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Analysts estimate single digit growth for all retailers during Prime Day sales – londonbusinessblog.com

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Amazon’s annual Prime Day sales event brought in more than $12 billion in sales, according to third-party estimates. The retailer hosted the popular retail event in the US and in more than 15 other countries worldwide on July 13-15. This was the first Prime Day event under new CEO Andy Jassy, ​​who took over Jeff Bezos last year after the Amazon founder stepped down.

The company was optimistic about its Prime Day results, saying it was the “best ever,” noting that consumers around the world had $1.7 billion. Amazon claimed to have sold more than 300 million items during these sales, but did not disclose sales figures.

It also noted that it “sold more devices than any other Prime Day” but declined to give it a number. The company said shoppers bought goods worth more than $3 billion on more than 100 million small business items during the two-day event.

For weeks leading up to Prime Day, Amazon counted on influencers to boost sales of QVC-style live video shopping. The company has partnered with such celebrities as TikTok creators Joe and Frank Mele, Porsha Williams of ‘The Real Housewives of Atlanta’, ‘Selling Sunset’ star Chrishell Stause, comedian Kevin Hart and Australian model Miranda Kerr. The company said these live streams generated more than 100 million views, but did not emphasize how much revenue they generated.

A report from The information paints a different picture: it said some videos from some of its top influencers failed to pull in more than 4,000 live viewers. Amazon isn’t alone in struggling with live commerce. Earlier this month, Financial times reported that TikTok is scaling back its plans for live video shopping in the US and Europe.

After publishing this story, Amazon reached out to clarify that a bug in its system had limited the number of live streaming users.

“We discovered an error in our concurrent view reporting that erroneously capped the live stream badge at 3,700 views. In fact, our top Amazon Live Prime Day stream peaked at 57,000 concurrent views,” a company spokesperson said.

Amazon has not commented on revenue or sales figures recorded during Prime Day or through Amazon Live experiences.

Image Credits: Amazon

Since Amazon isn’t releasing Prime Day sales figures, we’ll have to rely on analysts and third-party data to paint a picture of how the event’s sales fared.

analysts estimated that Amazon sold gross merchandise of anywhere from $12.09 billion to $12.59 billion from Prime Day sales worldwide. It is important to note that some countries, such as India, Saudi Arabia, Egypt and the United Arab Emirates, have not yet hosted Prime Day sales.

In addition, a report from Sales team noted that global sales for retailers selling goods on their own sites grew 8% year-on-year in the second week of July for Tuesday and Wednesday. But sales for non-Amazon sites declined 12% globally compared to Prime Day 2021.

As usual, major US-based retailers took advantage of Amazon’s Prime Day to offer their own discounts, encouraging consumers to spend more in an inflation-driven market where the prices of various items have been skyrocketing lately.

A study by Adobe Digital Economy Index shows that total US online spending at online retailers was $11.9 billion, an increase of 8% from last year’s $11 billion. It noted that the second day of Prime Day sales generated more than $5.9 billion, up 9.2% from the second day last year, which brought in $5.4 billion.

“With the second Prime Day also showing strong profits, retailers were able to generate approximately $12 billion dollars in online spend over the two-day event. It’s clear that consumers are incredibly price-conscious, and it will be important for retailers to use price effectively to unlock new growth potential online,” said Pat Brown, Vice President, Adobe.

In addition, data group Counter released its own research based on nearly 59,000 Prime Day orders and a survey of more than 4,800 buyers, which found that the average order size increased from $44.75 to $52.26 on Prime Day sales last year. It noted that 65% of shoppers who made purchases on both days spent the same or less money than last year.

The company’s study revealed some numbers that suggested Amazon’s influence on Prime Day sales may have declined a bit. 24% of shoppers made purchases from another retailer, compared to 20% last year; 44% of people considered only Amazon this year, compared to 52% last year; and 34% of people checked prices at other retailers before making a purchase, compared to 33% last year.

These studies indicate that inflation has impacted Prime Day sales, and retailers may not have seen their sales as much of a boost compared to last year.

Amazon has had a tough year as stock prices have fallen from about $181 a year ago to $110 at the time of writing. It’s important for the company to boost sales, so much so that it could have another Prime Day later this year. This year, the company’s employees also asked questions about: workplace safety and salary during the Prime Day sales rush.

July 17, 10:30 AM IST: Updated the story with Amazon’s comment on the number of live streaming users.

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