Why Prime Day is Crucial for Amazon, and How You Can Launch Your Own
- Amazon's second annual Prime Day took place on July 12
- The event is expected to bring in nearly double the $375 million in sales it did in 2015
- Big lessons for retailers: loyalty programs, flash sales resonate with millennial shoppers
To celebrate its 20th anniversary in 2015, Amazon hosted their first ever Prime Day. The event, dubbed Black Friday in the Summer, involves literally hundreds of thousands of deep discounts for individuals enrolled in Amazon’s Prime membership, which was coupled with free shipping and other discounts and perks. It wasn’t clear whether the event was a one-time deal, but after seeing their stock hit a record high and sales eclipse those of Black Friday 2014, it was a no-brainer for Jeff Bezos and co. to bring Prime Day back for 2016.
In 2015, Amazon averaged around 398 items sold per second and raked in somewhere between $375 million and $400 million. As for 2016 estimates, at least one firm, MKM Partners, expects that once all the pennies have been counted, the single-day revenue figure will double.