The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.
At The Business of Fashion’s Professional Summit in New York last week, Sona Abaryan, partner and global retail and luxury sector lead at tech-enabled data science firm Ekimetrics, shared how businesses can more effectively leverage AI-driven insights on consumer behaviour to achieve a customer-centric strategic approach.
From customer loyalty types to its pillars of personalisation, SAP Emarsys customer engagement provides more than 1,500 companies with personalised marketing campaigns via AI-powered analytics, including Puma, Aldo and Reformation. BoF learns more.
Before fashion businesses can put artificial intelligence to work or target the right shoppers online, they need good data and a deep understanding of who their customers are and what they want. This case study offers a guide for brands that want to truly know their customer, allowing them to make smarter decisions that serve shoppers and drive results.
The US House of Representatives approved a bill that could ultimately lead to a ban of the app, but its path forward remains far from certain.