Amazon's annual Prime Day shopping extravaganza, held on July 11 and 12 this year, shattered records and marked a historic milestone for the company. With a flurry of purchases, Prime members propelled the event to become Amazon's largest sales day ever.
Over the course of the two-day event, Amazon's loyal members, who pay an annual fee of $139 in the United States, snapped up an astonishing 375 million items. The magnitude of this shopping frenzy demonstrates the immense popularity and influence of Amazon's Prime membership program.
Notably, data from Adobe Analytics revealed that a staggering $12.7 billion was spent , representing a notable 6.1% increase from the previous year. The shopping extravaganza was divided evenly in terms of sales, with $6.4 billion in purchases made on July 11 and an additional $6.3 billion on July 12. This substantial growth showcases the sustained interest and enthusiasm surrounding Prime Day.
Among the multitude of products available for purchase, Amazon's Fire TV Stick (3rd Gen) with Alexa Voice Remote emerged as the top-selling item. Its combination of convenience, functionality, and affordability clearly resonated with consumers, propelling it to the forefront of the Prime Day sales.
Furthermore, the introduction of the "Buy Now Pay Later" option, allowing customers to pay for their purchases in installments, proved to be a resounding success. This flexible payment feature generated an impressive $927 million in revenue, marking a remarkable 20% year-over-year increase. It appears that this convenient payment method struck a chord with shoppers, encouraging them to make more substantial purchases without immediate financial strain.
Mobile commerce also played a significant role. Sales made through smartphones accounted for a notable 44.8% on July 12, showcasing a steady rise from last year's 41.5%. The increasing reliance on smartphones as a primary shopping tool reflects the evolving consumer behavior and the growing importance of mobile optimization for retailers.
In response to the overwhelmingly positive performance, Amazon's stock experienced a 2% surge on Thursday. Investors responded favorably to the company's remarkable sales figures, indicating their confidence in Amazon's ability to consistently deliver exceptional results.
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