Shopify Inc (SHOP)

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Shopify sees sales soar 76% for Black Friday to Cyber Monday period

Dec. 01, 2020 7:30 AM ETShopify Inc. (SHOP)By: Clark Schultz, SA News Editor16 Comments

Shopify (NYSE:SHOP) is likely to catch some attention today after the company says Black Friday-Cyber Monday total sales were up by more than 76% to top $5.1B.

More than 44M consumers globally purchased from independent and direct-to-consumer brands powered by Shopify, a 50% jump from a year ago.
The company notes that in addition to the record-setting weekend, it saw holiday shopping start earlier than ever before, with daily total sales increasing 19 days before Cyber Monday (almost two weeks earlier than previous years). In the week leading up to Cyber Monday, sales increased by 84% Y/Y.
Shopify President Harley Finkelstein: "The record sales we saw on Shopify over Black Friday/Cyber Monday weekend demonstrate the power of the independent and direct-to-consumer businesses on our platform. With the center of gravity in commerce shifting from in-store to online, the pandemic has accelerated a change we have long anticipated. This multichannel shopping phenomenon is the blueprint for the future of retail—and we couldn’t be more excited by it."