Amazon Prime Day 2024 Sets New Record With $14.2 Billion In Sales

The U.S. may have witnessed cumulative record-breaking online sales during the two-day Amazon Prime Day sale, as total purchases reached $14.2 billion, showing an increase of 11% from last year.

Adobe Analytics revealed that the sales exceeded estimates, and certainly established a new record, CNBC reported. Adobe's analysis of the sales also showed a shift in the purchasing behavior of consumers.

According to Adobe Analytics, in 2023, the customers utilized the Prime Day sales' discounts to stock up on office supplies and household essentials. However, this year, the customers seemed to focus less on what was missing from their pantry, and shift their attention to electronic devices, like TVs and tablets, as well as on apparels, Business Times reported.

On Tuesday, which was the first day of the much-anticipated sale, all the U.S. retailers combined already got $7.2 billion in sales. According to Adobe, that was by far the busiest day of shopping and its predictions of reaching $14 billion in two days was exceeded when the sale ended after the 48th hour.

Last year, Prime Day Sale reached $12.7 billion.

Vivek Pandya, lead analyst of Adobe Digital Insights, said the consumers were looking to get the most out of their dollar, which was why "steep discounting" has been the crux of e-commerce in 2024.

"It is driving up demand for major categories like electronics and apparel, which have seen more modest growth in recent months, while also capturing back-to-school shoppers at just the right moment," he added, Investopedia reported.

Aside from steep discounting, the "buy now pay later" scheme also appealed well to consumers. Products that fell under the scheme ushered in a total of $540 million, which signified an increase by 17% when compared to the sales results from the same program in the previous year.

Amazon has not yet publicized the total sales for this year. It, however, did give credit to Rufus, its shopping assistant with generative AI, for helping customers with suggestions regarding what products to buy.

"Prime Day 2024 was a huge success thanks to the millions of Prime members globally who turned to Amazon for fantastic deals, and our much-appreciated employees, delivery partners, and sellers around the world who helped bring the event to life for customers," said Doug Herrington, CEO of Worldwide Amazon Stores, About Amazon reported.

Amazon had launched Prime Day in 2015 with the goal of gathering more subscribers. The event offers customers exclusive deals on products sold on the site. To avail of a Prime membership and enjoy discounts, one needs to subscribe to the service by paying $139 a year.