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Buy now, pay later could reach $84 billion in online sales by 2024

Persistent inflation forced buyers Down look for cheaper goods. In some cases, this meant paying off items in small installments. For the e-commerce industry, this was an opportunity worth billions of dollars.

According to Adobe Analytics, consumers continue to use Buy Now, Pay Later (BNPL) as a way to better manage their budgets.

In the first four months of the year, BNPL e-commerce sales totaled $25.9 billion. This is an almost 12% increase compared to the same period a year ago. It’s worth noting that it can as well they signal an increase in invisible debt.

BNPL will likely continue to grow, with BNPL sales expected to range from $81 billion to $84.8 billion, according to Adobe, which expects strong growth for the rest of the year.

Adobe’s analysis, which covers online shopping data from January to April this year, paints a picture of the US e-commerce industry. Overall, e-commerce sales totaled $331.6 billion during this period.

The collected data analyzes online transactions spanning more than one trillion visits to U.S. retail sites, 100 million stock-keeping units (SKUs) and 18 product categories, the software maker said.

Although online shopping categories As consumers spend money on, while they may differ, Adobe has found a common thread: the cheapest goods increased significantly over the last four years. Consumers are giving away although carefullyregarding personal care, electronics, clothing, furniture and of course groceries.

“Grocery is something special,” said Vivek Pandya, principal analyst at Adobe Digital Insights, noting that Adobe expects the category to become “the dominant force in e-commerce, matching electronics and apparel in revenue share over the next three years.”

“In an unpredictable economic environment, the latest data from Adobe Analytics shows the continued resilience of the digital economy as consumers engage with new categories online,” Pandya said.