Around 60% of American consumers were expected to spend at $100 on Amazon Prime Day and 20% anticipated spending over $300 last year, according to Bazaarvoice.
Typically, Prime Day runs between July 15 and 16. But with COVID-19, reports are coming out that this year's Prime Day may be pushed back to August or September.
For some of us who are not familiar with Amazon Prime Day, it's an exclusive annual shopping holiday for Amazon Prime subscribers. Non-members can sign up for a free trial, so they can join in on the fun and find amazing deals.
What is the impact of Prime Day on consumer behavior?
Aside from abstaining from any purchases until Prime Day, many shoppers are shifting away from traditional brands and opting for Amazon Basics (but only if it's a good deal). PwC's study offers further insight into consumer behavior.
- 40% of Prime members will impulsively buy a product if the price is right
- 68% will be mainly "online window shopping"
- 62% say 1-day shipping does not affect their buying decision
- 52% will abstain on purchases until Prime Day
- 73% of consumers between 18-24 Prime Day discounts are what attracted them to sign up for Prime Membership
What are the top items consumers shop for during Prime Day?
The majority of shoppers are leaning towards purchasing electronics. Even though online shoppers are getting more comfortable buying groceries, toiletries, and other consumable items on Amazon, these products are not a priority on Prime Day.
By the same study conducted by PwC, they found out that
- 67% of men surveyed said they're searching for deals on electronics
- 53% of women are shopping for beauty and personal care items
- 56% of consumers are looking for electronics like laptops, TVs, Amazon devices
- 37% of consumers are searching for deals on beauty and personal care products
- 46% are prowling for deals on footwear
Since Amazon Prime Day is pushed back a month or two than its usual date, now is your chance to make sure you're an informed shopper. Avoid buyer's remorse and all the hassle it entails – shipping your item back to Amazon or dropping it off at Kohl's.
Compare an item you want to buy on Prime Day by doing a simple Google search. Don't buy anything on Prime Day just because it's on sale. Check other websites if they're offering the same products with a better deal.
Want to learn more about consumer behavior during these unprecedented times? The delay in this year's Amazon Prime Day is not an isolated case.
People are responding to technological advancements and socioeconomic shifts such as the Coronavirus. We wrote a blog that talks about a change in consumer behavior as we transition to a post-COVID-19 world.
Are you a small business looking to identify your brand identity and target audience in a time where everything feels like it's rapidly changing? Let us help you get up on your two feet. Message us to find out how we can get your brand to where you want it to be in no time.