Amazon Prime Day: You Only Have a Few Weeks to Prepare - TheStreet

Amazon Prime Day: You Only Have a Few Weeks to Prepare

Amazon will hold Prime Day on Oct. 13, after postponing its flagship sales event due to the pandemic, say reports.
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Flex your digits, clean your glasses and prep your wallets: Amazon.com’s  (AMZN) - Get Report Prime Day is finally happening.

After being delayed for months due to the pivoting of its global operations amid the worst pandemic in 100 years and massive surge in online shopping, Amazon.com is bringing back its much ballyhooed Prime Day, tentatively on Tuesday, Oct. 13, according to reports.

Amazon’s much-hyped event usually takes place in July, but concerns about supply chain disruptions and managing excess inventory of Amazon devices amid the coronavirus pandemic and corresponding surge in demand for online orders delayed the event.

While Amazon remains mum on the matter, Amazon’s Alexa promises that Prime Day is indeed on the way. 

Says Amazon: “Stay tuned for more details on Prime Day. Customers can also say, 'Alexa, keep me posted on Prime Day.' If a customer makes this Alexa request, they will be notified when we announce the dates and when Prime Day begins."

In 2019, Amazon raked in more than $7 billion in sales over a roughly 48-hour period, according to Statista. The company also uses the event to lure new customers, in particular to its own Prime service offerings as well as its repertoire of Amazon-labeled devices, like the Amazon Echo.

Amazon is hoping its 2020 Prime Day will be as if not more successful, with the delayed timing intentionally designed to spur consumers to begin their holiday shopping early.

Facing the prospect of even higher demand this coming holiday shopping season, Amazon earlier this month announced plans to hire as many as 100,000 full- and part-time employees across the U.S. and Canada to work in its growing network of fulfillment centers.

Meantime, shares of Amazon got a boost Tuesday after Bernstein analyst Mark Shmulik lifted his rating on Amazon to outperform from market perform on expectations the company will continue to increase its dominant position in online commerce - even after the pandemic passes and consumers head back out to brick-and-mortar stores.

Shares of Amazon were down 1.75% at $3,074.12 in trading on Wednesday. The stock is up 66% year to date.