Adobe launches web portal for online inflation data
According to Adobe Analytics 2019 by the end of the year $574.9 billion had been spent online by consumers. Growth has remained strong, as durable e-commerce demand was met with more efficient online experiences. Online shopping was expected to expand by more than $100 billion in 2020. However, when the final tally was in it was significantly higher than that, thanks to the Global Covid-19 pandemic. The total spent online was more than double that of the previous year, reaching a ginormous $237.9 billion. The COVID-19 pandemic was a rare step change, making e-commerce a necessity for many and creating habits with staying power. It challenged the ability of businesses and policymakers to react, as trends and consumer behaviours shifted virtually overnight. As a result, the need for real-time on the digital economy has become heightened, therefore Adobe’s idea for a web portal for online inflation data.
The new Adobe Web Portal, essentially a product of the work landscape left by the pandemic, will be powered by the Adobe Digital Price Index (DPI) and will provide customers with an in-depth look into their online spending. Working like the Consumer Price Index the DPI will break down a more complete view of the overall cost of living. The portal has been co-developed with Professors of Economics Austan Goolsbee and Pete Klenow working alongside Adobe to create a portal that will analyse over 1 Trillion visits to retail sites, over 100 Million stock-keeping units, and across 18 different product categories.
Storage for online inflation:
Adobe will issue their DPI each month just before the release of the CPI, therefore covering the DPI’s 18 product categories within e-commerce, some of which include electronics, apparel, appliances, and more. This will allow patterns and trends within prices changes year-by-year or month-by-month to be accessed as tables full of data. However, these tables will also be available as interactive charts helping to visualise the change in price and possibly helping to determine any correlation in any trends. Whilst being a new resource Adobe will make data as far back as 2014 available via this web portal, being the year the idea of this project was first conceived .
For years this data has been accessible to economist partners, academic institutions, and members of the press. Now Adobe has made these same data packets widely accessible, for consumers, businesses, and policymakers to have a more real-time pulse on changes in the digital economy. It couldn’t have come at a better time with online shopping predicted to surpass the $1 Trillion dollar mark in 2022, the real-time updates and signals available to all will allow for businesses and policymakers to understand changing consumer behaviours, and its impact on the offerings they provide.
This information has been collected from Adobe’s update announcing their web portal release. If you’d like to check out Adobe’s new Digital Price Index web portal for yourself visit here. Or if you’d like to discover more about our partnership with Adobe visit here.
