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£1.2bn spent using BNPL services in January, Adobe Analytics reveals

InternetRetailing

New data has shown from the total £8.1bn spent online in January 2024 – 15% was using buy now pay later (BNPL) services, representing a 14% increase on January 2023 figures.

Online shopping in the first month of 2023 was up 3.4% YoY, with UK consumers spending £1.2bn through BNPL services, and a real focus on healthy living products.

Online sales of exercise equipment were up 60% in January compared to December 2023. With top products in this category include treadmills, walking pads, stationary bikes, rowing machines, squat racks, gym shoes, resistance bands, lifting belts and dumbbells. 

“Shoppers may have started the new year setting healthy habits, but they haven’t tightened their belts from a spending perspective.  With workout wear, fitness equipment and wellness products proving popular, retailers will hope that online spending remains healthy throughout 2024,” said Vivek Pandya, lead analyst, Adobe Digital Insights.

Each month, the Adobe Digital Insights team use Adobe Analytics to analyse tens-of-billions of visits to retail sites from UK consumers, tracking 100 million stock-keeping units (SKUs) across 18 product categories to provide a comprehensive view of the UK digital economy.

The research also tracked the online rate of inflation. It fell by 5.1% across all categories, with the deepest discounts in electronics (-12.2%), apparel (-7.5%), sporting goods (-8.3%), and appliances(-5.9%), as retailers kept prices competitive in an effort to stimulate demand.

Learn more in the Composable Commerce whitepaper, produce in association with Adobe.

Discover how retailers are taking a modular approach to ecommerce platforms, taking the best of breed micro-services and APIs and essentially creating their own ideal ecommerce platform. By separating the frontend from the backend of their ecommerce system, businesses can create a bespoke system that meets their specific needs.

Read More

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