E-COMMERCE

Prices on the Internet are rising for the 20th month in a row

Prices on the Internet in January increased by 2.7% compared to January 2021 Adobe Digital Pricing Index.

In January 2022, online prices rose for the 20th consecutive month, and online prices in January rose 1.1% in 18 categories tracking Adobe, compared to the month of early December 2021, according to Adobe.

In January 2022, online prices rose in 13 of the 18 categories that Adobe tracks for the year. Notably, online food prices in January rose 5.8% year-over-year, the highest annual growth and mean two years of steady price inflation for this category, according to Adobe. This is even higher than in October 2020, during the wave of COVID-19 cases, when this month the prices of products on the Internet jumped by 5.2% compared to last year.

“January is the 24th month in a row that online product prices have risen, making it the only category that keeps pace with the consumer price index, which reflects the prices consumers pay in physical stores,” Adobe said.

“Consumers are still struggling with high prices in the digital economy,” said Patrick Brown, vice president of marketing growth and ideas at Adobe. “This is especially noticeable in the category of products, where prices on the Internet continue to break new records, and consumer demand for online shopping continues to rise.”

Good prices matter to online shoppers when it comes to conversions Digital Commerce 360 ​​and Bizrate Insights survey of the 1108 online shoppers in January 2022. 73% of consumers said the right price is likely to lead them to buy the product, making it the second most popular answer after free shipping at 76%. Consumers could choose more than one answer.

Adobe uses Fisher Price Index to track e-commerce prices as well as its data based on 1 trillion retailer visits and over 100 million SKU in 18 product categories.

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https://www.digitalcommerce360.com/2022/02/15/online-prices-increase-for-20th-consecutive-month/ Prices on the Internet are rising for the 20th month in a row

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