Americans spent $10 billion online on Black Friday 2025. There is no reason to think this year will be different. A look at Amazon’s (NASDAQ: AZMN) earnings report shows the extent to which it dominated the day.
There are tens of thousands of retailers, at least. In the US, we are making money online on Black Friday. Combined across the retail market as a whole, they have a considerable presence.
Walmart (NYSE: WMT), Target (NYSE: TGT), and other large retailers account for a significant share of the market as well.
Amazon’s quarterly revenue in North America last quarter was $106 billion. Its holiday quarter numbers are much larger. That means Black Friday revenue could easily be $2 billion to $3 billion.
Amazon is also selling items from thousands of retailers. That means it makes some money on each of these sales.
Amazon Prime also gives it an advantage. People who use Prime spend about 3x as much on Amazon as other shoppers do.
For years, there was a worry that Amazon would put retailers out of business. With JCPenney and Kmart, that may have been true.
Today, Amazon may not be destroying other companies, but its dominance does not help them.
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