Amazon Inc is set to break new sales records for its Prime Day event which began on Tuesday will last for thirty hours. Prime Day which is now on its third consecutive year and has began this year on Monday evening was started by the company as their anniversary celebration offers Amazon Prime members huge discounts and offers in more than 100,000 of their products from various sections most especially technology.
Both buyers and investors have anticipated the sale since last week due to various deals being leaked and reported. Among the deals which have been revealed since last Friday included huge discounts for Amazon Echo devices and Amazon brands such as Audible, Kindle, and the Fire television. The event which reportedly brought Amazon bigger sales compared to Black Friday and Cyber Monday is expected to bring even higher earnings at the end of the shopping event.
Amazon shares have risen by 1.41% during last Friday’s session in anticipation of Prime Day. Aside from sales, Amazon is expected to report a jump in the number of their new Prime membership subscriptions as shoppers who will be getting new memberships until July 11 can still access the sale. The subscription offers buyers benefits such as two-day shipping among many others. Prime members with access to Alexa powered devices were given a chance to get the deals two hours in advance before the official sale.
According to latest reports, the company was able to sell thrice as much Echo devices during this year’s Prime Day compared to the previous event after the Echo device was given almost a fifty percent discount. Echo devices are popular for being powered with Alexa which is Amazon’s virtual assistant. The smarr speaker offers functionalities like sending a text message, make a call, play music, search the internet, and play music.
By Tuesday, Amazon has announced that their sales are currently on track to be the biggest shopping event in the company’s history.
In the statement, Amazon also announced that its third-party sellers has been able to sell more than fifty percent of their items on the site. Although the company has not released exact sales numbers, the company is expected to have already earned roughly $500 million.
Prime Day which is also available in twelve other countries outside the United States has reportedly beat Amazon’s own expectations while investors are expected sales to reach around $2 billion.
Shares of Amazon Inc are currently trading at around $996 and has been trading up during the past week in anticipation of the sales that will come in during the Prime Day event. Some have predicted that it will cross the $1000 threshold again which the company was able to do last May.