Online spending patterns shift in July
According to the latest Signifyd E-commerce Pulse data for July 2024, online spending continued the growth trend seen in June, but shifted toward lower-cost items and alternatives as the fastest year-over-year growth (17.7%) was in orders under $100. Meanwhile, purchases above $500 were nearly flat with 1.5% year-over-year growth. Overall online spending was up 10% year-over-year, and the number of e-commerce orders increased 15% but average order value was down 4% compared to July 2023, which Signifyd said signals caution among consumers.