{"id":559,"date":"2023-10-13T12:40:35","date_gmt":"2023-10-13T12:40:35","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/amazon-says-this-weeks-prime-day-event-outpaced-last-years-but-the-halo-effect-for-other-retailers-was-mixed\/"},"modified":"2023-10-13T12:40:36","modified_gmt":"2023-10-13T12:40:36","slug":"amazon-says-this-weeks-prime-day-event-outpaced-last-years-but-the-halo-effect-for-other-retailers-was-mixed","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=559","title":{"rendered":"Amazon says this week\u2019s Prime Day event \u2018outpaced\u2019 last year\u2019s. But the \u2018halo effect\u2019 for other retailers was mixed."},"content":{"rendered":"
\n

Amazon.com Inc. on Thursday said that this week\u2019s two-day Prime Day event \u201coutpaced\u201d the one the online retailer held last year, ahead of what is expected to be another holiday season driven by big discounts as shoppers continue to seek shelter from higher prices. <\/p>\n

But as other online retailers try to ride the Prime Day buzz to boost their own fortunes, some data suggested that Amazon\u2019s deals were too good for much of the competition to keep up. <\/p>\n

\n

\u201cThis event outpaced last year\u2019s holiday kick-off event, with more Prime members shopping this year,\u201d Doug Herrington, chief executive of Worldwide Amazon Stores, said in a statement Thursday. The event, known as Prime Big Deal Days, took place on Tuesday and Wednesday. <\/p>\n

The statement did not include specific sales figures. Amazon
\n AMZN,
\n +0.38%<\/bg-quote>,<\/span>
\n when asked for specific numbers, said it didn\u2019t have further details to offer beyond that statement, adding only that it was \u201cpleased\u201d with the results from the event. <\/p>\n

Adobe
\n ADBE,
\n +1.77%<\/bg-quote>
\n said it expected this month\u2019s Prime Day event to bring in $8.1 billion in sales, up 6.1% year over year. The firm said specific figures might be available next month. <\/p>\n

Amazon, in its statement, said Amazon Prime members saved more than $1 billion across millions of deals during the event. U.S. Prime members, the company said, bought more than 25 million items with same-day or next-day delivery, with hundreds of thousands of items shipped within four hours after their purchase. The e-commerce giant said clothing, beauty products, home goods and toys were among the best-selling items. <\/p>\n

Adobe expects U.S. customers to spend a record $221.8 billion online over the holiday season overall, a 4.8% gain over last year, while making cutbacks on things like faster shipping options in an effort to have a happier holiday season. More shopping, Adobe has said, could be crammed into big discount days offered by Amazon and other retailers, like Walmart Inc.
\n WMT,
\n +0.46%<\/bg-quote>,<\/span>
\n that have also rolled out discount events this month in an effort to compete. <\/p>\n

How much of the so-called Amazon Prime Day \u201chalo effect\u201d \u2014 or the extent to which the shopping event increases interest at other retailers \u2014 is real depends on who you ask. Data from Salesforce
\n CRM,
\n -0.57%<\/bg-quote>
\n found that in the U.S., online sales for retailers that weren\u2019t Amazon were down 1% across both days. <\/p>\n

Rob Garf, vice president and general manager of retail at Salesforce, said in an interview that customers, still being squeezed by inflation, were likelier to make trade-offs and do more more research to find the best holiday deals. The company\u2019s own data signaled that when shoppers looked at options beyond Amazon, they weren\u2019t impressed. <\/p>\n

\u201cThe muted buying that we saw over the last couple of days was in direct response to lackluster deals,\u201d he said. \u201cConsumers are used to playing and winning the game of \u2018discount chicken,\u2019 and this year will be no different.\u201d <\/p>\n

Still, other data shows that online retailers that offered discounts this week were rewarded with bigger sales increases. Retailers outside of Amazon that offered their own discounts during the two-day Amazon event saw a 38% sales gain on the first day, and 42% on the second, according to data from Criteo, which analyzed sales statistics for 24 million products across thousands of U.S. retailers. <\/p>\n

However, a survey by Criteo found that Amazon Prime users have \u201cgrowing concerns\u201d about the subscription costs for membership. During the third quarter of this year, 33% of those surveyed said they were concerned about the price of membership, up slightly from 28% in the fourth quarter of last year. <\/p>\n

And even as retailers roll out steep discounts, they\u2019re still trying to manage investors\u2019 expectations for the rest of the year, after the pandemic, Russia\u2019s invasion of Ukraine and higher prices reshape consumer spending patterns. <\/p>\n

\u201cNot many retail executives I\u2019m talking to have a \u2018I\u2019m going to hit it out of the park\u2019 mentality this holiday,\u201d Garf said. \u201cThey\u2019re looking at preserving margins, retaining loyal shoppers, increasing their market share and creating a great footing for what they\u2019re anticipating to be a year of growth in 2024.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon.com Inc. on Thursday said that this week\u2019s two-day Prime Day event \u201coutpaced\u201d the one the online retailer held last year, ahead of what is expected to be another holiday season driven by big discounts as shoppers continue to seek shelter from higher prices. But as other online retailers try to ride the Prime Day buzz to boost their own fortunes, some data suggested that Amazon\u2019s deals were too good for much of the competition to keep up. \u201cThis event outpaced last year\u2019s holiday kick-off event, with more Prime members shopping this year,\u201d Doug Herrington, chief executive of Worldwide Amazon<\/p>\n","protected":false},"author":1,"featured_media":560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"\nAmazon says this week\u2019s Prime Day event \u2018outpaced\u2019 last year\u2019s. 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