US apparel retail sales grew 46% YoY in December 2021: Mastercard

E-commerce sales in the US went up by 13.5 per cent YoY in December 2021, and 60.4 per cent, compared to December 2019, as per the Mastercard report.

There are a number of trends to watch that build on December momentum—including new ways people are shopping and paying and innovative strategies for how retailers are reaching consumers and providing different experiences for them. As detailed in the new Mastercard report, these trends include Buying with a Purpose; Commerce ‘E-volution’; Experiential Retail; and Consumer Privacy Gets Real.

Consumers wishing to buy with a purpose, are looking for retailers that share their values, creating and delivering products in a sustainable and inclusive way. Across the world, 85 per cent of adults say they are willing to take personal action to combat environmental and sustainability challenges. And 62 per cent say it is now more important that companies behave in sustainable and eco-friendly way.

As for Commerce ‘E-volution’, retailers and brands spent much of the pandemic shifting or expanding their digital channels, and online sales continued to experience strong growth in December. In 2022, innovation will be amplified with retailers looking at different platforms and tactics to reach hyper-connected consumers.

Innovation has been vital as retailers started to think of their digital and physical stores more cohesively than distinctly separate channels. The Experiential Retail trend brought ‘phygital’ innovation in how retailers engage with customers digitally and in person. Consumers expect the ability to make purchases ‘how they want’, requiring retailers to offer hybrid models, according to a Mastercard consumer impact study.

As consumer privacy gets real, the demand for personalised experience must be met by a heightened focus on consumer privacy. Retailers will need to find new ways to understand and engage their digital consumers effectively.

Fibre2Fashion News Desk (KD)