Change in online spending behavior in July

Discounts helped boost online sales in July.

E-commerce shoppers began changing their shopping behavior in July 2024.

According to the latest Signifyd E-Commerce Pulse data for July 2024, online spending remained Growth trend as in June, but there was a shift towards cheaper items and alternatives, as the strongest year-on-year growth (17.7%) was seen in orders under $100. Purchases over $500, on the other hand, remained almost flat with 1.5% year-on-year growth.

Total online spending increased 10% year-on-year and e-commerce orders increased 15%, but average order value decreased 4% compared to July 2023, indicating consumer caution, according to Signifyd.

When examining online shopping trends in traditional back-to-school categories, Signifyd found that spending on apparel increased 12% year over year, while spending on electronics remained stagnant and spending on home goods decreased 8%.

According to analysis by Signifyd, discounts also played a role in school supplies purchases. The average discount in the electronics category was 12%. Fashion shoppers received an average discount of 22%, about the same as in 2023. Discounts on home goods averaged nearly 29%, 3% more than a year ago, but these deals failed to drive home goods spending higher than in July of the previous year.

The average discount for all transactions across Signifyd's network of thousands of retailers was 23.5% – an increase of 3% over the average discounts granted in July 2023.