Amazon Prime Day powers biggest day for online spending
Amazon's Prime Day prompted Walmart, Target and others to offer their own deals
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Online spending in the U.S. hit a one-day record high for the year on Monday, driven by the first of Amazon's two-day Prime Day sale events, according to the Adobe Digital Economy Index.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 179.17 | -2.11 | -1.16% |
The commerce platform reported that total online sales surpassed $5.6 billion on June 21, making it the biggest day for online spending to date for 2021. But Amazon was not the only online retailer raking in the dough, as other firms offered deals to compete with the e-tailing giant.
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Walmart, Target, Best Buy and other retailers offered deals that overlapped with the 48-hour Prime Day event.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 59.27 | -0.38 | -0.64% |
| TGT | TARGET CORP. | 166.58 | +2.11 | +1.28% |
| BBY | BEST BUY CO. INC. | 76.00 | -0.23 | -0.30% |
Large online retailers with more than $1 billion in annual revenue saw a 28% boost in sales during Prime Day's initial 24 hours, while retailers showing less than $10 million experienced a 22% increase.
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"First day of Amazon Prime Day delivered effective gains for both large and small retailers while also becoming the biggest online shopping day in the U.S. so far this year at $5.6 billion," Adobe Vice President Jason Woosley said in a statement. "Overall, the first day of Prime Day successfully accelerated spending momentum for U.S. e-commerce to new heights, in an online retail environment that is already experiencing an elevated level of growth due to the pandemic."
Prime Day extended through Tuesday, with Amazon offering Prime members deals on more than 2 million items across all product categories.
Final sales numbers will be available later in the week.
