The rising cost of groceries is pushing more consumers to use Buy Now Pay Later (BNPL) services for necessities such as groceries, according to new data from Adobe Analytics.
In January and February, BNPL's share of online purchases jumped 10 percent year-over-year, while revenue fell by 19 percent. This suggests more consumers are using the services for smaller purchases. In the meantime, groceries share of BNPL purchases skyrocketed 40 percent.
That compares to a 8 percent increase for apparel and a 14 percent drop for electronics.
“The rise of Buy Now Pay Later usage for groceries tells us that consumers are likely making bigger purchases online to take advantage of special promotions and stock up on staples, thus managing living expenses in more flexible ways,” said Vivek Pandya, lead analyst at Adobe Digital Insights.
Overall, ecommerce demand is holding up despite economic uncertainty. In 2022, consumers spent $86.8 billion on groceries on ecommerce platforms, up 10.8 percent year-over-year.
“E-commerce demand has remained resilient in an uncertain economic environment, driven in part by lasting pandemic habits where consumers had no choice but to leverage online food and home furnishing shopping services,” Pandya said.
What do Arnold Schwarzenegger, Aubrey Plaza, and Tom Brady all have in common? You'll see them on Super Bowl Sunday, but not on the field. If you only watch the Super Bowl for the ads, here's a sneak peek.
The Federal Communications Commission knows (to loosely quote Drake) "when that [AI robocall] hotline bling, that can only mean one thing" — deception. The agency says bad actors have been using these voices to misinform voters.
David Stryzewski, CEO of Sound Planning Group, breaks down Disney’s latest results, from adding Taylor Swift to building out ESPN, and why Bob Iger’s leadership is crucial.
Kevin Cohee, CEO and chairman of OneUnited Bank, discusses the power of financial literacy and how education and technology can help bridge the racial wealth gap.
Alex McGrath, Chief Investment Officer at NorthEnd Private Wealth, discusses why the A.I. hype can’t power the market forever and how to position investments in the current market.
Paul Verna of Insider Intelligence breaks down how the company is positioned, whether they can make their streaming service profitable, and the upper limit of streaming bundle prices.
From Flamin’ Hot Cheetos to Sweet Heat Starburst, America’s snacks are getting spicier. Now, Coca-Cola wants in on the trend. The beverage giant introduced Coca-Cola Spiced, the first new permanent offering to its North American portfolio in three years.
Taylor Swift’s camp is hitting Jack Sweeney, a junior at the University of Central Florida, with a cease-and-desist letter that blamed his automated tracking of her private jet for tipping off stalkers as to her location.
