Stats released by online payment gateway, PayFast show that Generation Z, aged 18 to 24, is paving the way for innovation in the e-commerce space, with Baby Boomers aged 55 to 64, not far behind.
E-commerce adoption rates soar
E-commerce has fundamentally changed over the past few months. The Covid-19 pandemic has encouraged consumers to switch to online shopping and contactless payment alternatives to abide with social distancing practices and lockdown regulations.
“The e-commerce boom was bound to happen, but Covid-19 definitely accelerated industry growth. We’ve seen adoption rates soar following on from the lockdown, this has occurred across age groups. Habits formed now are going to continue in the future,” says Jonathan Smit, managing director and founder of PayFast.
According to the company, Gen Z is the fastest-growing group of online shoppers, with a 139% increase in users compared to 2019. By comparison Millennials, aged 25 to 34, only grew by 55% but still account for the largest group of online shoppers. Millennials are also most likely to be using their mobile device, with 37% in this age group making payments with their mobile versus 28% on desktop.
Older generations who had previously shied away from online shopping have, effectively, been forced to change their habits in the face of social distancing measures. “Younger Baby Boomers make up our second-fastest-growing age group, with a 62% year-on-year growth,” says Smit
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