Amazon's Prime Day is This Week. Here's What You Need To Know.
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The sales event, which runs July 16-17, could be Amazon's biggest ever
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Key TakeawaysAmazon's Prime Day kicks off Tuesday, with estimates suggesting this year's two-day sales event could be Amazon's biggest ever.Amazon reported its largest single-day sales performance in the company's history on the first day of last year's event. Still, the event typically has little effect on Amazon's stock price.New AI-powered shopping tools could also boost sales, while a revamped distribution model could help the company meet demand, according to JPMorgan analysts.
Amazon's (AMZN) Prime Day is set to take place Tuesday and Wednesday, with estimates suggesting this year's sales event could be Amazon's biggest ever, after last year's event produced the largest single-day sales performance in the company's history on the first day.Prime Day typically has a limited impact on Amazon's stock price, which has gained nearly 30% so far this year through Friday's close.Still, the event has proven popular with shoppers, driving billions of dollars in sales. Amazon's site is prominently advertising how many days remain, and a range of publishers have already published guides for consumers: Just a few include tips for possible buyers of televisions, beauty products, gamer gear and more.New AI Tools Could Boost SalesNew shopping tools powered by artificial intelligence (AI) could serve to boost sales, according to JPMorgan analysts.The analysts highlighted how Amazon's efforts in AI could help guide better recommendations to customers with greater personalization. Amazon announced Friday that its AI-powered shopping assistant "Rufus" is available to all U.S. customers.A revamped distribution model could also help the company meet demand, the analysts said, as "regionalization has driven significant operational improvements and positions Amazon to better handle the elevated demand of Prime Day while also rationalizing inventory levels ahead of the busy 2H shopping period."Rivals Compete for Sales With Their Own EventsAs Prime Day approaches, a number of Amazon's competitors have announced their own summer events, vying for sales.Target (TGT) and Walmart (WMT) each had sales events run in the week leading up to Prime Day. And department-store chain Macys (M) recently announced plans to launch an "All-Star Week" running from July 16 through July 23, with thousands of discounts planned. Read the original article on Investopedia.
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