In this episode of Retail Right Now, Total Retail's Joe Keenan and Kristina Stidham provide a forecast for next week’s Amazon Prime Day event, which will be held over the course of two days this year, Mon., July 15 and Tues., July 16. This year's event gives Amazon’s 100 million Prime members in the U.S. access to over 1 million deals. Last year, Amazon generated $3.6 billion in revenue from Prime Day, selling nearly 100 million products, and Adobe Digital Insights is forecasting that both of those numbers will be eclipsed this year.
Kelly Herrell, CEO of in-memory computing company Hazelcast, notes that the impact of Prime Day undoubtedly goes far beyond Amazon, with the day now an unofficial holiday and 29 percent more retailers expected to compete against Prime Day this year than last. Online retailers are seeing an increasingly strong “halo effect” on Prime Day. Revenue lift for the top retailers during Prime Day 2018 was close to 60 percent, and this year’s lift will be even higher, at 79 percent, ADI predicts.
For those brands selling on Amazon’s platform, check out this article authored by Michael Bull titled, 7 Tips for a Successful Amazon Prime Day. For those looking to convert traffic on their e-commerce sites, ADI principal analyst Taylor Schreiner recommends leveraging email and video.