Amazon Prime Day 2023 broke records to become the retailer’s most successful yet.
The two-day event, which took place on July 11-12, saw spending rise 6.1% year-over-year to $12.7 billion in the US, according to data from Adobe Analytics.
Prime members purchased more than 375 million products worldwide and saved more than $2.5 billion on Amazon’s discounted deals.
Why we care Amazon Prime Day is growing in popularity and with such high traffic, it’s an excellent time for sellers to advertise and optimize the platform for maximum reach. For those who already advertise on Amazon, it may be worth considering increasing your ad spend. The biannual event offers brands the opportunity to not only strengthen their relationship with existing customers, but also reach and attract new ones, which could help drive brand awareness and lead to to a higher ROI.
Which categories saw the biggest increase in sales? Adobe reported spending increases in several categories. Compared to average daily sales in June:
Appliance sales increased 52% Toy sales increased 27% Clothing sales increased 24% Electronics sales increased 12% Stationery and office supply sales increased 1 76%
“Prime Day has become one of the biggest e-commerce times of the year as consumers get deep discounts from a number of different retailers. The record spending shows us that consumers are tapping into their inner bargain hunters , stocking specific categories such as electronics and apparel, while discounts remain high,” said Vivek Pandya, principal analyst at Adobe Digital Insights.
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What discounts were offered? Amazon offered discounts in all categories of its product portfolio, although not all products were included:
Electronics Marked Up to 16% Clothing Marked 13% Toys Marked Up to 15% Sporting Goods Marked 9% Furniture Marked 7%
Additional findings. In addition to identifying how much customers spent, the Adobe Analytics report also identified how customers are changing their purchasing process:
Buy Now Pay Later (BNPL) orders were up 19.5% year-on-year and accounted for 6.4% of all online orders. BNPL generated revenue of $461 million. BNPL was primarily used for products purchased in the apparel, furniture/home and electronics categories. Smartphone sales rose 42.7% year-on-year and accounted for 43.7% of sales.
When is the next Amazon Prime Day? Amazon has yet to confirm whether there will definitely be a second Prime Day this year. However, last year, in addition to hosting the two-day sale in July, Amazon also hosted one on October 11th and 12th.
Retail media networks. A new force this year, retail media networks (RMNs) also contributed to Prime Day returns. According to Salesforce, traffic referred to retail websites from RMN increased more than 70% over last year.
“Ads on retail media networks captured the attention of consumers during Prime Day. We saw a huge increase in traffic from this emerging medium, making it a critical component of the marketing mix,” he said Rob Garf, vice president and general manager of retail at Salesforce.
Additional reporting on this story by Chris Wood.
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