Google News
spot_img

Consumers spent $6.4 billion on first day of Amazon Prime Day: Study

Must Read

This represents a 5.96% growth year-over-year (YoY) for Amazon Prime Day in terms of sales

New Delhi: Amazon.com Inc. generated a sale of $6.4 billion on the first day of its flagship shopping event ‘Prime Day’ in the US, according to a study.

This represents 5.96% growth year-over-year (YoY) and is the single biggest e-commerce day thus far in 2023, according to a report released on Thursday by software company Adobe.

The e-commerce platform Amazon hosted a shopping fest for its Prime members on 11 and 12 July.

“Prime Day has become of one the biggest e-commerce moments of the year, as consumers latch onto major discounts from a number of different retailers,” said Vivek Pandya, lead analyst, Adobe Digital Insights. “The record spending so far shows us that consumers are tapping into their inner bargain hunters, stocking up on specific categories such as electronics and apparel while the discounts remain steep,” Pandya added.

Categories driving growth
Amazon Prime offered major deals on several categories. It offered up to 16% discount on the listed price of electronics, up to 15% discount on toys, 13% discount on apparel, 10% on computers, 9% on sporting goods, 7% on home furniture and 6% on televisions as well as appliances.

According to Adobe’s research, the key categories that drove the sales on Amazon included appliances (up 37% compared to average daily sales in June 2023), as well as toys (up 27% compared to June 2023). Other categories that did well include apparel (up 26% compared to June 2023) and electronics (up 12% compared to June 2023).

Amazon Prime Day sales

Payments play
On 11 July, Buy Now Pay Later (BNPL) orders accounted for 6.4% of online orders and drove $461 million in revenue, up 19.5% compared to the first day of Prime Day last year (12 July 2022). BNPL usage was driven by high sales in apparel, furniture/home, and electronics categories.

Channel contribution
20% of online orders on 11 July opted for curbside pickup, highlighting the staying power of a service that gained attention during the pandemic and is slightly up from last year at 18%.

As most consumers prefer shopping on smaller screens, up to 43.7% of online sales on the first day of Prime Day came from Smartphone orders.

Marketing mediums
Shedding some light on the marketing strategy of Amazon for its shopping fest, email saw the biggest hit when it came to revenue contribution (up 13%). Apart from that, influencer marketing contributed up to 10% and display ads contributed up to 6%.

Prime facts
Amazon Prime Day is a two-day shopping event exclusively for Prime members that started in 2015 to celebrate the platform’s 20th birthday. The event is slated to be held on 15 and 16 July in India.

Launched in 1995 by American entrepreneur, media proprietor and investor Jeff Bezos, Amazon is an e-commerce and cloud computing company. Headquartered in Seattle and Washington, Amazon entered India in June 2013 as a marketplace, six years after rival Flipkart (now Walmart-owned) was launched.

Latest News

Kidswear brand Includ raises $1.5 mn in seed funding

The funding was led by Incubate Fund Asia, with participation from Escape Velocity, Abhishek Goyal (co-founder, Tracxn), and the...