The phrase is never about actual cakes; it's used to describe fast-selling items metaphorically. Her debut album released last weekend and it's already going like hot cakes.
Pro Tip 2/3
High Demand
It implies items are desirable, causing them to sell rapidly due to high demand. With the holiday season coming up, these toys will sell like hot cakes.
Pro Tip 3/3
Informal Speech
Used in casual conversation, not formal writing or speeches. I set up a lemonade stand and it sold like hot cakes on the hot summer day.