Amazon (AMZN) Leading Record-Breaking Start To Holiday Season
Zacks Investment Research | Nov 26, 2017 09:19PM ET
The holiday season has started off on a solid note this year. With retailers offering hefty discounts, online sales during Thanksgiving and Black Friday hit all-time highs.
Per GBH Insights, the retailer Amazon.com Inc. (NASDAQ:AMZN) dominated online sales during Black Friday and accounted for 45-50% sales. The company raked in more than $1 billion sales in just 24 hours. Amazon stated that on Thanksgiving day, orders via mobiles increased more than 50% than the year-ago period.
A Look at the Sales Figures
According to Adobe Analytics, U.S. retailers garnered $7.9 billion from Thanksgiving and Black Friday sales, up 17.9% year over year. While Thanksgiving sales increased 18.3% year over year to $2.9 billion, Black Friday sales increased 16.9% to $5 billion.
Further, Adobe expects Cyber Monday to be the biggest ever U.S. online shopping day with roughly $6.6 billion of sales. Per commerce marketing firm Criteo, purchases through mobile phones accounted for 40% of sales during Black Friday, up from 29% last year. The figure for Thanksgiving day was 46%, reflecting a 15% year-over-year increase, per Adobe.
According to retail analysts and consultants, laptops, toys TVs and gaming consoles, especially PlayStation 4 were among the heavily discounted as well as best-selling products.
Why is Amazon Stealing the Show?
Amazon offers around 480 million products of various brands, categories, genres and prices. Around 50 million products qualify for free two-day shipping to Prime members. Moreover, Prime Air, Trucks, pickup locations and artificial intelligence are all driving efficient logistics at Amazon. Fulfillment by Amazon (FBA) is also part of this.
Amazon.com, Inc. Net Income (TTM)
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