Categories
Online Sales Surge As ‘Amazon Prime Day’ Events Kick Off

Online Sales Surge As ‘Amazon Prime Day’ Events Kick Off

June 22, 2021 at 06:13PM
by PYMNTS

First-day sales for the “Amazon Prime Day” events have apparently rocketed to the top of the charts, making for the most online sales over a 24-hour period so far this year.

The 48-hour event kicked off at 3 a.m. Monday (June 21). CNBC reported that new data released Tuesday (June 22) showed the first 24 hours of the event had surged past $5.6 billion in online sales. Walmart, Target, Best Buy, Kohl’s, Ace Hardware, Home Depot and Lowe’s are just a short list of the many retailers offering multiday promotional sales of their own to counter Prime Day

Adobe Analytics said that big retailers (those bringing in more than $1 billion in revenue annually) reported a 28 percent increase in eCommerce sales on Monday, while smaller retailers (those registering less than $10 million in annual revenue) saw a 22 percent increase.

“The first day of Prime Day successfully accelerated spending momentum for U.S. eCommerce to new heights, in an online retail environment that is already experiencing an elevated level of growth due to the pandemic,” said Jason Woosley, vice president of commerce product and platform at Adobe.

The biggest discounts found on Amazon’s website on Monday were for toys, Adobe said, with prices dropping 12 percent on average. Appliances averaged a 5.2 percent discount, while electronics were marked down about 3 percent, the company added.

Adobe said the best deals are yet to come — during holiday shopping. CNBC said Adobe Analytics looks at more than 1 trillion visits to U.S. retail sites and over 100 million items across 18 product categories.

Global Prime Day sales were expected to approach $12 billion, eMarketer said. “While growth will be slower again this year, Prime Day 2021 will still smash last year’s sales record by nearly $2 billion,” the news outlet said.

Earlier this week, the U.S. Commerce Department released a report that indicates retail sales slid 1.3 percent last month. While most of the decline was due to big-ticket items such as building supplies and automobiles, categories like electronics and appliances and general merchandise saw a decline compared to the previous month as well.