Despite a maturing market and increasing headwinds from fraud and security issues, U.S. e-commerce posted impressive growth during the just completed holiday shopping season, according to Mastercard. From Nov. 1 through Dec. 26, online commerce grew more than 19 percent compared to 2017. In its Mastercard SpendingPulse report, the global payment card network said online commerce grew faster than it has at any time during the past six years. It also accounted for 13 percent of total retail, higher than it ever has before, Mastercard said.
"Online shopping is experiencing a surge boosted by strong growth in Apparel, Department Store, and Jewelry e-commerce sales," said Steve Sadove, senior advisor for Mastercard. "A mix of early deals and cold weather helped drive shoppers online. In addition, we're seeing more consumers finding out about brands and listening to shopping advice from social networks, communities and friends — making it even easier to buy from any connected device."
It was a rosy holiday for retailers overall, according to Mastercard, with U.S. retailers posting a 5.1 percent increase in sales totaling $850 billion for the period.