Amazon Prime Day spend expected to reach $11bn

Amazon’s highly anticipated Prime Day is expected to generate up $11 billion in sales over the weekend according to Adobe.

This would mean that Prime Day would rival Black Friday and Cyber Monday as the biggest ecommerce sales event in the calendar.

Last year, Amazon sold $10.4 billion worth of goods, and Prime members collectively saved over $1.4 billion on Prime Day.

According to Amazon, this year’s sale will feature two million deals, with many having been available for a number of weeks already.

Research by shopping comparison site Finder has found that over 20 per cent of the UK plan to find a deal on the ecommerce giant’s Prime Day.

Online consumer spending saw a drop throughout May after the surge of online spending during the pandemic started to decline as non-essential retail opened back up.

However, Amazon expects to smash previous records during this year’s annual sales event.

“We’re coming into Prime Day with a very strong digital economy, one where people have really shifted their commercial lives into the online space,” Adobe Digital Insights director Taylor Schreiner told Forbes.

“Prime Day has become “this massive shopping holiday, driven by Amazon but also driven by others in the space who are taking advantage of consumers’ mindsets being shifted to shopping.”

Third-party retailers with over $1 billion annual revenue on Amazon are able to offer their own deals over Prime Day weekend.

READ MORE: Amazon contests laws that could force it to reveal third-party sellers’ identities

Those “large” retailers saw a 24 per cent rise in sales during last year’s Prime Day vent, while smaller retailers with less than $10 million in online revenue saw a 14 per cent increase themselves.

Research from Adobe Insights discovered that 47 per cent of consumers now expect other retailers to offer promotions during Amazon’s sales bonanza.

Last year’s Prime Day smashed Black Friday annual sales of $9 billion by $1.4 billion and is predicted to beat Cyber Monday’s haul of $10.9 billion this weekend.

According to Adobe, the product categories that saw the biggest sales spikes during last year’s Prime Day were books (112 per cent), electronics (77 per cent) and household appliances (52 per cent).

Experts are expecting sales to beat last year’s totals after the 2020 event was moved to October due to the pandemic.

“We expect this year the two combined days of Prime Day to outstrip that $10.9 billion and be above $11 billion at least,” Schreiner added.

Data from Adobe has indicated that US consumers are not reverting back to pre-pandemic habits as ecommerce offers improved convenience, easier online payment methods as well as faster navigation.

“They just don’t really see a reason to go back yet to a lot of the in-store shopping they were doing before,” Schreiner continued.

“In short, we are seeing the shifts that happened during Covid largely stick, and we expect them to continue to do so.”

This year Prime Day begins at midnight on June 21 and concludes on June 22.

EcommerceIndustryNews

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