Amazon said Thursday that the 10th annual Prime Day was its biggest one yet, with "record-breaking" sales over the two-day Prime-member discount extravaganza that ended yesterday. But Amazon stock slipped in morning trading.
The e-commerce giant did not disclose exact sales figures. However, the company highlighted in a news release a few metrics it said showed the event's success. Amazon said independent sellers sold more than 200 million items during the Prime Day event. Meanwhile, Amazon's recently launched Rufus AI chatbot helped "millions of customers" shop on its website and app.
Separately, Adobe Analytics said Thursday that U.S. shoppers spent an estimated $14.2 billion online during the two-day event, up 11% from last year. Adobe tracks spending across U.S. retailers. Rival e-commerce sites and retailers also typically offer deals in response to Prime Day.
Prime Day: Back-To-School Boost?
Electronics were among the top categories for overall spending, based on Adobe's estimates. Spending on the category increased 61% during the two-day event, compared with daily averages in June. Tablet purchases increased 117%, spending on TVs was up 111%, and sales of headphones and Bluetooth speakers were up 105%.
Electronics also had the steepest discounts. Electronics had an average discount of 23% vs. listed price across U.S. online retailers, according to Adobe, compared with 14% cuts last year.
Adobe also credited the Prime Day sales growth to back-to-school shopping. Prime Day took place a little later in July this year compared with previous events. Spending on backpacks, lunchboxes and other school supplies increased 216% vs. June levels, Adobe said.
Amazon Stock: Prime Member Sign Ups
Meanwhile, Amazon said the event helped boost sign-ups for its Prime membership. "The opportunity to save big meant a record-breaking number of customers signed up for Prime in the three weeks leading up to Prime Day, with millions of new members worldwide," Amazon said in a news release.
Prime members pay $139 per year for free shipping, video streaming and other benefits. Earlier this year, Emarketer projected Amazon will end 2024 with 181.4 million U.S. Prime subscribers, up 3% from 2023.
In morning action on the stock market today, Amazon stock was trading sideways near 187.85. Amazon stock has gained more than 20% this year but has slumped in recent trading days amid a broader pullback for the so-called Magnificent Seven large-cap tech stocks.
Late last month, Amazon broke out from a flat-base pattern's 191.70 buy point, according to MarketSurge. Shares gained to reach an all-time high of 201.20 on July 8 but have slumped since then. With losses in five out of the last six trading days, Amazon has fallen below its buy point but has found support near its 50-day trading line.
