Amazon Prime Day is cash haul for Bezos backed e-commerce giant
Amazon Prime Day hits Oct. 13 after being delayed due to pandemic
Amazon Prime Day 2020 finally arrives Tuesday with one analyst predicting a cash haul of nearly $10 billion for Jeff Bezos’ e-commerce mega-company.
That may make Bezos, already the world's richest man with a net worth of $200 billion, even richer. He remains the company's largest individual shareholder and the stock has gained 86% already this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 176.59 | -2.92 | -1.63% |
Amazon put off Prime Day until Oct. 13 due to the coronavirus pandemic. The event runs through Wednesday the next day.
In its first forecast on Amazon Prime Day, eMarketer expects worldwide sales to jump 43% to reach $9.91 billion.
"Amazon Prime Day this year will be unlike any other since its debut five years ago,” eMarketer Principal Analyst Andrew Lipsman. “Against the backdrop of a pandemic and recessionary headwinds, this year’s event promises significant changes that will shake up the entire retail landscape heading into the holidays."
Lipsman said Prime Day arrives three months later than its typical mid-July timing, resulting in a different focus --“de-emphasizing products for summer and back-to-school, and making the event an early lead-in to the holiday season."
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Sales on Prime Day 2019 reached nearly $7.1 billion last year, according to Statista. The first Prime Day in 2016 netted Amazon $1 billion in worldwide sales.
Prime Day features extraordinary deals for brand-name stuff and has become Amazon’s biggest sales day of the year—bigger than Black Friday and Cyber Monday combined.
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Amazon uses Prime Day to lure more Prime members. Only those who are Amazon Prime members can participate. It costs $119 a year to sign up.
Shares of Amazon were up Monday ahead of the sales extravaganza.
