We are talking about real money here. |
