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Shopify reports record-setting Black Friday sales

The e-commerce platform is starting off the holidays with a bang.
The post Shopify reports record-setting Black Friday sales appeared first on Motley Fool Australia. –

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

ecommerce asx shares represented by woman shopping online

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

In a press release Saturday, Shopify Inc (NYSE: SHOP) announced that merchants using its e-commerce platform achieved record global sales of $2.4 billion on Black Friday alone. This represented an increase of 75% over 2019. 

More than 1 million merchants in 175 countries helped boost the digital sales watermark, with the festivities beginning in New Zealand and continuing around the world. By 8 a.m. EST on Friday, Shopify had already achieved $1 billion in sales.

Shopify also released other metrics to illustrate the early success of its holiday shopping season. The average Black Friday shopping cart totaled $90.70, an increase of 11% compared to the year-ago period. With more people shopping from home due to the pandemic, mobile sales edged lower to 67%, down from 69% in the prior-year period. At the same time, desktop sales climbed to 33%, up from 31%.

This underpins other data that suggested more consumers have pivoted to shopping online in the face of the pandemic. A report from Adobe Inc (NASDAQ: ADBE) Analytics found that online spending during Black Friday jumped nearly 22%, according to a report by CNBC. 

At the same time, preliminary figures showed that retail-store traffic dropped to abysmal levels, down roughly 52% compared to 2019, according to data released by Sensormatic Solutions. The report found that traffic levels were also down for the period beginning on Sunday, Nov. 22, and ending on Black Friday, sliding 45%. The report suggested that fewer in-store doorbuster sales and store closures on Thanksgiving, as well as the increasing adoption of e-commerce, contributed to the decline.

In 2019, Shopify reported sales of $2.9 billion on its platform between Black Friday and Cyber Monday, an increase of 61% over the prior-year period. Investors should stay tuned as Shopify appears poised to demolish the sales records it set just last year. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Danny Vena owns shares of Adobe Systems and Shopify. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Adobe Systems and Shopify. The Motley Fool Australia has recommended Adobe Systems. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Shopify reports record-setting Black Friday sales appeared first on Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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