I learned that for the first time in history, prices online went up last year. Historically, the prices of items have always gone down online by an average of 5.2% per year (2015-2019). However in 2020, prices rose by an average of 2.3% with some categories as high as 16%.
Here's the study done by Adobe who collect spending data from over 1 trillion visits to U.S. e-commerce sites and track over 100 million product SKUs:
It makes sense though. Price is no longer the most important factor in choosing to shop online — convenience has become equally important. Obviously the pandemic escalated that trend because folks had no choice but to shop online, but I think we were heading in that direction anyway.
Aside from convenience, the cost of selling online increased significantly too. Shipping prices went up, cardboard box prices went up, server costs, salaries of employees to run online websites went up, etc. So those increases in cost have been reflected in the price of products online.
How do Adobe's stats fit with your personal experience? Did you raise your prices?