eBags accelerates growth

Online retailer eBags announced record growth for the second quarter of 2016, with strong double-digit gains and record sales on Prime Day.

CEO Mike Edwards emphasized the shift from physical to digital shopping as a driver, and said that eBags is positioned to capitalize on this going forward.

Amazon's Prime Day was a record two-day event for eBags, outpacing 2015 Prime Day by 43 percent and growing sales 25 percent.

"There has been a transformational shift online for retailers. Amazon's revenue is growing 20 percent while a store like Macy's is seeing revenues decline," said Edwards. "Our fundamental business model is e-commerce and mobile first, and the strategy is working."

Sales for the second quarter jumped 23 percent and margin grew 32 percent compared to the same period last year.

Additionally, key metrics are on a positive trajectory: site visits are up 34 percent, mobile visits are up 55 percent, and site conversions up 34 percent compared to the same period last year.

"We are aggressively growing our assortment of top brands and products in all categories, increasing our exclusive and first-to-market offerings and launching innovative products every week on eBags.com," said co-founder Peter Cobb. "Our focus is on mobile as shoppers are voting with their smartphones and we are committed to offering the top products that keep travelers connected throughout their journey."

EBags is also aggressively focused on back to school, already trending 40 percent higher than last year.

For more:
- see this eBags announcement

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