Shopify Inc. (TSX: SHOP) saw sales transactions on its platform set a record during Black Friday. The e-commerce platform recorded US$2.9 billion in sales across its platform, a 21% increase from last year.
“Every year, Black Friday represents one of the largest single-day sales moments for entrepreneurs around the world, and this year it was bigger than ever,” said Shopify President Harley Finkelstein. “From in-store retailers, to online, and even viral TikTok must-haves, these Black Friday sales show that independent businesses are having a massive impact on global commerce.”
The firm’s data was gathered from 1.7 million businesses in approximately 175 countries during their respective Black Friday periods.
The transactions peaked at US$3.1 million per minute, with the sales reaching US$1.0 billion-mark four hours earlier than in 2020. Average cart price was US$101.20, higher than last year’s US$90.70.
Top countries with the highest transaction were the US, the UK, and Canada while the top-selling cities were London, New York, and Los Angeles. Also, 15% of the total transactions were cross-border orders, with US-Canada being the most popular cross-border region.
The company posted its Q3 2021 financials in October, recording $1.1 billion in revenue.
Shopify Inc. last traded at $2,003.95 on the TSX.
Information for this briefing was found via Sedar and Shopify. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
