With Amazon Prime Day 2023 behind us, we can look back on how the brands and retailers performed during the two-day sale-a-thon. In this week’s article, we will reflect on the staggering sales figure, unveil the products and categories that shone the brightest and a lot more.
Record breaking numbers from Prime Day 2023
According to Numerator, Prime Day 2023 witnessed a significant number of transactions, with 98,462 orders placed by 34,185 unique buyers who collectively purchased 172,398 items.
Over the course of 11th and 12th July, Amazon shoppers spent $12.7 billion, marking a 6.1% year-over-year growth.
The electronics category had the most substantial discounts with prices marked down by approximately 14% from their listed prices. Apparel and toys closely followed with an average discount of 12%, while home and furniture items reported a 9% discount (some items had even more significant markdowns). Computers were reduced by 8%, and appliances, sporting goods, and TVs offered more moderate deals, ranging from 5% to 7% off. These attractive deals and discount offers worked like a magnet for inflation-wear shoppers.
“The first day of Prime Day was the largest sales day in Amazon’s history, and Prime members saved more this year than any other Prime Day event,” said Doug Herrington, CEO of Amazon Stores, in a press release following Prime Day.
What did people buy during the Prime Day?
As per the shopper responses collected by Numerator, the top four categories of products purchased during Prime Day were:
- Home goods (28%)
- Household essentials (26%)
- Apparel & shoes (24%)
- Electronics (21%)
Top 15 most highest selling products, according to Jungle Scout
- Cat Treats
- Dryer Sheets
- Hand-Poured Candles
- Laundry Detergent
- Coffee Pods
- Dry Shampoo
- Eye Cream
- Baby Wipes
- Plant-Based Protein Bars
- Dish Soap
- Eco-Friendly Cleaning Products
- Bamboo Toilet Paper
- Baby Bottles
Top 15 highest selling brands, according to Jungle Scout
- Chemical Guys
A significant 52% of Prime Day shoppers admitted to finally making purchases they had been postponing until the sale. The majority of items sold (57%) were priced below $20, while a smaller proportion (5%) exceeded $100. On average, shoppers spent $32.35 per item. About 6.4% of PD orders had a BNPL (Buy Now, Pay Later) as a payment option.
The search for the right product and best deal initiated way before the Prime Day sale kickstarted. According to the report created by Jungle Scout on Prime Day 2023, keywords such as “Prime Day,” “Prime Day deals,” “Amazon Prime Day,” and “Amazon Prime deals” dominated the search trends during the event.
Amazon Live Draws 100 million views
Amazon Live Prime Day streams had more than 100 million views in the U.S. and India and helped shoppers find the best deals.
The astounding success of Amazon Live Prime Day streams is a testament to the tool’s limitless potential in engaging the shoppers. With Amazon Live, brands can tap into a vast audience of enthusiastic customers actively seeking the best deals and products.
The power of live video fosters a genuine connection and builds trust. If you’re not yet leveraging Amazon Live, you’re missing out on a golden opportunity to reach an extensive and eager customer base. Embracing this dynamic and interactive medium can significantly enhance your sales, brand visibility, and customer engagement on time sensitive sale events like Prime Day and Black Friday.
How did brands prep their store for Prime Day?
To gear up for one of the most anticipated digital sales events, all brands, big and small, start their prep months in advance. Here’s what the brands and their partner Amazon management agency did to make their presence felt during the two-day shopping frenzy.
Top actions brands took to prepare for Prime Day
82% increased ad spend/budget
82% Optimized keywords and ad targeting
39% Created Prime Day-themed ad creatives
39% Utilized Jungle Scout Cobalt tools/features
29% Collaborated with influencers or affiliates
4% Increased Inventory at FBA
4% Created separate Storefront page with exclusive deals
Average discount offered by brands for Prime Day
32% of brands offered 11-20% discount
46% of brands offered 21-30% discount
11% of brands offered 31-40% discount
7% of brands offered 41-50% discount
4% of brands offered more than 50% discount
Average advertising budget increase for Prime Day
10% of brands increased their budget by 10% or less
20% of brands increased their budget by 11-20%
20% of brands increased their budget by 21-30%
10% of brands increased their budget by 31-40%
40% of brands increased their budget by >40%
Note: The insights provided above are sourced from Jungle Scout’s report.
- Prime Day 2023 shatters previous records, generating $12.7 billion in sales compared to $11.9 billion in 2022.
- Home goods, household essentials, apparel, shoes and electronics were popular categories
- Amazon Live attracted an impressive viewership of more than 100 million in both the United States and India.
Prime Day’s over, now what?
#1: Retarget new-to-brand customers
During and in the weeks leading up to Prime Day, it’s very likely that your listing has seen a considerable uptick in traffic. After the buzz from Prime Day subsides, it’s time to focus on retargeting new-to-brand customers, inviting them to explore more of what your brand has to offer.
Although Amazon’s advertising platform does not offer direct retargeting options for sellers to reach customers who visited their Amazon listings, brands can leverage Sponsored Display ads to reconnect with PD shoppers.
While brands cannot specifically target shoppers who visited their listing on Prime Day, they can use Sponsored Display ad campaigns to target audiences based on their past interactions with their products. This option is known as “Retargeting” or “Audience Targeting.” It allows you to display your ads to users who have viewed your product detail pages or engaged with your brand on or off Amazon.
#2: Prepare for Prime Day Fall Event
According to Amazon, the Prime Day Fall event “Prime-exclusive shopping event that will begin in Q4”.
Sellers who want to participate in this event, as they should, must send, create and submit deals by August 11, 2023.
Preparing your Amazon store for this event is no different than Prime Day – line up your inventory, create deals on time, generate buzz using off-Amazon marketing ideas and make sure your product detail page is all perked up before and during the event.
Ensure you’re fully geared up for the Fall Prime Event and the upcoming holiday season with our detailed articles:
Looking for help to get your store ready for the highly anticipated Prime Day Fall event? Reach out to our Amazon seller experts, and we’ll guide you through the process.
Not even the inflation and economic uncertainty could dampen Prime Day frenzy
This year’s Prime Day has once again proved that brands that don’t participate are missing out. Despite the concerns around inflation and economic uncertainty, Amazon shoppers are willing to wait for deals and will flock in large numbers when they are offered.
Contrary to the popular belief, inflation is not slowing down the shoppers, it’s encouraging them to seek better deals. By understanding these dynamics, brands and agencies offering Amazon consulting services can align their operations with shopper demands and leverage the potential of peak shopping periods.
Through careful planning and optimization during discount periods, retailers can not only meet their goals but also reduce costs, enabling them to provide lower prices to consumers while still thriving in the market.
Did Prime Day fall short of expectations? We can help. Amazon consulting experts at eStore Factory can get your store ready for BFCM weekend and festive season triumph.