Prime Day 2024: Key insights and future prospects

Prime Day, Amazon's much-anticipated annual sales event, took place this year on July 16 and 17. This exclusive 48-hour event for Prime members has grown exponentially since its inception in 2015, transforming into one of the most significant retail events globally. Prime Day 2024 continued this trend, offering incredible deals across a wide range of categories and generating record-breaking sales.

What we saw

Increase in traffic and sales

Prime Day 2024 shattered previous records, with a notable surge in both traffic and sales. According to Amazon**, this year’s event saw the highest number of items sold during any Prime Day, highlighting the growing influence of the event. Millions of Prime members worldwide took advantage of the deals, resulting in billions of dollars in savings.

Top-selling categories

Amazon** shared that popular categories included electronics, home goods, and fashion. Brands like Apple, Dyson, and Ring were among the top performers, while independent sellers also saw significant sales, with over 200 million items sold by these businesses. The event's appeal extended beyond traditional retail, with Prime members also enjoying discounts on travel deals, subscriptions, and grocery deliveries from Amazon Fresh and Whole Foods Market.

Peak Performance of Deals

One notable highlight was the peak performance of Prime Day Deals, which surged to 5% higher levels compared to last year. This indicates a strong desire among brands to showcase their best deals during this event, capitalizing on the heightened consumer interest and traffic. The competitive pricing and exceptional offers underscore the significance of Prime Day as a pivotal sales period, encouraging brands to offer their most compelling promotions to maximize visibility and sales. 

New to brand impact

Using Ignite –our proprietary technology– we also saw a 62% increase in new to brand purchases for our clients during Prime Week. This shows that the majority of consumers are using Prime Day to try new products or brands.

The omnichannel impact

Enhanced customer engagement

Omnichannel strategies during Prime Day 2024 boosted customer engagement across multiple touchpoints. Utilizing Amazon’s DSPs and ad formats like shoppable carousel ads, interactive pause ads, and brand trivia ads on Prime Video, brands created immersive shopping experiences. Influencer collaborations and cross-platform advertising on Instagram, Facebook, and Google Ads increased visibility and traffic to Amazon listings.

Advertising impact

Using Ignite, we saw a 183% month-on-month (MoM) increase in ad sales and a 140% MoM rise in ad spend, showcasing the effectiveness of targeted campaigns for our clients. Despite a competitive advertising landscape with higher cost-per-click (CPC) on the second day, ad conversions remained efficient due to strategic DSP investments and effective product deal badging, leading to significant increases in impressions and clicks compared to Prime Day 2023​.

Post-Prime Day opportunities

Brands are extending promotions for up to two weeks post-Prime Day to maintain sales momentum. Analyzing ad performance and customer behavior from Prime Day 2024 will be vital for optimizing future campaigns. These insights will guide strategies for major upcoming shopping events like Black Friday and Cyber Monday, helping brands prepare and maximize their impact, ensuring sustained growth in the dynamic eCommerce landscape.

What’s next?

Prime Day 2024 has set a new benchmark for retail events, and the insights gained will shape future strategies for both Amazon and its sellers. Moving forward, the focus will likely be on:

Enhancing personalization

As customer expectations continue to rise, personalized shopping experiences will become increasingly important. Leveraging AI and machine learning to provide tailored recommendations and deals will be key to maintaining engagement.

Expanding global reach

With Prime Day now celebrated in numerous countries, expanding its reach even further will be a priority. Adapting to regional preferences and ensuring a consistent customer experience across different markets will be crucial.

Sustainability initiatives

As consumers become more environmentally conscious, incorporating sustainability into Prime Day strategies will be essential. This could include promoting eco-friendly products and optimizing logistics to reduce carbon footprints.

Prime Day 2024 has demonstrated the immense potential of this annual event. By continuing to innovate and adapt to changing consumer behaviors, Amazon and its sellers can look forward to even greater success in the years to come.

*Source: Amazon Prime Day 2024 is here, and we have everything you need to know about the summer deals event

**Source: It was Amazon’s biggest Prime Day shopping event ever. Here’s what customers bought.