PALO ALTO, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- CommerceIQ, the leading retail ecommerce management (“REM”) platform, today released the results from their hour-by-hour analysis of Amazon’s Prime Day 2024 event, which took place July 16 - 17, 2024.
Amongst the findings:
- Prime Day 2024 saw revenues nearly triple compared to the previous week, with an overall 15% increase in average prices—suggesting that discounts prompted consumers to purchase higher-priced items when they could access them at the lowest prices.
- Toys, Electronics, Home & Kitchen, and Patio, Lawn & Garden categories thrived, boasting revenue increases ranging from 400 to over 600 percent as compared to the week prior.
- Notably, Pets saw prices fall by 14% and only a 79% revenue increase—making it relatively one of the weakest-performing categories over Prime Day.
- Grocery, Beauty, and Office Products saw nominal price fluctuations week over week, suggesting stable consumer purchasing habits in these areas.
The data is based on a compilation of anonymized data from the CommerceIQ REM Platform, which handles more than $30 billion of sales from global consumer brands that sell on retail ecommerce channels like Amazon, Walmart.com and Instacart.
"Prime Day 2024 has once again proven to be a pivotal event for brands and consumers alike," said Guru Hariharan, CEO of CommerceIQ. "Leading into Prime Day this year, we saw a remarkable increase in on-hand inventory. Brands were exceptionally prepared, leveraging data-driven insights to meet the heightened demand and resulting in record-breaking sales."
As compared to the 2023 event, Prime Day 2024 saw a higher percentage of first-day sales generated in the opening hours of July 16 and 17, especially on the first day—which saw 4.6% more revenue generated in the first nine hours as compared to the year prior.
The data also indicates that many Amazon shoppers bought bundles or more expensive items to take advantage of Prime Day discounts, with orders coming in at significantly higher price levels, an increase in Average Selling Price (ASP) of $2.99 on day one and a 15+% increase in ASP over the full event.
For additional analysis of Prime Day 2024, you can download the full report here.
About CommerceIQ
CommerceIQ’s AI-powered digital commerce platform is revolutionizing the way brands sell online. Our unified ecommerce management solutions empower brands to make smarter, faster decisions through insights that optimize the digital shelf, increase retail media ROI and fuel incremental sales across the world’s largest marketplaces. With a global network of more than 900 retailers, our end-to-end platform helps 2,200+ of the world’s leading brands streamline marketing, supply chain, and sales operations to profitably grow market share in more than 50 countries. Learn more at commerceiq.ai.
CommerceIQ
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