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Amazon.com Inc. said its 48-hour Prime Day event broke its own record for sales in 2024, though it didn’t specify the sales amount or quantify the growth.
Independent sellers, specifically, sold more than 200 million items over the course of the 48-hour Prime Day event. Amazon said most of them are small and medium-sized businesses.
Additionally, Amazon said its new AI-powered conversational assistant — which it calls Rufus — helped millions of customers shop during the event.
“Millions more Prime members shopped the two-day shopping event compared to Prime Day 2023,” Amazon said in a statement.
Amazon is No. 1 in the Top 1000, Digital Commerce 360’s database of North America’s largest online retailers based on web sales. It’s also No. 3 in the Global Online Marketplaces database, which ranks the 100 largest global marketplaces by third-party gross merchandise value (GMV). Digital Commerce 360 projects Amazon’s total web sales in 2024 will reach $469.01 billion.
Amazon’s Prime Day event creates ‘halo effect’ on ecommerce in first 24 hours
Although Amazon didn’t reveal exactly how much it made in Prime Day 2024 sales, third-party data provides insights into how the event went.
The average order value (AOV) during Prime Day 2024 was $57.97, according to data from Numerator. Numerator is a data and technology company that provides market research. Its data is based on a collection of 93,513 unique orders during Amazon’s 48-hour event, from 35,588 households.
More than half (60%) of households that shopped Amazon during the Prime Day 2024 sales event placed two or more orders. This brought the average household spend to about $152, Numerator said. 40% of households made just one order, whereas 24% made two orders.
Additionally, 23% of households for which Numerator has data spent more than $200. 22% of households spent more than $100 but no more than $200. Similarly, 21% of households spent more than $50 but no more than $100.
The average price per item was $28.06, Numerator found. Based on the number of units purchased, the top-selling items were the Amazon Fire TV Stick, premier protein shakes, Liquid I.V. packets, Glad trash bags and COSRX snail mucin serum.
88% of shoppers were Prime members, according to Numerator, and 85% have been Prime members for more than a year. 98% knew it was Prime Day before shopping, and just over half (53%) said Prime Day was their main reason for shopping. Moreover, 54% compared prices from other retailers.
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Whereas 41% of consumers Numerator surveyed said they didn’t shop other sales, more than a third shopped other Mass Merchants‘ summer sales promotions. 35% said they shopped Walmart Deals, which ran July 8 to 11. Similarly, 34% shopped Target Circle Week. Just 11% said they shopped from Consumer Electronics retailer Best Buy’s Black Friday in July promotion.
On the second day of the Amazon Prime Day 2024 event, July 17, consumers spent $7 billion online — and that’s outside of Amazon itself — according to data from Adobe Analytics.
Adobe’s analysis is based on 100 million stock keeping units (SKUs) across 18 product categories and covers more than 1 trillion visits to U.S. retail sites. 200 online retailers in the Top 1000 use Adobe Analytics for their web analytics, and 97 use it for site design and development. Top 1000 online retailers also use it for content delivery and management, as an ecommerce platform, a marketing platform, for personalization and more.
That $7 billion is shy of the first 24 hours’ $7.2 billion, which marked a new record, yet it still represents 10.4% year-over-year growth.
However, it brings the total of U.S. online retail sales — excluding Amazon — to $14.2 billion during the full Amazon Prime Day 2024 sales event, according to Adobe. That’s both an 11% year-over-year increase and a new record for online sales during the Prime Day event.
Specific categories drove the sales, Adobe data shows. Electronics sales as a whole increased 61% over the two-day event compared to average daily sales in June 2024, Adobe said. Across specific products, tablets had the largest sales growth at 117% over the two-day event, followed by:
Among home, furniture and appliances sales, small kitchen appliances saw the largest growth over the two-day sales period at 76%. Kitchenware and cookware sales grew 25% and mattresses 21%. Meanwhile, Home office furniture sales grew 14% and bedroom furniture 11%.
Within the apparel category, sales of suits grew the most, at 36% across both days. Outerwear (19%), footwear (17%) and accessories (17%) accounted for the next-most sales growth.
“The electronics, apparel, and furniture categories make up nearly half of e-commerce spend but has seen low single digit growth in the first half of 2024,” said Vivek Pandya, lead analyst at Adobe Digital Insights, in a statement. “It’s clear now that the Prime Day event has been a catalyst across these major categories, with discounts deep enough for consumers to hit the buy button and upgrade items in their homes.”
Almost half of that total came from mobile devices. Mobile commerce drove close to half (49.2%) of online purchases on the second of Amazon’s two-day event. For both days combined, consumers spent $7 billion from their mobile devices. That’s 18.6% year-over-year growth.
Buy now, pay later (BNPL) accounted for 7.6% of online orders during the Amazon Prime Day 2024 sales event. BNPL drove $1.08 billion in online spending during Amazon’s Prime Day 2024 sales event. That’s 16.4% year-over-year growth.
Retailers have leaned into discounts to drive growth since the 2023 holiday shopping season, Adobe said. Amazon Prime Day’s sales event drew discounts from other retailers, according to Adobe Analytics, including:
Consumers selected curbside pickup for nearly a fifth of U.S. online orders (18.9%) during the two-day sales event (among retailers offering the service). That’s down slight from 20.2% in 2023.
Globally, sales growth for retailers other than Amazon was flat year over year during the Prime Day 2024 event, according to ecommerce platform provider Salesforce.
That wasn’t the case in North America, though. As a whole, North American online sales grew 3% year over year during the sales event. The United States led that total growth for the continent, accounting for most of the sales during the period. However, Canada’s online retail sales grew at a faster rate: 8% year over year.
In North America, 76 of the top 2000 online retailers use Salesforce as their ecommerce platform, according to Digital Commerce 360 data. And in 2023, those 76 online retailers combined for more than $136.077 billion in web sales.
Consumers locked in on deals as they become increasingly focused on value, said Rob Garf, vice president and general manager of retail and consumer goods at Salesforce, in a statement. Makeup, skin care, and apparel were the big winners heading into the back-to-school season, he added.
“Amazon’s annual Prime Day gives us a glimpse into what we can expect this holiday season,” Garf said. “And retailers must be smiling. Online traffic and demand were up. And much of the online growth was based on people buying more, not just higher prices.”
In contrast, TikTok’s “Deal for You Days” did not drive the same results as Amazon this year, Salesforce said. Discounts timed to coincide with TikTok’s sales event averaged 18% off product prices. That compares to 22% discounts, on average, during this year’s Prime Day event, according to Salesforce data.
Salesforce also broke out which categories had the largest sales growth and discounts during the full span of the 2024 Prime Day event.
Global discounts grew 8% year over year during the full 48 hours of the Prime Day 2024 sales event, Salesforce said. The average discount rate across categories was 20%.
Discounts from U.S. online retailers grew 10% year over year during the same period, according to Salesforce. The average discount rate across categories was 22%. For online retailers in Canada, those figures are 11% and 27%, respectively.
“For the first time in a long time, we’re seeing order volumes turn positive and discounting is high,” said Caila Schwartz, director of consumer insights at Salesforce, in a statement. “The lesson is a simple one — if retailers deliver on discounting and providing true value, they will release that pressure valve of built-up demand and see incredible success. If they don’t, retailers may risk losing out as shoppers will go elsewhere.”
Here’s last year’s article summarizing Amazon Prime Day sales results.
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Copyright © 2024 Digital Commerce 360 | Vertical Web Media LLC
Copyright © 2024 Digital Commerce 360 | Vertical Web Media LLC