Shopify Shares Pop on Record-Breaking Black Friday and Cyber Monday Sales

Published on: 03 Dec, 2019

Shopify (NYSE: SHOP) shares popped 5.7% on Tuesday during late trading sessions after the Company reported record-breaking Black Friday and Cyber Monday sales.

The Company highlighted that over one million merchants sold delivered revenues of USD 2.9 Billion across 175 countries, up from last year’s USD 1.8 Billion.

Over the course of the sales frenzy, over 25.5 million consumers made a purchase from a Shopify merchant. Consumers on average spent USD 83.05 per order, with Canadian consumers spending the most on average of USD 96.30. Meanwhile, shoppers in France spent an average of USD 66.86 per share, while shoppers in the U.K. spent roughly USD 67.01.

Shopify reported that London and Toronto ranked in the top-selling cities, while the U.K., Germany, France, and Spain were among the top-selling countries worldwide. Cross-border shopping also grew, with 19% of all checkouts shipping from one country to another.

Among the shoppers, mobile users remained the preferred channel this year, as 69% of total sales were made from phones or tablets, while just 31% were on desktops.

Shopify highlighted that apparel and accessories witnessed the most orders, with consumers purchasing makeup, mobile phone accessories, and coats & jackets the most.

According to Shopify’s Black Friday/Cyber Monday Index, some of the trending products included ColourPop’s Bare Necessities Shadow Palette, Raycon’s E25 True Wireless EarBuds, and Drunk Elephants’ Protini™ Polypeptide Cream.

Following Shopify’s impressive Black Friday and Cyber Monday performance, the stock is now up 153.6% this year.

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Bryan Shin

Email: Bryan@financialinsiders.com

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