Shopify Merchants Smash Records with Black Friday Bonanza
Portfolio Pulse from Anusuya Lahiri
Shopify Inc (NYSE:SHOP) merchants achieved a record $4.1 billion in Black Friday sales, a 22% increase from last year. Sales peaked at $4.2 million per minute at 12:01 p.m. EST. Popular categories were clothing, personal care, and jewelry, with an average spend of $110.71 per cart. The U.S., U.K., and Canada were top countries, with Los Angeles, New York, and London as top cities. International orders comprised 15% of total sales. Shopify's POS system sales rose by 33%. Adobe Inc (NASDAQ:ADBE) reported a 5.5% increase in U.S. online spending on Thanksgiving, while Salesforce, Inc. (NYSE:CRM) reported a 1% growth in U.S. global online sales. SHOP shares closed down 0.86% at $70.35 on Friday.
November 27, 2023 | 10:01 am
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Adobe Analytics reported a 5.5% increase in U.S. online spending on Thanksgiving, showing continued growth in the digital economy.
Adobe's report of increased online spending suggests a positive trend in the digital economy, which could reflect favorably on Adobe's analytics services and potentially boost its stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Salesforce reported a 1% growth in U.S. global online sales, indicating a modest increase in e-commerce activity.
The reported growth in online sales by Salesforce suggests a positive, albeit modest, trend in e-commerce which could have a slight positive impact on Salesforce's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Shopify merchants set a new Black Friday sales record with $4.1 billion, a 22% increase from the previous year, indicating strong performance and growth in the e-commerce sector.
The record-breaking sales figures for Shopify indicate a strong performance and could lead to increased investor confidence in the short term, potentially driving the stock price up.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100