Home breadcru News breadcru Retail breadcru E-com spending could reach $1 trn in 2022: Adobe

E-com spending could reach $1 trn in 2022: Adobe

23 Mar '21
2 min read
Pic: Adobe
Pic: Adobe

The novel coronavirus pandemic pushed consumers to spend $183 billion more online since March 2020, bringing total e-commerce spending to $844 billion, according to the Digital Economy Index report by Adobe, which recently said e-commerce spending in 2021 is expected to grow between $850 billion and $930 billion and reach $1 trillion in 2022.

During the first two months of 2021, consumers' usage of buy now, pay later services has grown 215 per cent compared to last year, signaling increased consumer financial stress and more installment payment options. Adobe found that transactions using this method of payment are 18 per cent larger than orders placed with other payment options.

An Adobe survey of 1,000 consumers found that 30 per cent of online consumers would rather shop using buy online, pick up in store or curbside pickup over standard delivery. The post-holiday use of ‘buy online, pick-up in store’ (BOPIS) has dropped, but it remains 67 per cent higher in February 2021 than last year.

Early on in the COVID-19 pandemic, it wasn't clear if an uptick in services like curbside pickup and buy online, pick up in store would be long-lasting. While consumers are using BOPIS more, Adobe's report noted that shoppers are doing so during work hours because the pandemic "has blended work life and home life for many people."

ALCHEMPro News Desk (DS)

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