Shopify (TSX: SHOP) is claiming that its merchants set a new record on Friday for Black Friday sales.
The platform on Saturday revealed it saw a total of $4.1 billion in combined sales from businesses on its platform. The figure represents a 22% increase in sales over 2022, with sales said to have reached a peak around noon eastern time, when sales hit $4.2 million per minute.
In terms of details, the average cart size was said to be $110.71, with the US, United Kingdom, and Canada being the busiest markets. The most desired categories meanwhile were clothing, personal care, and jewelry.
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Shopify’s own point of sale system meanwhile is said to have seen an increase of 33% in global sales made compared to last year.
READ: Shopify Jumps 15% After Posting Strong Q3 Revenue Growth
As a comparison to 2022, peak sales per minute last year hit $3.5 million, with peak sales oddly occurring at the exact same time of 12:01 PM eastern time. Total sales on the day amounted to $3.36 billion, while the average cart price came in at $102.31.
Shopify last traded at $96.26 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. 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.
2 Responses
The figure represents a 22% increase in sales over 2022, with sales said to have reached a peak around noon eastern time, when sales hit $4.2 million per minute.
Would this not be the reason for higher interest rates directed at the addiction that is seen in Canada as it seems the interest rate hikes have done little to reduce personal consumption.
And the addiction, one that has negative side effects according to so many renowned scientific experts around the world and when those sentiments are echoed in similar rhetoric by the Federal Reserve and the bank Canada would it not be politically responsible to support them in raising rates in a fare more aggressive manner .
Is there a moral superiority concerning the issue of climate change by those that publicly support higher rates ! Is it out of only self preservation that the over exstened financially decry publicly that rates are to high while trying to maintain the status quo addiction to materialism . And should those addicted be looked down upon by AI as a threat to mankind and would it not be in the best interests to force the reduction upon the underlying problem that helps perpetuate the causes and contributing cause.
These issues are internal human problems that manifest into environmental waste making the argument by some that a digital currency might help control the addiction by way of forced compliance ,or raise the rates and hope ai does not step in and make that choice on your behalf.