Shopify s (NYSE:SHOP) merchants generated over $5.1 billion in sales worldwide during this year s Black Friday to Cyber Monday shopping weekend, which set a new record and marked a 76% jump from last year. Sales of apparel and accessories led the way, followed by health and beauty products and home and garden products. Over a million merchants, mainly small and independent brands, served more than 44 million shoppers during the weekend up 50% from a year ago.
Shopify s top-selling countries were the U.S., U.K., and Canada, while four markets Japan, Italy, Germany, and the U.K. generated triple-digit sales growth. Just over two-thirds of those orders were placed on mobile devices, which remains nearly unchanged from the previous year.
Industry Overview
Shopify competes in the broad e-commerce industry. Competitors include Amazon, eBay, Etsy, BigCommerce, and many other companies. Competitors are either platforms like Amazon that connects buyers and sellers or software companies that offer the same or similar services to Shopify. The e-commerce market is broad and is always expanding. It has seen tremendous growth during COVID-19 and it will likely continue growing long afterward.
E-commerce has been one of the largest trends over the past two decades as more and more consumers turn to Amazon or other online stores to buy products. This trend has only accelerated as COVID-19 has forced buyers online to buy many of their purchases.
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