The two-day Amazon Prime Day event in the United States has emerged as a significant moment for the entire e-commerce industry, where consumers can enjoy discounts and offers from various retailers.
According to a report released by Adobe Analytics on Wednesday, July 17, shoppers spent approximately $7.2 billion in online purchases across various retailers on the first day of the Amazon Prime Day event.
The 2024 Amazon Prime Day event took place on Tuesday, July 16, and Wednesday. Prime members had access to millions of exclusive deals across over 35 categories including electronics, kitchen appliances, beauty, and clothing.
Reuters reported that data from Adobe Analytics, a company specializing in analyzing e-commerce transactions, showed an 11.7% year-over-year increase in online sales on July 16. In 2023, consumers spent $12.7 billion online across retailers during the two-day Prime Day event, and this year’s performance is expected to surpass $14 billion.
Back-to-school spending also saw a significant surge, with online spending from July 1 to July 7 increasing by 80% compared to June’s daily sales level; and on Tuesday of this week, there was a 210% increase compared to June’s daily sales level.
This year, Amazon also offered discounts in advance of the two-day event to stimulate demand early on.
According to data from Numerator, an average Amazon order during the first 32 hours of the Prime Day event was $60.03, compared to $56.64 in 2023.
Adobe Analytics data based on over 100 billion visits to U.S. retail websites revealed that consumers found significant discounts on Wednesday, with approximately 23% off electronics, 20% off clothing, and 15% off toys.
Moreover, as budget-conscious consumers adopt more flexible ways to manage their expenses, Buy Now, Pay Later (BNPL) services have seen significant promotion this year. From January 1 to June 30, 2024, BNPL services drove over $39.7 billion in online spending, a 12.1% year-over-year increase.
Reports indicate that Amazon has been able to capture market share from other retailers this month, as customers were offered substantial discounts during the Prime Day event that began a decade ago, along with the option for same-day or next-day delivery.
Major retailers including Walmart and Target in the U.S. have rolled out promotions and shopping events throughout July, competing with Amazon’s sales event by offering steep discounts to attract customers.