Last month Adobe announced the Digital Economy Project (DEP), which aims to use the power of big data to provide insights on everything from online inflation to job search. Today the DEP released updated economic data for the month of March and also expanded the Digital Price Index (DPI) to include several new categories, including Appliances, Toys, and Furniture.
Two world-renowned economist--Austan Goolsbee, professor of economics at The University of Chicago's Booth School of Business and former chairman of the Council of Economic Advisers for President Obama, and Pete Klenow, professor, department of economics at Stanford University--are partnering with Adobe on the DPI.
Some key stats on the big data power behind the new model:
- Digital Price Index (DPI): The Digital Price Index looks at inflation through the lens of digital commerce. It’s based on aggregate, anonymous data sourced through the Adobe Marketing Cloud. A total of $7.50 of every $10 spent online with top 500 U.S. retailers goes through Adobe Marketing Cloud.
- Digital Housing Index (DHI): The Digital Housing Index looks at trends in the housing market based on online behaviors. The DHI is based on an analysis of aggregated and anonymous data from billions of visits to U.S. housing search websites that have occurred since December 2014.
- Job Seeking Index (JSI): The Job Seeking Index adds to national employment data, based on digital job search behaviors. The JSI is based on analysis of aggregated and anonymous data from 1 billion-plus visits to U.S. employment-search websites and top employer career pages that have occurred since December 2014. Adobe Marketing Cloud currently powers 20 of the top 30 U.S. employers.
For the latest economic data generated by the DEP, check out the April update below or click here to view it on on SlideShare.
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Adobe Digital Insights publishes research on digital marketing and other topics of interest to senior marketing and e-commerce executives across industries. Research is based on the analysis of select, anonymous, and aggregated data from more than 5,000 companies worldwide that use the Adobe Digital Marketing Cloud to obtain real-time data and analysis of activity on websites, social media, and advertising.
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