AMAZON REPORTS 60 PERCENT INCREASE IN WORLDWIDE SALES, BLACK FRIDAY REPORTS IN-STORE SHOPPING DROP

The economic downturn and uncertainty caused by the Coronavirus pandemic means 65 percent of people feel a high level of economic insecurity and are less willing to spend money. Contreras believed that for the moment, the crisis means it is appropriate to consume wisely…

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AMAZON WITNESSES ‘BIGGEST HOLIDAY SEASON’ EVER IN ITS HISTORY

Amazon revealed that the company has witnessed its largest holiday shopping season so far this year, as independent businesses selling on Amazon surpassed $4.8 billion in worldwide sales from Black Friday through Cyber Monday — an increase of over 60 percent from last year. More than 71,000 small- and medium-sized businesses (SMBs) worldwide have surpassed $100,000 in sales this holiday season to date. The company, however, did not disclose the figures for the entire year.

“Independent businesses selling on Amazon – nearly all of which are small and medium-sized businesses – are seeing record demand from customers so far this holiday season in the US and around the world. Independent businesses selling on Amazon worldwide have created an estimated 2.2 million jobs” the e-commerce giant said in a statement. American SMBs have sold an average of 9,500 products per minute this holiday season to date. Through Cyber Monday, 2020 has been the largest holiday shopping season so far in the company’s history.

“In a holiday season unlike any other, it’s clear that customers still want great deals on gifts for their loved ones or a little something extra for themselves, and we’re glad to help deliver smiles throughout the season,” said Jeff Wilke, CEO, Amazon Worldwide Consumer.

Amazon said that the sales in the fourth quarter will be between US$ 112 billion and US$ 121 billion – a healthy growth from a year earlier. Net income increased to US$ 6.3 billion in the third quarter, compared with net income of US$ 2.1 billion in third quarter 2019.