Why the surge? Well, shopping on mobile is now smoother than your grandpa’s dance moves at a wedding. It’s so easy that even your tech-challenged aunt can buy a sweater with a few taps.
And here’s the kicker: AI is the new shopping buddy. Adobe’s research says shoppers are using AI to make smarter buys. Imagine AI whispering in your ear, “Hey, that’s a great deal on those sneakers!” during your midnight shopping sprees.
October alone saw a 5.9% increase in online spending, hitting $76.8 billion. That’s like every person in the country buying a fancy coffee every day of the month. The year-to-date figure? A cool $759 billion, up 4.3%.
Retailers are getting crafty too. They’re throwing early discounts and Buy Now, Pay Later (BNPL) options at us. It’s working. BNPL in October bagged $6.4 billion in sales, up 6% from last year.
Imagine this: It’s like having a magic wallet that never runs out of coupons. From January to October, BNPL has driven sales of $58.5 billion. That’s a lot of impulse buys!
Electronics and apparel are getting price cuts that would make a bargain hunter swoon. We’re seeing discounts up to 12% and 9%, respectively. It’s like Black Friday came early, but without the need to camp outside stores.
The top-selling items list reads like a child’s (and let’s be honest, many adults’) dream: Legos, Barbie toys, Bluetooth headphones, and smartwatches. And for the gamers, PlayStation 5 and Nintendo Switch are flying off the virtual shelves faster than you can say “game on.”
Curbside pickup is still going strong. In October, it accounted for 18% of orders for stores offering it. It’s like a drive-thru for everything you ever wanted.
Now, here’s a twist: the increase in shopping isn’t just because things are getting pricier. Adobe’s data shows a 6% drop in online prices. It’s like everything’s on sale, all the time.
In short, 2023 is the year your phone became more than just a device for doomscrolling and dog videos. It’s a full-fledged shopping mall in your pocket, with AI as your personal shopping assistant. And as the holiday season rolls in, this trend is only going to get bigger. So, brace your wallets (or maybe don’t, because who needs wallets when you’ve got phones, right?).
Image: DIW / Irfan Ahmad
Read next: AI’s ‘Encoded Reasoning’ Enhances Performance, Obscures Processes, Sparking Transparency Concerns