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First day of Amazon Prime Day draws most online spending so far in 2021, Adobe says

On Monday, June 21, 2021, workers retrieve boxes at an Amazon fulfilment centre during Prime Day in Raleigh, North Carolina, United States.

According to new data released Tuesday, the first day of Amazon’s 48-hour Prime Day event is expected to have generated the most online sales in a 24-hour period this year.

According to an index tracked by Adobe Analytics, which looks at more than 1 trillion visits to U.S. retail sites and over 100 million items across 18 product categories, sales during the first 24 hours of Amazon’s megasale, which began at 3 a.m. ET on Monday, are set to exceed $5.6 billion, representing 8.7 percent growth year over year.

According to Adobe, Monday’s spending surpassed the $5.1 billion spent online by consumers on Thanksgiving Day last year.

Adobe, on the other hand, isn’t comparing this year’s Prime Day shopping extravaganza to last year’s, which took place in October. Until the Covid pandemic forced a postponement, the event was held in July. And this year, Amazon shifted the deals a little earlier so that Prime Day would fall during what is typically a slow period for shopping in the second quarter.

This week, retailers such as Walmart, Target, Best Buy, and Kohl’s have all offered competing price cuts.

Amazon Prime Day 2021 coverage

More information about what Amazon and others have planned for this year’s sales events can be found here:

According to Adobe, retailers with more than $1 billion in annual revenue saw a 28 percent increase in e-commerce sales on Monday compared to the same day a year ago, while smaller retailers with less than $10 million in annual revenue saw a 22 percent increase.

“The first day of Prime Day successfully accelerated spending momentum for US e-commerce to new heights, in an online retail environment that is already experiencing elevated levels of growth due to the pandemic,” said Jason Woosley, Adobe’s vice president of commerce product and platform.

According to Adobe, the biggest discounts found on Amazon’s website on Monday were for toys, with prices dropping 12 percent on average. According to Adobe, appliances received a 5.2 percent discount on average, while electronics received a 3 percent discount.

The best deals across all product categories, according to the company, are expected later this year during the holidays. This week, a number of brands have decided not to discount any products. Logistics issues have also tightened the grip on inventories, resulting in retailers having fewer goods on hand to mark down.

By Tuesday morning, Amazon’s stock had risen by less than 1%. The company’s market capitalization exceeds $1.7 trillion.

source-cnbc

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