July 16, 2024, marked the beginning of this year’s Amazon Prime Day, which established a new record in online shopping. The annual two-day sale, which ended on July 17, saw consumers in America spend more than $14 billion.
This year’s figure represents an 11% rise in consumer spending, as 2023’s total consumer spending stood at $12.7 billion. On the first day of the sale, $7.2 billion was spent by consumers. During the same period in 2023, consumers spent 11.2% less. The momentum grew on day two of the sale, with consumer spending hitting $7 billion.
Amazon released a statement confirming the success of Prime Day 2024 but did not release detailed figures. The e-commerce company also saw an increase in mobile shopping, with purchases made through phones making up 18% of total sales, indicating a shift toward mobile commerce.
Rufus, a generative AI-powered shopping assistant trained on the company’s product information and catalogue, played an important role in helping millions of consumers by giving order updates and offering product recommendations. This AI assistant, which was launched to all consumers in the United States before prime day, demonstrated the growing integration of AI in improving shopping as an experience.
The top categories that drove sales on Prime Day 2024 were furniture and electronics, with customers making the most of the discounts to upgrade their personal tech as well as their homes.
Adobe Digital Insight’s lead analyst, Vivek Pandya, explained that the huge discounts offered during Prime Day were a stimulus for customer spending, particularly in the furniture, apparel and electronics categories. Prior to the sale, these categories had recorded moderate growth in the months before. Data from the e-commerce company also revealed that back-to-school shopping contributed significantly to total consumer spending.
The Buy now, Pay later offering from Amazon made up $1.08 billion of total sales, which equates to 7.6%. This method of payment has grown popular, allowing customers more flexibility in their purchases.
Numerator data estimates that the average order value during this Prime Day was $57.97. This is higher than the 2022’s and 2023’s averages, which stood at $53.14 and $56.64, respectively. This means that customers were willing to spend more per purchase, which may have been because of the different products available and/or the attractive deals offered.
Prime Day has a significant impact on the global e-commerce market, driving sales for retailers that promote their products during this sale period and bringing in additional revenue for Amazon.
This huge success registered by Amazon should push other players such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) to aim for even greater success as they deploy cutting-edge technologies in their bid to expand their reach both among sellers and buyers.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
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