Prime Day isn’t just for Amazon anymore
More retailers are jumping on the Prime Day bandwagon, and successfully snagging sales with their own online summer shopping holidays.
Prime Day 2018 saw a substantial increase in online spending year-over-year, with large retailers (more than $1 billion in annual revenue) reporting a 54% increase in sales versus an average Tuesday, according to data from Adobe Digital Insights.
According to data, increased conversions was the main driver of retailers’ increased revenue for Prime Day this year. Another increase on Prime Day was the social buzz, specifically mentions of Amazon throughout the shopping marathon.
Despite a glitch on Amazon’s website and mobile app during Prime Day’s launch on Monday, July 16, Amazon’s social buzz was very high. Social mentions hit 80%, however this was down about 5% from last year. Overall, Prime Day’s volume of discussion was up about 6% versus last year. A significant amount of social buzz was about employees’ dogs shown on the Amazon Prime Day error pages. #DogsofAmazon trended on Twitter, according to Adobe.
“Amazon’s site glitches didn’t negatively impact sales, with the company revealing sales were higher than ever,” said Taylor Schreiner, director of Adobe Digital Insights. “And photos of employees’ pups successfully mitigated some of the negative sentiment around the online retailer’s site difficulties.”
The summer sale is also credited for kicking off rapid online shopping growth for the third quarter. Specifically, July-September is expected to be the fastest growing quarter of 2018 in the U.S. Back-to-school shopping alone, is expected to generate $57.79 billion in online revenue.
These gains could also translate into a very merry Thanksgiving and Black Friday shopping weekend. In 2017, retailers that grew 10% in the first half of the year saw revenue increases during Thanksgiving weekend 2.1 times over the average retailer. This pattern will likely continue into 2018. Further, the winners of Prime Day are expected to have a strong performance for the 2018 holiday season, Adobe added.
“We’ve seen a 55% lift in online sales year-over-year over the course of Prime Day for large retailers – massive growth that we attribute to shoppers making purchases online with a variety of retailers,” said Schreiner.
“As a result of Amazon’s holiday increasing in popularity, numerous retailers offered deals on their own sites to combat Amazon, turning mid-July into a mini holiday shopping season,” Schreiner added. “People love to comparison shop, with many turning to Amazon’s competitors to compare deals and prices. Prime Day has turned into a huge opportunity for all online retailers.”