Prime Day happens once every year around July, and it is Amazon’s biggest deal event of the year. Anybody can participate in the event as long as they have an Amazon Prime membership. Amazon Prime Day 2023 ended, leaving behind a wealth of data to study and gain valuable insights from.
This blog discusses the relevance and significance of Prime Day 2023, top trends, sales, consumer behavior, and many more.
Sales Performance Results of Prime Day
The first day of 2023 Prime Day (July 11) was the most prominent Prime Day event in company history! “The first day of Prime Day was the largest sales day in Amazon’s history, and Prime members saved more this year than any other Prime Day event,” said Doug Herrington, CEO of Amazon Stores.
The two-day Prime Day event was successful as Prime members purchased over 375 million items worldwide and saved over $2.5 billion on deals across Amazon Stores. Prime Day saw a 6.1% growth in total sales compared to last year, thus setting a new record for the event.
This year Amazon offered more range of deals, from small businesses and independent sellers to celebrities and TV Stars, than any event in the past years. Some of the top-selling deal categories were Home, Fashion, and Beauty.
Top Products Sold on Prime Day
Amazon Fire Stick, LANEIGE Lip Glowy Balm, Apple Air pods, and Bissell Little Green Portable Deep Cleaner were among the top-selling items of the 2023 event. Millions of Alexa-enabled products were purchased on the 2023 Prime Day, and the Amazon Fire Stick (3rd Gen) with Alexa Voice Remote became the best-selling product worldwide on Amazon.
Emerging Shopping Trends Influenced by Prime Day Deals
Amazon, the e-commerce giant and the largest online retailer in the world received a massive response to the most prominent e-commerce event of the year and witnessed the emergence of new trends among consumers. Nowadays, we spend most of our time using our phones, tablets, and laptops.
Our hyper-reliance on technology and gadgets points towards changing consumer preferences and behavior interests. Additionally, the influence of social media platforms and promotions ahead of Prime Day was massively high.
Social Media engagement combined with influencer marketing on the Prime Day 2023 event surpassed even last year’s numbers showing an increased dependence on all platforms like Facebook, Instagram, and Tiktok. The actions on all these platforms have surged by 90% from 2022 to 2023.
TikTok has emerged as a dominant force in driving engagement and sales for the Prime Day event. The platform recorded a 91% surge in total video views with the help of influencers like Alix Ashley Earle and Jessi Valeri.
Top Consumer Spending Trends & Behavior
According to Numerator, Prime Day 2023 showed that the average order size increased to $54.05 from $52.26 in 2022. Home, Beauty, and Fashion were among the top-selling categories, and Fire Stick, Laneige Lip Glowy Balm, Apple Airpods, and Bissell Little Green Portable Deep Cleaner were among the top-selling deals.
Furthermore, Numerator data shows that the average amount spent in households reached around $155.67, increasing by 7.6% from $144.56 last year. The motivating factor leading to a significant surge in customer spending is likely the contribution of some attractive discounts across various categories Amazon offers.
Adopting the targeted advertising techniques, Amazon offered more than 40 personalized recommendations for customers on Prime Day this year. However, it would be difficult to quantify the exact impact personalization had on the overall performance of Prime Day.
But according to Numerator, more than 66% of the shoppers reported being extremely satisfied with the deals this year, making the personalization feature successful amongst consumers!
Prime Day Effects for Retailers & Independent Sellers
Amazon sold more than 375 million items worldwide, setting a record of being the single most significant sales day in the company’s history. Amazon had a wide range of brands and items for selection on Prime Day, and this was only possible due to the independent sellers on Amazon.
Amazon offered the most Prime Day deals on small business products in its company history, and brands like Caraway, True Classic, and TUSHY saw an increase in their average daily sales on Amazon by over 18x during the first day of Prime Day.
One of the best-selling products worldwide was of Amazon itself, the infamous Fire Stick with Alexa voice remote.
Conclusion
The success of Prime Day once again reminds us of the power and value the most popular e-commerce platform, Amazon, holds. Watch out, marketers! This is an excellent time to establish your store on Amazon and optimize and advertise your products for maximum reach. If you are already marketing your products on Amazon, increasing your ad spend may be worth a consideration.
Events such as Prime Day are popular worldwide, a grand opportunity for all kinds of small and large-scale marketers to strengthen their relationships with customers, attract new ones and enhance brand awareness to maximize ROI and reach business success.
If you wish to establish, advertise or optimize your products on Amazon, you know whom to call! BM Consulting provides expert product management services and more for Amazon. We help you face the swarm of competitors head-on and establish your space in the vast realm of Amazon. Connect with us today!