Online retailers on Amazon reported record sales numbers during the recent Prime Day summer sales event, selling more than $12.7 billion worth of product in two days and setting an eCommerce record. Held every year, the summer sale is a members-only event that grants customers exclusive discounts on thousands of different products across nearly every category on the platform.
Amazon-only products such as Echo smart speakers, Kindles, Fire Tablets and Fire TV Sticks offered the highest discounts, and even subscription services such as Amazon Music Unlimited were on sale.
The event ran from July 11 to 12, 2023, and offered lightning deals, deals of the day, and invite-only deals to Amazon Prime members.
Data from Adobe Analytics has revealed that consumer spending on the platform during the two-day event increased by 6.1% compared to last year’s Prime Day. Sales increased during the second day of the event as consumers spent $6.3 billion on online products, an increase of 6.4% compared to the second day of last year’s Prime Day event.
Adobe says the number of customers buying product via Buy Now Pay Later increased by 21% on the second day of 2022 Prime Day compared to last year. This system allowed customers to buy larger consumer goods such as furniture and electronics that they otherwise wouldn’t have afforded.
Adobe Digital Insights lead analyst Vivek Pandya noted that we can expect to see more revenue growth due to Buy Now, Pay Later as the holiday shopping season approaches.
Despite record sales during this year’s event, discounts were not as high as previous years as discounts across the entire eCommerce space peaked during Independence Day sales. Software company Salesforce estimates that discounts peaked on July 4, 2023, at 25% with some retailers offering discounts as high as 30% while the average discount rate on Prime Day was 18%.
Increasing inflation in the United States and across the world may also have contributed to the reduction in discount rates.
Salesforce reports that the most popular product categories were toys, appliances, learning and electronics, which saw more than 6% year-over-year sales growth, followed by food and beverages (over 6% growth) and footwear and active apparel. General apparel had the highest discounts at an average of 30% followed by home goods at 17% and footwear and active apparel at 16%.
With the exception of high-end computers and TVs, which were discounted at 8% and 5% respectively, the electronic product category had an average discount rate of 14%.
These impressive sales figures by Amazon show that as more companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) focus on expansion in the ecommerce space, the only way for ecommerce to go over the coming years is up.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
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