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Prime Day Sets New Records with $14 Billion in Sales
Akhil Nair
July 19, 2024
Prime Day Sets New Records with $14 Billion in Sales
It’s been a whirlwind couple of days with Amazon’s Prime Day setting new records! Let’s look into the details and see what this means for us in the eCommerce world.
Prime Day Sales Surge
American shoppers went all out this Prime Day, spending a staggering $14.2 billion. That’s an 11% jump from last year’s figures! According to Adobe, high markdowns on electronics, clothing, and small appliances were the major draw.
“It’s clear now that the Prime Day event has been a catalyst across these major categories, with discounts deep enough for consumers to hit the buy button and upgrade items in their homes”
said Adobe analyst Vivek Pandya.
Adobe's data revealed that the intense competition among retailers drove consumers to comparison shop across multiple sites, fueling the massive sales figure.
Consumer Behavior Shifts
This year, Prime Day didn’t just benefit Amazon. With Walmart and Target rolling out their summer sales, shoppers were out in full force, hunting for the best deals.
However, inflation is influencing shopping behaviors. Here’s what we’re seeing:
Switching to Cheaper Retailers Half of all consumers are choosing lower-cost options. | Opting for Lower-Quality Products Almost half of all low-, middle-, and high-income shoppers are buying cheaper alternatives to save money. |
Amazon’s Record-Breaking Prime Day
Amazon confirmed Prime Day was their biggest yet, with more items sold than ever before. Though specific sales figures weren’t disclosed, the success is clear.
One exciting development was the introduction of Rufus, Amazon’s AI-powered conversational shopping assistant. Launched last week after a beta test in February, Rufus has already helped millions of customers navigate Amazon’s vast product selection with ease.
“While it’s still early days for both generative AI and Rufus, we’re excited to hear customers are using Rufus to help them make more informed shopping decisions.”
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