Retailers owe Amazon.com Inc. (AMZN) a beer, or, perhaps, 30% off its next purchase.
While Amazon was busy announcing on Wednesday, July 18, that customers worldwide bought more than 100 million products, valued at $3.5 billion in sales for Prime Day, large bricks-and-mortar retailers cashed in, too.
Those retailers saw a 54% increase in sales compared to a normal Tuesday, according to Adobe Digital Insights (ADI), in a report released Wednesday. The research firm considers large retailers companies with more than $1 billion in annual revenue.
"As a result of Amazon's 'holiday' increasing in popularity, numerous retailers offered deals on their own sites to combat Amazon, turning mid-July into a mini-holiday-shopping season," said ADI director Taylor Schreiner in the report.
"Our view of the counter-promotions from others, like Walmart Inc. (WMT) , Target Corp. (TGT) and Best Buy Co. Inc. (BBY) , is that the promotions were well-planned and intended to leverage the increase in e-commerce traffic," Joe Feldman, senior managing director at Telsey Advisory Group, told TheStreet on Wednesday, July 18.
Feldman added that Google searches for those three retailers on Tuesday, July 17, were higher than on the previous five days.
Target said its one-day sale was the company's "highest single day of traffic and sales of 2018."
Brick-and-mortar retailers have evolved to compete with Amazon by offering an experience the online giant is unable to provide, Brett Rose, CEO of United National Consumer Suppliers, the leading wholesale distributor of overstock goods for national retailers, told TheStreet.
Target and Best Buy share prices jumped by more than 2% Thursday to close at $78.46 and $77.98 respectively. Amazon stocks took a dip and ended the trading day at $1,812.97, a loss of 1.63%, while Walmart slightly dropped by less than half a percent to $87.72.