The COVID traction of digital continued into 2021 according to the latest Adobe Digital Economy Index. The Adobe Digital Economy Index offers the most comprehensive set of insights of its kind, based on analysis through Adobe Analytics that covers over one trillion visits to U.S. retail sites and over 100 million SKUs — more than any other technology company.
Look no further than Amazon.com to gauge the state of e-commerce and consumer behavior. The company shared its financial results for Q1 2021, and it brought in $108.5 billion in net sales. That’s a 44 percent increase from the $75.5 billion reported in the first quarter of last year, as the pandemic was beginning to take hold globally. Prime Day taking place I believe in June this year (2021,) will also be very telling.
Let’s look at some key findings here that are exciting and important for the industry.
>> U.S. consumers spent $78 billion online in March, up 49% year-over- year, the highest growth since July 2020.
>> For the first quarter of 2021, U.S. e-commerce sales grew 39% year-over-year, to $199 billion.
>> Adobe expects U.S. e-commerce spending this year to total between $850 billion and $930 billion, and to top $1 trillion in 2022.
>> Global e-commerce sales reached $876 billion in the first quarter, up 38% year-over-year.
>> Toys, furniture and bedding, video games, and auto parts were the top purchases made by U.S. consumers in March, according to Adobe.
“The changes we’re seeing are things that are going to carry forward for generations,” said Jason Woosley, vice president, commerce and developer experience, at Adobe. “There’s just too much momentum and durability.”
With vaccinations in the United States happening at record speed, it’s yet to be seen how consumer behavior returns to baseline pre covid or if the shopping behavior of digital continues to grow. My guess is that not only has consumer changed in the last year but also the way every company adapted during COVID to think digital first.