The Internet retailer has topped lists of the most-visited Web sites on Cyber Monday since 2006. But as competition heats up, will Amazon lose its coveted spot at the top?
So far, it appears it is the e-commerce winners. The Internet retailer is outpacing most of its peers, with a 28% surge in traffic to its U.S. Web site so far this holiday season.
"Amazon's hybrid model is helping it gain share of the overall retail spending and total e-commerce sales, still benefiting from secular growth with less than 10% of retail sales online," Susquehanna Financial analyst Marianne Wolk wrote in a note.Shares of Amazon hit a 52-week high in early morning trading of $181.84.
Overall, e-commerce saw a 9% uptick on Black Friday, compared with a 7% jump forecast by Susquehanna Financial. Amazon rival eBay (EBAY) noted that its PayPal unit saw a 27% increase in total payment volume on Black Friday this year compared with 2009. Shoppers are increasingly turning to the Internet to troll for the best prices. To satiate consumers' cravings for discounts, online retailers have been rolling out offers since early November, most notably with free shipping. So far, the number of shoppers who made purchases online this weekend rose 15.2%, according to the National Retail Federation, to 33.6%, which is a strong sign heading into Cyber Monday shopping today.
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