Transcript
Indiana University Representative (0:00)
Indiana University is proving how higher education can create solutions with industry. We're working side by side with industry partners to fuel economic growth that powers a future ready workforce. Explore. I use impact@iu.edu impact.
Podcast Announcer (0:19)
Bloomberg audio Studios Podcasts Radio News despite some of that.
Bloomberg Host (0:25)
Economic uncertainty, Spencer was talking about disappointment over the size of discounts. US shoppers did open their wallets on Black Friday. So what does that mean for the month ahead? Harley Finkelstein, president of global commerce company Shopify is here with some good data, some good insights. I mean where we ended it, there was Spencer, Holly, the forecasters, the predictors say that this will be another record shopping season. In aggregate, the data available to you, what are you seeing? What, what are the trends?
Harley Finkelstein (0:57)
Yeah, you know, I heard what Spencer said there. I mean look, Friday was another record breaking Black Friday weekend. We saw $6.2 billion in sales for Black Friday. That's about 25% from last year. We saw peak sales of $5.1 million per minute on Friday. That happened around noon on Friday. That's up from 4.6 million last year as well. And if you pull up, actually anyone can see this bfcm.shop, you can actually see global commerce happening right now in real time. We are currently seeing about $2.5 million per sales in sales per minute, about 25,000 orders per minute seen just shy of 70 million unique shoppers buy from Shopify stores. So it's certainly shaping up to be another great day and happy to go into some of the merchants and some of the trends that we're seeing across Shopify.
Bloomberg Host (1:47)
Holly, what I'd like to do is actually take a sort of geographic breakdown because in the limited data that we went through with Spencer, I think we're recognizing different speeds of growth. Particular US versus Europe. Could we start there?
Harley Finkelstein (2:00)
Yeah, sure. I mean look, if you look at top selling countries across the world where Shopify sells, we have millions of stores. In places like the US we power 12% of all E commerce. So we have a really great view of things. US, UK, Australia, Germany and Canada are the top five. Look at top three selling cities. You see LA, New York and London. In US alone, LA, New York and San Francisco are the top three. The other thing that we also saw is cross border, but 17% of orders were cross border orders so shipped to a different country as well. And then in terms of top trending merchants that we saw, we saw Hatch, which is sort of this, it's called the Restore 3, which is this phone free alarm for kind of morning Routines Crunch Labs has a sort of kids build it yourself monthly toy subscription. Brooklinen in on their super plush robe and then base has their weekend or travel bag as well. So we're seeing across a bunch of different verticals do really well. But a big thing actually that we're seeing now is last year seemed to be a lot, a lot of talk about getting outside gifts were about the products being sold were about, you know, things like skiing or hiking or camping. This year seems to be that home is really, you know, the winner here where people are buying things for their home, whether it's kitchen stuff for the kids kitchen or puzzles or blankets. But generally consumers are buying from brands they love and we're fortunate those brands are on Shopify.