2020 brings Amazon’s biggest Prime Day yet
You’re feeling good about scoring 50% off an Instant Pot. Jeff Bezos is feeling even better. It can only be Prime Day 2020. Amazon is projected to have its best Day(s) yet this year, pulling in close to $10 billion for the 48-hour event. That’s a 43% leap over last year’s earnings and light years ahead of the $1.5 billion earned from 2015’s inaugural sale. Of over a million sales happening now, some of the biggest discounts are for Amazon’s own products. Other hot-ticket items are stay-at-home essentials like Roombas, kitchen gadgets, fitness equipment, and last-gen gaming consoles.
All aboard the Prime Day bandwagon
Rivals like Target, Walmart, and Best Buy have made moves to ride the coattails of Amazon’s success, scheduling their own Prime Days, er, “Deal Days” and “Big Save” events for this week. And you can hardly blame them. While brick and mortar stores like J. Crew, Brooks Brothers, and Sur La Table have filed for bankruptcy this year, Amazon posted record profits. So far, it looks like Target and Walmart are taking cues from the right retailer — they posted 195% and 97% second-quarter spikes in digital sales respectively.
Black Friday shopping is so 2014
There’s no need to rush out to stores this Black Friday. Because COVID pushed Prime Day to October and big-box retailers threw up counter-sales, the de facto holiday shopping season kicked off before you could say “boo.” Many retailers — uneager to host large crowds inside — have already signaled their intent to roll out holiday deals early, and 7 in 10 consumers said they’re unlikely to shop on Black Friday. Instead of one-day flash deals, we’re anticipating a slow and steady offering up of sales (both online and in-store) in the coming months.