Amazon in July held its most lucrative Amazon Prime day event ever. Prime members bought more than $4 billion worth of products in just 36 hours. But as far as big sales days go, Prime isn’t nearly at the top. However, the volume of sales for these events shows how critical they are for retailers and marketplace sellers.
Can big events mean the difference between life and death for retailers? Traditionally, the start of the US Christmas holiday season was seen as the day ledgers went from red to black. By 2017, Black Friday and its more recent companion, Cyber Monday, saw more than $32 billion of products sold. (Even bigger than that was Alibaba’s 2017 Singles’ Day, which saw more than $25 billion in sales). So there’s a lot to be said for the importance of sales days.
Let's look at Amazon's number. According to Internet Retailer, Prime Day 2018 sales increased by 74% over 2017. With 100 million products sold, that’s about one purchase per Prime member. The clear winners were computer/electronics vendors and sellers, accounting for almost 41% of sales. Apparel brands, meanwhile, took nearly 38% of the sales. Overall, Amazon-owned products dominated, representing 62% of sales versus 38% going to marketplace sellers.
Admittedly, results for all these events represent varying markets, kinds of customers and geographies. But it all points to how business benefits when their customers know about an event and can get a good deal. In fact, retailers and marketplace sellers can win by taking advantage of almost any occasion. Given the right message and ample promotion, a brand can win more sales online or in stores making a big deal of virtually any holiday.
Win on any channel
When it's time to plan for your next big sales day, use CIN7 to manage your inventory. CIN7 keeps stock in line with orders for every channel a retailer uses to promote their brand and sell more. From Amazon to Shopify to the POS and much more, CIN7 gives you real-time visibility and advanced reporting to prepare stock for any big sale day on any channel. Click below to learn how CIN7 can help your brand.