On July 11, the first day of this year’s Prime Day event, Amazon experienced its highest sales volume ever, which set a new milestone for small and medium-sized businesses.
Throughout the two-day shopping event, Prime members worldwide purchased more than 375 million items, saving more than $2.5 billion thanks to the millions of offers in all of Amazon’s stores. The e-commerce giant reported that the historic event resulted in the most prominent Prime Day ever.
Amazon claims that during the first day of Prime Day 2023, compared to the daily average leading up to the event, businesses including Caraway, True Classic, and TUSHY saw their typical daily sales in Amazon’s stores soar by almost 18 times.
Prime members could use a new Buy with Prime tool to take advantage of sales outside the Amazon store. Through this program, Prime members in the U.S. can make purchases directly from the websites of participating brands while still benefiting from other Prime membership benefits.
For small and medium-sized businesses eager to use Amazon’s platform, Prime Day 2023’s record-breaking success is encouraging. Such eCommerce events offer extraordinary potential for these firms to increase sales and access a global client base during difficult economic times and growing digitization.
On the other hand, in recognition of independent merchants’ contributions to their local communities, July has been designated Independent Retailer Month for over a decade. This year, at least $68 of every $100 spent at an independent retailer stays in the community. However, new small business data from the National Federation of Independent Business (NFIB) reveal challenges to neighborhood merchants and other small businesses, such as labor shortages, chronic inflation, and other issues.