Despite uncertainty in many facets of the economy due to the Coronavirus Pandemic, Amazon Prime Day sales are set for yet another big year. According to data presented by Stockapps.com Prime Day sales are projected to rise by 43% in 2020 to almost $10bn.
Amazon Prime Day
Amazon Prime Day started in 2015 as a 24-hour event but has since expanded to become a 48-hour event. The event is exclusive to Amazon Prime members making it an effective sales funnel as non-members are enticed to join in order to avail of the massive discounts on offer. The event has taken off over the years and has arguably become just as popular as other major shopping events such as Black Friday and Cyber Monday.
Despite its exclusivity, Prime Day has grown strongly since its creation in 2015 and is projected to almost reach the $10B mark in sales in 2020. Prime Day’s 43% increase in revenue from 2019 despite the uncertainty around the economy brought on by COVID-19, is a testament to the event’s growing popularity.
The event is normally held in the month of July but was pushed back to mid-October for 2020 due to the Coronavirus Pandemic. This puts the event in even more direct competition with blockbuster shopping days Black Friday and Cyber Monday which are held annually in late November.
Prime Day Sales Revenue From Outside The US Grew By Almost 50% In The Last 5 Years
Prime Day is most popular in the US, where it began. However, revenue from sales from outside the US has also grown tremendously over the last five years with a CAGR of 49.55% from 2016-2020. In 2016, sales from outside the US only generated $.5B in revenue but in 2020 that number is projected to rise to $3.74B. This means that in 2020 revenue from outside the US will comprise of 37.74% of the total revenue generated from prime day worldwide.