Consumers: Optimistic yet Cautious
Overall inflation is starting to decline, as food and appliance prices stabilize. However, core inflation is continuing to impact consumers spending online. MikMak data indicates a YoY decline in eCommerce conversion rates, which coincides with inflation and interest rates continuing to rise. Consumers are spending, but they are spending on essentials. Our data shows the top items in shoppers' carts right now are items like bottled water, granola bars and press-on nails. It’s a further proof point that consumers are being more strategic about discretionary categories, and considering what they are willing to do on their own, like nails, versus paying for a service. This trend is likely to continue until inflation stabilizes.
Rachel Tipograph
Chief Executive Officer, MikMak
Shahin Kohan, a seasoned and trusted technologist, businessman and advisor, is on a mission to catalyze the potential of people and organizations through the power of technology. Three decades of experience working across industries has granted him the knowledge, resources and perspective to effectively create solutions to problems of any size, and ultimately help others make their impact on the world. His companies, including AIMS360, the leader of fashion technology, and Kumo Technology, a pioneering workflow innovation and software development company focused on the private lending industry, allow him to achieve that goal. A proud American immigrant raised amidst the struggle of Tehran, Iran in the 70s, his inspiring journey of possibility, persistence and passion fuels his deep appreciation and endeavor to make technology more accessible, human and powerful for all.
Consumers:
Optimistic yet Cautious
