E-commerce grew globally by 11% in the third quarter of this year. But prices have also increased, which translates into fewer orders.

According to Salesforce's Shopping Index Report, which compares figures to the third quarter of 2020, inflation has driven down online traffic across all categories and sectors, leading consumers to pay 12% more for the same products.

The increase in consumption shows a recovery from the 2% recorded in the second quarter of 2021. The furniture category shows the biggest growth, with an increase of 50% compared to the third quarter of 2020. The electronics and accessories category, on the other hand, shows the largest drop in consumer spending (9%), comparing the same period in the two years.

Also noteworthy is the fact that, for the first time, we are seeing an increase driven entirely by growth in consumer spending, while at the same time traffic is declining (-2%). "This is not a surprising decline, since as the world winds down, consumers go back to their normal lives, which probably means fewer online visits and more physical traffic. But increases in consumer spending are underwriting all e-commerce growth, with a 13% increase in the third quarter," Salesforce explains in a statement.

Salesforce data indicates that inflation is affecting retail and consumer spending at a faster rate. Furniture is experiencing the largest increase in prices, growing 32% last quarter. Electronics and toys are also showing an increase in prices, both registering 21% growth over last year.

As for the products that came to market during the third quarter of 2021, they are listed at an average price 14% higher than the new items that came to market in the third quarter of 2020. The sectors leading this growth are beauty, toys, decoration and ladies' bags.

"Based on this data it then becomes clear that consumers are paying more for their products, a factor that inevitably leads to changes in consumer habits, tight supply and high unemployment, with the world heading towards periods of stagflation," says Salesforce.