Walmart, Amazon Clock Surge In Sales During Black Friday, Best Buy, Target Struggle: Report
The data showed that rapidly growing e-commerce players like Shein and PPD Holding’s Temu, along with big names such as Amazon and Walmart saw a very strong weekend in sales
Online commerce entities clocked record-breaking sales on Black Friday and Cyber Monday in the US, official spending data revealed. The data showed that rapidly growing e-commerce players like Shein and PPD Holding’s Temu, along with big names such as Amazon and Walmart saw a very strong weekend in sales.
The data suggested that these entities could be ending the holiday season on a robust note in comparison to Target and Best Buy which struggled, reported Reuters. Company statements showed that customers largely browsed at brick and mortar stores, and made more purchases online at retailers, going for items such as Pokemon cards, Fire TV streaming devices, and Shark vacuums at Amazon.
Data from Adobe stated that Americans spent around $10.8 billion online on Black Friday this time, climbing 10.2 per cent from the same period a year earlier. The spending on Cyber Monday touched $13.3 billion, gaining 7.3 per cent as compared to the Cyber Monday in 2023.
Among the retailers, Amazon clocked the strongest growth on Black Friday and saw a 6 per cent jump in sales as against Black Friday a year earlier, data frim Facteus stated.
Meanwhile, Walmart witnessed a 3 per cent hike in spending against the year-ago period, while Target and Best Buy both reported a fall in spending against last year.
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Black Friday clocked the top performance from Temu and Shein, while Cyber Monday saw a jump in sales for Amazon, Walmart, Temu, and Shein.
The report noted that Best Buy suffered as shoppers cut down on items such as laptops, TVs, resulting in 2 per cent decline in sales on Black Friday and 4 per cent on Cyber Monday, against a year-ago period.
Amazon noted that the 12-day shopping period that ended on Cyber Monday resulted in record sales in comparison to the same period in previous years. This was also confirmed by Facteus.
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