Big Retailers See 68% Lift In Revenue Growth During Amazon Prime Day
So what did you buy on Amazon Prime Day?
CNBC reports that Amazon sold more than 175 million items during this week’s annual shopping event, more than its sales for Black Friday and Cyber Monday 2018 combined.
But Amazon wasn’t the only retail giant trying to drive sales during the 48-hour event, July 15 to 16. According to Adobe Digital Insights (ADI)—which analyzed aggregate and anonymous data via Adobe Experience Cloud, Adobe Analytics Cloud, Adobe Commerce Cloud, and Adobe Advertising Cloud—Prime Day is no longer just an Amazon holiday. In fact, over the two-day period, large retailers (with $1 billion in revenue and up) saw an average 68% lift in revenue: a 64% lift on Monday and a 72% lift on Tuesday. Day two of the event also became the fourth day outside of the holiday season to surpass $2 billion in online sales.
“Prime Day has become an indisputable summer shopping holiday, greatly benefiting online retailers that can attract consumers to their sites through compelling email campaigns or by offering value-add services, like buy-online/pickup-in-store,” said Jason Woosley, vice president, commerce product and platform at Adobe. “Due to Prime Day’s ‘halo effect,’ large retailers with major discounts online reaped the benefits, seeing significant lift in revenue across the two sale days.”
Small to midsize retailers also saw a significant increase in online sales, at 28%. According to Woosley, this suggests “people are comparison shopping more than ever and will open their wallets to those that offer the best deals, regardless of the size of the retailer.”
Email campaigns were key to converting shoppers this week, according to the analysis. Brands that delivered excellent email experiences saw a 52% lift in revenue throughout the two days. In comparison, those that lacked a good email strategy saw only a 23% lift. The share of revenue attributable to email campaigns increased by 7.3% over the total Prime Day.
According to ADI, most of the Prime Day lift was driven by an influx in visits and an increase in conversions on July 16. Over the two days, visit lift accounted for 49% of the increase in revenue, while conversion accounted for 46%. The rest was due to bigger basket size.
Retailers with physical locations also did well during Prime Day, according to ADI. In fact, buy-online/pickup-in-store (BOPIS) has become a go-to option for consumers, especially during key shopping periods. While consumers typically use BOPIS for less-expensive items, Prime Day brought BOPIS order values up 12%, from $115 to $131 average order value.