Adobe Analytics found that US online spending reached over $100B
|Richard Harris in Marketing & Promotion Tuesday, May 8, 2018|
The Digital Dollar leverages Adobe Sensei to identify retail insights from trillions of data points that flow through Adobe Analytics. Adobe’s retail report is based on an analysis of one trillion visits to over 4,500 retail sites and 55 million SKUs.
Adobe's Digital Dollar report found that:
- What’s driving rapid ecommerce growth in Q1: U.S. online spending reached above $100 billion in Q1 for the first time, achieving over 14% growth - and this will continue in Q2. Continued consumer confidence and a strong stock market buoy online shopping and growth remains in the double-digits despite a larger base.
- Why retailers should look forward to Q2: Drawing on holiday success, retailers are using holidays, like MLK Jr. Day ($1.5B) and Presidents Day ($1.69B) sales, to pick up more revenue. Adobe also predicts Memorial Day to be the highest revenue day in this quarter, bringing in an expected $1.94B (a 19% increase YoY).
- Best deals in Q1 and what to buy in Q2: Products such as tablets (-5.5%) and televisions (-2.5%) saw more savings on average when bought on President’s Day sales as opposed to the holiday season. Adobe expects Q2 to bring similar discounts on personal care products, furniture and bedding, and more.
- The impact of smartphones on online retail: Smartphone share of visits to retailers (43.6%) nearly equals share from desktop visits (47%) in March 2018, but revenue still has a way to go despite the incredible growth (224% since January 2014). For every dollar spent online by via desktop in Q1 2018, 32 cents was spent on mobile.
- The smart device market is maturing: Nearly 9 out of every 10 TVs sold in 2018 are Smart TVs (4K being the new norm), more than half of speakers sold in Q1 2018 were smart (i.e. Alexa enabled) and more than 20% of watches purchased in Q1 2018 were smart - that’s more than double than 5 years ago.