According to Amazon, Prime Day 2023 was the biggest shopping event ever for marketplace sellers, with the marketplace outpacing even Amazon’s own retail business. US sales were 6.1% higher than in 2022 and total US spending reached $12.7 billion — another new record.
Worldwide, customers bought over 375 million items during the two-day event, and the first day was the single biggest sales day in Amazon’s history.
This is great news for Amazon, but what about sellers?
The truth is, it’s harder than ever to stand out on Amazon. Costs are higher, keeping up with rules is harder, and multiple big sale days vie for customers’ attention.
In this article, we’ll uncover the latest trends and predictions for Amazon Prime Day 2024 and what they could mean for your business. We’ll also explore why it could still be worth investing in Prime Day and how to strategize for maximum payoff.
You already know the score on Amazon Prime Day.
Once — or is it twice? Or three times?— a year, Amazon hosts a huge 48-hour flash sale for its Prime subscription holders. During the two-day event, thousands of sellers flood the marketplace with Amazon deals and discounts to drive shoppers to their stores.
While the exact date hasn’t been announced yet, Amazon has confirmed that Prime Day 2024 is on for July. Along with many other sources, we predict it will take place from July 9-10.
The deadline to submit your Prime Day Deals was May 3, 2024, but if you don’t have any deals set up, there are still other ways to win on Prime Day. Whether you have deals or not, all Prime Day inventory must arrive at Amazon warehouses by June 20.
Every year, sellers anxiously await Amazon’s Prime Day announcement. But with inflation concerns and consumer buying shifts, there continues to be some well-warranted chatter around Prime Day’s real return on investment.
In 2024, some sellers have decided to forgo Prime Day altogether. Others are opting to compete through alternative strategies that take advantage of the Prime Day “halo effect”, such as hosting their own promotions and special offers.
Ultimately, your success with Amazon Prime Day depends on your ability to adapt and respond to the current market. If you can keep your best-sellers in stock, invest in inventory and marketing early, and summon the creative willpower to stand out among the larger players, Prime Day could still bring you a massive payday.
To get your store ready to crush it on Prime Day, zoom in on the top predictions and data insights. You’ll also want to bookmark this Amazon’s Prime Day prep page, which includes
PDF guides and an on-demand webinar to set you up for Prime Day success.
Let’s take a closer look at some of the key trends that could impact your Prime Day results this year.
Each year, technology devices claim the top spot for deals and shopper interest, especially Amazon devices like Echo and Fire products. Other consumer electronics and gadgets like OLED TVs, Apple iPads, AirPods Pro, Dyson stick vacs, and robot vacuums also do well.
In 2024, consumers are projected to spend $922.5 billion globally on electronics. That’s over $160 billion more than they’ll spend on the next highest category, fashion.
That isn’t to say you can’t profit in other categories. Health and beauty took the lead after electronics on Prime Day 2023, with 42% of Prime Day shoppers making a purchase in this category. It even beat out last year’s popular Household Essentials category, suggesting consumers are investing more in going out (or at least going live) than staying in.
Regardless of your category, one of the best ways to win on Prime Day is to make sure you’re stocked and ready to sell your top movers.
In past years, e-commerce sellers could easily use Prime Day to drive Shopify and other off-Amazon traffic — especially as on-Amazon Prime Day exclusive deals got more disappointing over the years.
But in 2023, something interesting happened: Average order value on Amazon itself decreased, even as total sales on the platform went up. This suggests that more customers than ever were shopping on Amazon, but distributing their Prime Day purchases across various stores, like Target, Walmart, and Best Buy, to get the lowest prices.
In 2024, despite Amazon Prime members threatening to cancel in droves (mainly over changes to Prime Video), actual data shows Amazon prime membership is sky high and growing. Couple that with the fact that Amazon is doing the most to recruit and retain more members, and it’s safe to assume that sellers can expect an even bigger audience on the marketplace.
The bottom line is, customers will go wherever prices are the lowest. But they’re also making it clear that, given the choice, they’d rather shop on Amazon — if they can afford it. With the rise in Prime subscriptions, it could be a good time to re-focus on offering the best savings on Amazon to capture more new shoppers as it works to regain its reputation as the best place to get great deals.
In October 2022, Amazon offered an additional two-day sale, dubbed the Prime Early Access sale. The move may have been a tactical play to help Amazon combat its ongoing inventory glut or to capitalize on the trend of early holiday shopping.
Last year, we predicted another October sale in 2023, and we were right: Amazon introduced Prime Big Deal Days. But in 2024, with inventory levels back to normal, most US brands don’t need extra opportunities to offload excess stock.
Plus, after modest Big Spring Sale results, adding a third sale to the mix could mean lukewarm results. That said, some analysts think a broader, multi-sale strategy might be here to stay.
While the Amazon Prime Big Deal Days wasn’t as successful as the real Prime Day, customers still spent an average of over $124 per household. Not only that, 72% of Prime Big Deal Days shoppers said they shop at both sales events.
If another sale does happen, it pays to be prepared with the right inventory and promotions.
Whether it’s Prime Day or Black Friday, increasing your sales on Amazon is all about formulating the right plan, then sticking with it.
With a clear view of what to expect and a strategy for making the most of it, Prime Day 2024 can deliver a strong uptick in sales — especially, if you have the cash on-hand to ramp up your inventory and advertising.
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