Americans have been setting records this holiday season, with online spending hitting an estimated $9.8 billion on Black Friday alone. Cyber Monday then outdid this figure, raking in an estimated $12 billion in online sales. It’s clear that e-commerce has become a significant player in our holiday shopping habits, accounting for 16.3% of total retail sales in the U.S. during last year’s fourth quarter.
As we approach the final days before Christmas, the rush to secure last-minute gifts is intensifying. Delivery times are being scrutinized, and the realization that time is running out is setting in. But rest assured, the 2023 holiday spending spree is far from over.
At LikeFolio, we’ve been keeping a close eye on which companies are thriving this season. One company stands out above the rest, having amassed sales of $4.2 million per minute during peak Black Friday shopping. Since we recommended this stock to our paid-up LikeFolio Investor subscribers, it’s delivered 80% gains. And we anticipate more profits to come.
The company in question is Shopify. This e-commerce platform streamlines online business operations by providing an all-in-one platform that integrates efficient shipping management tools, partnerships with leading delivery services, and advanced analytics.
On Black Friday, Shopify’s merchants achieved a record $4.1 billion in sales, marking a 22% increase from the previous year and significantly outpacing overall retail growth. This impressive performance has sent Shopify shares to their highest level in over a year, upwards of $77 a share.
Our LikeFolio Investor subscribers are now looking at an 80% gain, thanks to our early April 2022 recommendation. And Shopify’s prospects continue to look promising. Even after a strong summer, mentions of Shopify have risen by 23% year over year, indicating a sustainable growth trajectory.
Shopify is well positioned to capitalize on the increasing relevance of e-commerce for consumers. Online shopping is prevalent across all demographics, particularly among Millennials, 55% of whom made online purchases in 2022.
Looking ahead, Shopify is making a strategic investment in Faire, a wholesale platform valued at $12.59 billion. This move aims to enhance its merchant services by integrating Faire’s technology.
This partnership not only expands Shopify’s market reach but also provides its merchants with a unique opportunity to connect with wholesale buyers, further strengthening its position in the e-commerce industry.
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