Amazon Prime Day, the eagerly anticipated shopping extravaganza, has come and gone this summer, leaving behind a trail of staggering statistics and insights. As one of the world's largest online shopping events, Prime Day has once again demonstrated its prowess in attracting hordes of shoppers and generating record-breaking sales. We’ll be delving into some key statistics and takeaways, shedding light on the impact of this shopping event on eCommerce and consumer behavior.
Prime Day 2023 Stats and Takeaways:
- Skyrocketing Sales Figures: Unsurprisingly, Prime Day 2023 outperformed all previous years, shattering records with its sales. The two-day shopping extravaganza achieved a jaw-dropping total of $12.7 billion in global sales while saving consumers over $2.5 billion with their sales.
- The Importance of Buy Now, Pay Later (BNPL): With consumers feeling the negative impact of inflation, Amazon’s Buy Now, Pay Later option provided some cushion to those still looking to participate in the sale event without breaking the bank. For both days, BNPL was used in 6.5% of orders, generating $927 million in revenue, which is up 20% from 2022.
- Popular Categories: A few different categories saw huge spikes in sales over the course of the two-day sale. With over 375 million products being sold over the course of the sale, customers seemed to focus heavily on a handful of products. The event saw a 76% increase in stationery and office supplies sales, 52% increase in appliance sales, 27% increase in toy sales, and a 24% increase in apparel sales.
- Sustainable Shopping on the Rise: A noteworthy trend was the increasing focus on sustainability. Amazon's commitment to reducing its carbon footprint was evident through the "Sustainable Prime" initiative, where customers were encouraged to choose eco-friendly products and packaging options.
- Mobile Shopping Dominance: The rise of mobile shopping continued its trajectory during Prime Day 2023, accounting for an impressive 45% of all orders. The convenience and ease of shopping through mobile apps have contributed to this shift in consumer behavior. Retailers should prioritize optimizing their mobile platforms to cater to this trend.
aiCommerce Prime Day Summary
- Deals Driven Purchasing: 34% of purchases were Lightning Day deals and 52% of buyers waited to purchase until items were on sale. 66% of buyers stated they were either “extremely” or “very” pleased with the offered discounts on the marketplace. Still buyers are showing how the macroeconomic environment is affecting their purchasing behavior with over 50% of customers saying they still compared prices before purchasing.
- Sacrificing Profits for Velocity: The rise in Lightning Deal and Prime exclusive discounts driven purchasing is pushing more sellers than ever to drop prices to protect organic rankings long term and persuade new to brand buyers to purchase. Following the increased consumer focus on discount and deals, the number of sellers who participated in using Lightning or Prime Exclusive discounts rose dramatically, from 69% in 2022 to 80% in 2023.
- Advertising Costs on the Rise: While many sellers enjoyed a near 9% drop in average ACOS, sellers spent nearly double to capture sales. Historically, the average seller spend 7% of their total sales revenue on advertising, that number rose to 14% in 2023. This increase dictates the need for sellers to source lower cost traffic to drive sales, Amazon’s Attribution program may be the answer that most sellers have yet to explore.
Amazon Prime Day 2023 has yet again demonstrated its ability to captivate shoppers and redefine the eCommerce landscape. The event's sales figures, coupled with its positive impact on small businesses and the growing importance of sustainability, underscore its significance in shaping consumer behavior and industry trends.
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