Black Friday sees ecommerce growth, Shopify record

Author

Stephen Babcock
November 28, 2022

The daily current header

Happy Cyber Monday. Today, we’ve got a recap of the biggest shopping weekend of the year. On Black Friday, Salesforce reports US ecommerce sales clocked in at $15 billion, while Shopify reported record sales globally that grew 17% over last year. On Saturday and Sunday, the US also saw 10% growth in ecommerce sales.

Black Friday 2022 showed a return to pre-pandemic levels of discounting, as the desire to save money this year replaced the anxiety about availability of items that came with supply chain issues. Plus, the savings were spread throughout the holiday week, FindMine found. Meanwhile, data from Captify showed that searches skyrocketed at Walmart, topping even Amazon.

Black Friday got an early start the night before, as Salesforce picked up a spike in activity from 6-10 p.m. “Shoppers went from indulging in holiday meals with family to holiday deals, turning to their phones after dinner,” said VP and GM of retail Rob Garf.

The New York Times brings a reminder of another important reason to watch holiday shopping trends: It’s an indicator of the economy as a whole. Consumer spending accounts for about 70% of total economic growth, making it the “key engine.” Analysts will be keeping a close eye on savings and credit card balances to get a sense of the fuel that is left in the tank heading into 2023. – The New York Times

After more than two years, the cargo ship backup at the ports of Los Angeles and Long Beach is over. It’s a milestone moment in the supply chain crisis, and comes as congestion is also easing on East Coast and Gulf Coast ports. “It is time to move into a different phase of operations,” said Marine Exchange of California Director Kip Louttit. – FreightWaves

Tweet of the Day 🐦

Were you forwarded this email by a friend or colleague?