Black Friday 2024: Online Sales Surge to $17.5 Billion in the US

Black Friday has traditionally been synonymous with in-store shopping sprees, but this year, e-commerce took center stage as consumers opted to shop from the comfort of their homes.

According to Salesforce, US online sales during Black Friday grew by 7% year-over-year (YoY), reaching a staggering $17.5 billion. On a global scale, online sales experienced a 5% YoY increase, totaling $74.4 billion. Salesforce’s data, which tracks over 1.5 billion consumers through its Commerce Cloud, Marketing Cloud, and Service Cloud platforms, highlights the growing reliance on online shopping among consumers worldwide. These platforms support major retail players like Saks, L’Oréal, Yeti, and Decathlon.

Shopify also made waves during Black Friday. CEO Tobi Lutke revealed that Shopify-powered stores collectively generated $5 billion in global sales on black Friday, with peak sales hitting $4.6 million per minute. While Shopify didn’t share specific figures for the US, it reported that top-selling categories included T-shirts, skin care products, vitamins and supplements, makeup, and hoodies. The average cart price for US shoppers was $154.26, underscoring the purchasing power of e-commerce customers.

Shopify President Harley Finkelstein celebrated the milestone, noting, “With $5 billion in sales, one thing is clear: consumers are continuing to buy from their favorite brands, and those brands are all powered by Shopify.”

TikTok Shop, a newer player in the e-commerce space, also had an impressive showing, generating over $100 million in US sales on Black Friday. The platform’s top-selling categories were home goods, fashion, and beauty, with brands like Canvas Beauty, Tarte Cosmetics, and Miniso leading the charge.

Stormi Steele, CEO of Canvas Beauty, achieved an astounding $2 million in sales during a single livestream on TikTok Shop, showcasing the platform’s ability to drive real-time consumer engagement.

Despite the excitement, Salesforce noted a slight drop in discount rates compared to last year. The average global discount rate was 27% (down 3% YoY), while US discounts averaged 28% (also down 3% YoY). However, this didn’t deter shoppers from snapping up big-ticket items.

Caila Schwartz, director of consumer insights at Salesforce, observed that luxury handbags and home appliances were particularly popular, even with more modest discounts. “Just as we predicted, bargain hunters held out for Black Friday to snag those big-ticket items,” she said.

With these record-breaking numbers, the 2024 holiday season is shaping up to be a successful one for e-commerce. As consumers continue to embrace online shopping, retailers are finding innovative ways to meet their needs, solidifying digital sales as a cornerstone of modern retail.