According to Adobe Analytics, retailers with more than $1 billion in annual revenue saw their online sales jump yesterday of 72% compared to an average Tuesday. On Monday, those retailers saw a 64% boost compared to an average Monday.
Amazon said in a press release on Wednesday that this year's 48-hour Prime Day was its biggest sales event ever, with Prime members purchasing more than 175 million items during the event. In addition, Amazon also reported that it signed up more new Prime members over the two-day event than over any other two-day period in its history; prior to this year's Prime Day, Prime memberships had been estimated at more than 100 million.
Amazon shares were down 0.46% on Wednesday and are up 30% year to date.
"Due to its 'halo effect,' large retailers with major discounts online reaped the benefits of Prime Day, seeing 68% lift in revenue across the two days, while niche retailers also saw a significant increase in online sales at 28%," said Jason Woosley, VP of Commerce Product and Platform at Adobe, in a statement. "This suggests that people are comparison shopping more than ever and will open their wallets to those who offer the best deals, regardless of the size of the retailer."
Amazon rivals, particularly Target (TGT) - Get Target Corporation Report , Walmart (WMT) - Get Walmart Inc. Report and other big-box stores, have increasingly rolled out their own slate of online deals to capture their share of the "Black Friday in July" shopping bonanza.
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