Amazon Prime Day Results: Analysis & Key Insights for 2023
Jul 17, 2023
5 min Read
The e-commerce extravaganza of the year has wrapped up! Amazon's Prime Day, which unfolded over the past week, delivered some truly spectacular results. If you're not familiar, Prime Day is Amazon's summer annual event, birthed in 2015 and growing exponentially each year. This time, the shopping event spanned two days, from June 11th to 12th.
But what's Prime Day, you ask?
Picture a global shopping festival that stretches over two days, exclusively for Amazon Prime members. It's a bargain hunter's dream with steep discounts across a variety of categories - beauty, tech, home, fashion, kitchen, you name it! In the past, we've seen jaw-dropping deals on everything from Smartphones, Airpods ,Alexa devices, Shark Vacuum cleaners, to gems like a bottle of Jameson Black barrel.
Last years Prime Day saw over 300 million products sold with members saving $1.7 billion, marking the highest savings for Prime members in the events history.
This year, Prime Day continued to deliver on savings, offering unprecedented discounts and exclusive deals that left shoppers thrilled and their wallets relieved. Countless customers took advantage of the event to score fantastic deals and make the most of their hard-earned money. Prime Day truly lived up to its reputation as a shopping extravaganza, leaving shoppers eagerly anticipating the savings that await them in the years to come.
Amazon Prime Day 2023 Results
Now that Prime Day has come and gone leaving us with lighter wallets and fuller carts, let's roll up our sleeves and dive into the stats from the two biggest shopping days of the year:
Over 375 Million items were Purchased on Prime Day 2023 [Amazon]
Prime members saved $2.5 billion due to discounts - [Amazon]
Prime Day 2023 set a new sales record with over $12.7 billion purchased, a 6.1% increase from last year [Adobe Analytics]
The largest selling categories in the U.S. were Home Goods, Household Essentials, Apparel and Shoes, and Electronics.[Numerator]
Average spend per item came out to $32.35 [Numerator]
Best selling products world wide included : Temptations Cat Treats, Amazon Fire Stick, Liquid IV Packs, Echo Dot 5 , Blink Outdoor Camera (Numerator)
The Most Prominent Trends We Saw This Prime Day
As Prime Day unfolded, a few trends clearly stood out. Let's take a quick glance at the most significant patterns that emerged during this mega shopping event.
CPG Takes Spotlight as Shoppers Maximize Savings
Consumer packaged goods (CPG) emerged as a prominent focus for shoppers, as people prioritized purchasing essential items given the current economic instability. Instead of indulging in extravagant or luxury purchases, many individuals sought relief through strategic spending on necessary goods.
A significant portion of shoppers (52%) used Prime Day as an opportunity to finally purchase long-awaited items at discounted prices. By doing so, they were able to fulfill their desires while staying within their budgetary constraints, making the most of the event's offerings.
In addition, convenience played a role for a considerable portion of shoppers (32%) who opted to buy familiar products on Amazon at reduced rates. This preference for convenience showcased their desire to simplify the shopping process and take advantage of the convenience of online shopping while enjoying discounted prices.
Luckily, the event boasted an impressive variety of items, with a remarkable 57% of the products available priced below $20, making it easy for customers to find affordable treasures. While a small portion (5%) of the items exceeded $100, the average spend per item came out to a reasonable, allowing individuals to make the most of their hard-earned money. The enticing deals and attractive price points enticed most households to take advantage of the event, as the majority of shoppers placed more than 2 orders. This data highlights the widespread appeal and success of Prime Day, as customers enthusiastically seized the opportunity to maximize their savings and fulfill their shopping desires.
Customers Were Attracted to Deep Discounts
Consumers eagerly seized the opportunity presented by Prime Day to secure fantastic bargains across a wide range of categories. This year, discounts were offered in electronics (14% off), apparel (12% off), toys (12% off), home/furniture (9% off), computers (8% off), appliances (7% off), sporting goods (6% off), and TVs (5% off). Consumers were also able to capitalize on these steep discounts by setting deal alerts related to their recent Amazon searches and recently viewed items.
The majority of Prime Day 2023 shoppers (66%) expressed high levels of satisfaction with the deals offered. However, despite the satisfactory nature of these deals, over half of the shoppers (54%) still compared prices between Amazon and other retailers before making their final Prime Day purchases. Walmart was the most compared retailer, with 36% of shoppers comparing prices, followed by Target with 25%.
Regarding other major summer sales, 34% of Prime Day shoppers mentioned that they had either shopped or were considering shopping during Target Circle Week, while 33% indicated their participation or potential participation in Walmart+ Week.
Interestingly, 37% of respondents stated that they did not plan to shop any other sales apart from Prime Day, indicating a strong preference for Amazon's event over other summer sales.
Video and Influencers Steer Prime Day Success, Fueling Revenue Growth Across Marketing Channels
This year, video and influencers were significant engines for Prime Day as data showcased their revenue contribution across major marketing channels.
In support of content creation, Amazon granted members of its influencer program exclusive early access to Prime Day deals. The retail giant also sponsored an event in New York where social media stars were given the opportunity to feature select products with Prime Day discounts, further fueling the excitement surrounding the event.
It was all worth it as according to Adobe Analytics, affiliates and partners contributed an impressive 11% increase in revenue contribution compared to previous years. This indicates the growing importance of video, collaborative partnerships, and affiliate marketing strategies in driving sales during the event.
In addition, email marketing exhibited a significant impact, with a notable 10% increase in revenue contribution, highlighting the effectiveness of targeted promotional campaigns sent directly to consumers' inboxes. Display advertising also played a significant role, contributing to revenue growth with a 5% increase.
Social media, with its ability to reach and engage a wide audience, demonstrated its influence as well, with a 4% increase in revenue contribution. These data-driven insights further validate the pivotal role of video content and influencers in capturing consumer attention and driving revenue during Prime Day and other shopping events, while also highlighting the effectiveness of email, display, and social media marketing channels in maximizing sales opportunities.
Performance by Category
Given inflation and stretched budgets, consumers approached Prime Day cautiously, prioritizing essential purchases over discretionary ones. The top three categories—Home Goods (28%), Household Essentials (26%), and Apparel and Shoes (24%)—highlighted their focus on practical needs rather than wants. Shoppers aimed to address immediate necessities within their financial constraints, making responsible and cost-effective choices during this uncertain time.
Concluding Insights: Shaping Your Holiday Strategy
Keep in mind, the Fall Prime Day event and the festive promotional season are fast approaching. This is the perfect moment to ensure your business stands out, by enhancing your Product Detail Pages (PDP) with compelling and interactive media assets like 360-degree images and videos. These enhancements can amplify your sales across various platforms, including your brand website, Walmart, Amazon, and more.
If you need guidance on how to create and utilize these interactive media assets, our expert team is here to help. Don't hesitate to reach out to us and discover how you can transform your customers' shopping experience. Until we meet again in our next blog post, here's to successful selling!