No products in the cart.

Amazon says sellers racked up more than $4.8 billion in sales over weekend

Bookmark (0)
To login to your account click here.
HomeLatest Platform NewsOnline MarketplacesAmazon says sellers racked up more than $4.8 billion in sales over...

Amazon.com has said that independent companies selling on its platform crossed $4.8 billion in global sales from Black Friday through Cyber Monday, a massive increase of over 60% from a year before.

In its very first indication of operation for the year’s peak online shopping times, Amazon stated over 71,000 small- and medium-sized businesses worldwide had surpassed 100,000 in sales this holiday period to date.

The Seattle-based marketplace did not, however, give a breakdown of US-based sales or its own numbers for the weekend, nor for either of the two big shopping days, saying only that the holiday season overall had been its biggest ever.

Latest industry estimates overnight revealed Cyber Monday on course to be the biggest online shopping day for the United States, garnering around $11.4 billion as the COVID-19 pandemic motivated consumers to remain at home and turn to the web for their holiday shopping wants.

The robust functionality comes despite almost two months of supplies since Amazon held its Prime Day sales event in October, with retailers seeking to recoup business lost in this year’s coronavirus-driven closures of malls and shops.

Related article:
Teamsters union steps up efforts to organize Amazon workers

Meanwhile, the Ottawa, Canada-based Shopify Inc said on Tuesday total Thanksgiving weekend sales jumped 76 percent to $5.1 billion, beating the prior record of over $2.9 billion by Saturday evening.

“The record sales… demonstrate the power of the independent and direct-to-consumer businesses,” Shopify President Harley Finkelstein explained.

Estimates from Adobe Analytics showed this year’s conclusion to Thanksgiving weekend sales would come in between $10.8 billion and $11.4 billion.

While this was down from a previous estimate of as much as $12.7 billion, it easily surpasses this year’s Black Friday figure of $9 billion, the strongest online sales outcome for the day , in addition to last year’s Cyber Monday total of $9.4 billion.

The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Aakriti Bhalla and Patrick Graham in Bengaluru. Additional reporting by Praveen Paramasivam. Editing by Shounak Dasgupta and Arun Koyyur.

Stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, proprietary databases and content sets by becoming a member of our community. Premium subscription plans start from just $16 per month.

Related article:
China to push its tech giants to share consumer credit data