Faced with the rise of electronic commerce, researchers from the Central Reserve Bank (BCR) analyzed the evolution of online prices, concluding that these are less rigid than in other countries.
Thus, the frequency with which online prices change in the country is 44.83% days per year, which implies that, on average, these prices have a duration of 1.68 days (that is, they vary every two days, approximately) , according to a working document of the BCR.
However, the absolute size of these changes is relatively small, less than 1.49%.
When taking weekly prices, the study shows that online prices change in 71.2% of the weeks of the year, which implies that they last, on average, 0.8 weeks (5.6 days).
In the international comparison, the report found that the frequency with which prices change online in Peru it is higher than in other countries.
The duration of a price in the US varies between 3.7 and 4.6 months, while in Chile it is 2.5 months and in Mexico, between 2 and 3.1 months. In contrast, in Peru the duration is 1.68 days, according to the study.
Additionally, the magnitude of the price change in our country ranges between 0% and 5.5%, while in the US, between 8.5% and 29.5%.
The report emphasizes that the average duration of online prices in Peru (1.68 days) is much lower than the median of studies conducted in other countries (84.53 days).
“The results show that the frequency of price adjustments in Peru is the highest of the values provided by the literature; in other words, the rigidity of prices in Peru is low compared to other countries ”, he points out.
He adds that the direction of price changes can vary by group and year. When analyzing the years 2017 to 2020 individually, it details that negative changes (drop in prices) predominated in the homeless group, while positive changes (up) were more frequent in the technology group.
The health measures implemented to face this pandemic – social distancing and reducing the movement of people – have had substantial negative effects on world economic activity by restricting face-to-face activities, it indicates.
In this context, companies, consumers and governments have intensified the use of the Internet as an alternative to give continuity to economic activities.
Big data. The study database is of the big data type, as it is made up of 4.5 million daily prices set by the main department store and covers the period September 2016 – April 2020. The process of “scraping” data from the web It was carried out by the BCR’s economic research department.