The e-commerce giant will resume holding its big summer sale later this month, after pushing it off last year to the fall because of the pandemic.
Prime Day is Amazon’s annual blockbuster sale. Last year, the company brought in $10 billion during its two-day event, according to estimates from Digital Commerce 360. In recent years, competing retailers have held sales of their own during Prime Day. Amazon creates hype around its event with big promotions and other brands have benefited from the ripple effect, capturing sales from customers who are surfing the web. In 2018, for example, 40 percent of consumers who shopped with Amazon on Prime Day also spent money with competing retailers, according to management consulting firm A.T. Kearny.
”Retail has been gifted a day where shoppers expect to make purchases. Do you stick your head in the sand, or do you say ‘thank you Amazon, which has created a day of purchase intent. Now how do I take part in that?’” Simeon Siegel, analyst with BMO Capital Markets, told BoF.
To learn more about fashion’s Prime Day opportunity, visit BoF’s analysis here.