Amazon Alone Was Responsible for 30% of Cyber Weekend Revenue
It’s no understatement to say Amazon.com (AMZN) dominates online retail.
According to new data from Slice Intelligence, Amazon alone represented 30.9% of all U.S. online spending over a record Cyber Weekend, the biggest days of the year in e-commerce, despite vast improvements in e-commerce firepower by its top brick-and-mortar rivals and aggressive pricing from competitors.
Over the course of the holiday weekend and the following Monday, online sales exceeded $12 billion according to Adobe Digital Insights. And a National Retail Federation survey found that 108.5 million Americans shopped online last weekend (not including Cyber Monday), compared to 99 million in stores.
But the data shows other retailers are starting to hold their own. Indeed, Amazon’s share of the total pie was down ever so slightly from what it won last year. The biggest winners? Best Buy (BBY) whose share rose 1.3 percentage points to 7.4% of all online spending, Apple (AAPL) (up 0.6 of a point to 1.5%), and Kohl’s (KSS)(0.4 of a percentage point to 2.7%.)
Best Buy has benefited from its well-honed ability to have shoppers pick up online orders at stores, while Kohl’s launched a mobile payments app. Target (TGT), which saw a slight gain in market share, reported a record Thanksgiving online haul, as did Kohl’s.
Slice, which gathers its data from e-receipts from 4.4 million online shoppers, suggests Walmart is losing some online market share, despite huge investments in web sales. It has overhauled its marketplace, updated its app, and earlier this year introduced Walmart Pay. And the discount retailer ramped up the deals to compete with Amazon.
On the whole, online sales are expected to exceed $100 billion this holiday season, up 13% from last year, meaning any percentage gain or loss in market share means hundreds of millions of dollars for many retailers. But lucky for Amazon, it’s made-up Prime Day sales event in July, is bigger than Cyber Monday, according to Slice.