2023-08-29 23:09:37
In a revealing analysis carried out by Visa Consulting & Analytics (VCA), Visa’s consulting arm, the growing digitization of clothing and accessories purchases in Latin America and the Caribbean is confirmed. Between January and June 2023, transactions with Visa credentials in fashion stores, both physical and online, increased almost 6% compared to the same period in 2022.
Perspective Writing
This trend reaffirms the growing adoption of digital payments by consumers in the fashion space, driven by the rise of e-commerce and contactless payments. Countries like Chile, Ecuador, Panama, Guatemala The US and Dominican Republic have been leaders in this trend, experiencing a growth of between 25% and 30% in Visa transactions during the period analyzed.
One highlight is the growth of online purchases of clothing and accessories across the region, with an increase of around five percentage points in the first half of 2023 compared to the same period in 2022. Argentina, Colombia and the Dominican Republic These are the countries that stand out in this aspect, surpassing the regional average in online purchases with Visa credentials.
«The evolution of the share of online transactions in total digital transactions in the fashion sector has been remarkable, almost doubling in the last three years. This reflects a significant change in the industry in search of innovative and secure solutions that improve the user experience”, said Javier Vázquez, leader of Visa Consulting & Analytics for Latin America and the Caribbean.
The use of Visa credentials for both online and face-to-face purchases of clothing and accessories has increased. When comparing the first half of 2023 with the same period in 2022, a growth of twelve percentage points was detected in purchases of clothing and accessories made with contactless Visa credentials in the region. Uruguay stands out as the country where the use of these innovations in clothing purchases has increased the most, with 25% more contactless transactions during the period analyzed.
This analysis is based on data from VisaNet transactions made during the first half of 2022 and the same period in 2023. The countries and territories included in the analysis are Argentina, Brazil, Chile (except cards migrated in 2019), Colombia, Costa Rica , equator, Guatemala, Panama, Peru, Puerto Rico, Dominican Republic and Uruguay. The trend shows the strong drive towards a safer, more agile shopping experience adapted to the digital age in the region.
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