Even as inflation drove higher prices, US retailers saw online revenue grow 6 per cent yoy in February 2022. On the other hand, global online revenue saw a 5 per cent yoy decrease in the same timeframe. Recent data has found that with less purchasing power, US consumers placed fewer orders and purchased fewer items than last year at the same time.

February shopping data from more than one billion consumers using Salesforce Commerce Cloud globally found prices for consumers in the US rose 11.2 per cent yoy while globally prices increased by 4.4 per cent yoy. Product inventory in February shrank by -1 per cent in the US and -5 per cent globally as retailers and consumers continued to grapple with supply chain issues.

The Salesforce Shopping Index uncovers the true shopping story through analysing the activity of more than one billion shoppers across more than 54 countries powered by Commerce Cloud. Several factors are subsequently applied to extrapolate projections and actuals for the broader retail industry.

“Challenges that consumers experienced over the holidays, including inflation and low inventory, haven’t dissipated in the new year,” said Rob Garf, VP and GM of retail, Salesforce. “While digital commerce continues to prevail, it’s clear that inflation is having an impact on overall consumer spending. With these persistent headwinds, retailers must remove friction and enhance experiences by knitting together offline and online shopping.”

Product categories with the highest price growth in February include furniture, appliances, dining, art and decor. While the categories with least price growth include active footwear, general footwear and electronics and accessories, as per the study.

Fibre2Fashion News Desk (RR)

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