This year's holiday season is expected to be a strong one for online spending, with Adobe Analytics forecasting 4.8% growth year-on-year (YoY). Drawing on data from one trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories, Adobe is expecting over $220 billion in sales this year. Buy Now Pay Later is expected to see a dramatic increase of 16.9% over 2022, with around $17 billion in sales.
Adobe has also released insights into which brands are likely to be successful this holiday season, along with the leading product categories, discounts and the role of mobile. Cyber Week alone is predicted to drive $37.2 billion in online spending, up 5.4% year-on-year and representing 16.8% of the entire holiday season.
For the first time, mobile is expected to beat desktop as the preferred channel for online shopping. Groceries are also expected to be a major factor in online sales this year, with food ranking alongside traditional ecommerce staples like electronics and apparel.
This year's holiday season comes after another major online shopping event, Amazon's Prime Days in October. Despite consumer concerns about the economy, these figures suggest that people are still reaching for their virtual pocketbooks when it comes to buying online.
Looking ahead, Amazon's Prime Big Deals Days are expected to be a major event in the online shopping calendar. Businesses should keep an eye on these developments and make sure they are well-placed to take advantage of the opportunities that the holiday season and other events offer.
Originally reported by Martech: https://martech.org/adobe-forecasts-4-8-growth-yoy-in-online-holiday-spending/
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