Adobe Reports on Online Shopping and Inflation
As reported by Forbes, “Inflation Cost Online Shoppers 2.8 Billion in March, Adobe Reports,” online shopping and inflation are growing major economic concerns. Items in categories such as apparel and groceries are getting the worst of it, along with soaring gas prices. So as we take a lap around the calendar year, past the halfway mark, it’s time to review a few trends and predictions. First, let’s go back to that article by Forbes and uncover more data from Adobe. The Adobe Digital Economy Index reflects data metrics from over a trillion U.S. e-commerce sites. If those “big brother” stats aren’t staggering enough, let’s focus on the impact to your online stores rather than the privacy concerns. Of course, it’s tempting.
The Adobe Digital Economy Index
In conclusion, the data, from the Forbes article, cites that 14 of the 18 online categories had year-over-year price increases in March. The categories that did see a decrease in regards to online shopping and inflation were electronics, jewelry, toys and computers. Let’s pause while thousands of ecommerce pros take a momentarily sigh of relief. Next, remember that online shopping has a major benefit: no pain at the pump. My parents recently complained that a round-trip to their local big box store costs almost $10. Meanwhile, Adobe notes that for 22 consecutive months, beginning in June 2020, reports of online inflation.
Gentle Reminder: Digital Transformation 101.
Above all, this post is here to remind you that it’s still time for ecommerce digital transformation. Remember step one is simply embracing the inevitable. Of course, you have a website and employ multiple channels, like social media, to promote sales. Hopefully you have embraced influencer marketing to show value in products. Strong value propositions improve customer loyalty, referrals and reviews. Now, more than ever, your customer’s journey could be the key to more sales during this inflationary period. Consider adding more goods to your online store in categories. Remember that electronics, jewelry, toys and computers are lower now than a year ago!