Despite the fact that Amazon’s stock went down slightly on Tuesday, the Prime Day sale broke records.
Amazon’s stock is already up 34.5% for 2019 during a year that has sent little but good news to the company. Amazon Prime Day functions as an online Black Friday-like sale as other companies also lower their prices to compete with the retail industry leader. It’s only been four years since Amazon launched the Prime Day sales event, but the event has proven to be a huge success for the company.
Perhaps unsurprisingly, every subsequent Amazon Prime Day has been more successful than the previous one. The event started in 2015 to commemorate Amazon’s founding, but the increasing popularity of online retail combined with Amazon’s cutting edge innovation and obsession with customer satisfaction have only made it more successful every year since it began. Now, worldwide sellers just experienced the most successful 24-hour period in history when it comes to online sales. The event is also being hailed as a success for Alexa, with millions of Alexa-enabled devices being purchased during the event.
Despite the great success of the online sale, Amazon’s stock didn’t respond very enthusiastically. Despite this, the event can only be seen as a success. Amazon’s major competitors, Walmart and Target, have tried to fight back against Amazon, but they both lack the size and power to out-compete the company. Going forward, you can reasonably expect each Prime Day to be more successful than the last as Amazon continues expanding its private-label brands.