The retail industry has remained strong lately due to robust holiday spending. According to the Mastercard Spending Pulse, U.S. retail sales rose 7.6% year-over-year from November 1 to December 24. Moreover, the Personal Consumption Expenditures Price Index increased by 5.5% from a year earlier in November.
Furthermore, the 10.6% annual growth in online sales and the fact that e-commerce now makes up 21.6% of all retail sales (up from 20.9% in 2021) indicate that consumers are displaying a greater affinity for online shopping. The global smart retail market is expected to grow at a CAGR of 22.8% to $72.9 billion by 2028.
