E-commerce to hit $1T mark this year, Adobe forecasts
Adobe has a new report out that details the e-commerce spending spree that the pandemic prompted in the U.S.
- The double-digit spurt in January and February reveals the growth and longevity of online shopping in the pandemic era.
Why it matters: The data show that even as brands look to open physical stores, now is not the time to pull back on investing in the digital transformation of retail and the dealmaking tied to it.
By the numbers: Adobe projects that online sales this year will grow nearly 13% to about $1 trillion versus 2021.
- This would follow single-digit growth of 8.9% to $885 billion in 2021 versus 2020.
- From March 2020 to February 2022, consumers spent $1.7 trillion online. Of that, $32 billion was directly the result of price increases, Adobe says.
Between the lines: During the pandemic, legacy physical retailers had a rude awakening and were forced to speed up digital investments at a time when sales at stores were decimated.
The bottom line: This new data from Adobe indicates that e-commerce growth is regaining steam and that 2020 may have simply been a difficult comp for 2021 to compare with.