Prime Day 2024 Review
Prime Day 2024 was a resounding success by all accounts. According to Adobe Analytics , sales surpassed $14.2 billion, marking an 11% year-over-year increase. Although Amazon did not release exact sales figures, they reported record sales and more items sold during the two-day event than any previous Prime Day. Celebrating the 10-year anniversary, this year’s event included off-Amazon deals, " Buy with Prime " promotions, and the launch of Rufus, Amazon’s AI shopping assistant. Additionally, retailers across the board, both online and offline, offered deals during this promotional period, showcasing the widespread impact of Prime Day.
Day 1 vs. Day 2
Historically, Day 1 of Prime Day has outperformed Day 2, as eager shoppers take advantage of early deals. Brands typically load deals and discounts early to maximize their share of shopper budgets. However, according to Momentum Commerce , this year marked a significant shift. Median Day 2 sales in 2024 were 83.9% of Day 1 sales, compared to only 70.3% in 2023. This shift indicates that brands need to reconsider their budget pacing and promotional schedules to capitalize on this trend, utilizing real-time analytics like Amazon Marketing Stream and Rapid Retail Analytics to adjust during key shopping events.
Discounting
Discounting strategies are always a topic of discussion leading into any holiday period. Past data suggests that coupons drive sales, but it's not necessary to discount the entire catalog. Prime Day 2024 data from Momentum Commerce showed that while the share of discounted products increased by 1.5%, the average discount rate dropped by 2.6% compared to Prime Day 2023. This suggests that brands were strategic about maintaining margins and profits.
Deal or No Deal
On both micro and macro levels, deals can significantly impact sales. Andy Slamans shared how his brand's sales increased in 2024 with a deal, compared to 2023 with no deal. Joe Shelerud ’s macro-level analysis consistently shows that brands running promotions during major events have better metrics than those that don’t. Even brands not running deals saw solid results, but running deals generally leads to higher success rates.
Social Impact
Prime Day also saw a significant impact on social media. #PrimeDay trended on TikTok , with influencers promoting deals and buying suggestions. Chris Moe of Cartograph noted that search volume in the skincare category has been trending upward all year, influenced by TikTok trends. The increased use of celebrities and influencers is a notable trend following Cannes Lions International Festival of Creativity .
Post Prime Day Strategies
A post-Prime Day strategy worth considering is using Brand Tailored Promotions to send exclusive offers to those who showed interest but didn’t purchase. Alexi Bell from AO2 Management highlights the use of Sponsored Display’s look-back window for remarketing to peak traffic days. Melissa Burdick from Pacvue advises preparing for upcoming sales events, such as back-to-school and Cyber-5, which will arrive soon.
The Impact of Rufus
As we move forward, the impact of Rufus, Amazon’s AI search engine, released just before Prime Day, is a trend to watch. While it's too early to determine its full impact on shopping behavior and brand actions, Joshua Kreitzer has provided insights into Rufus’s current functionality. For those new to Rufus, Jack Lindberg’s post covers what it is and why it matters.
Performance Tools
Several tools are available to evaluate Prime Day performance. Momentum Commerce's free benchmarking tool offers near real-time data on brand comparisons within categories. Mars United Commerce provides a free tool for learning about sales, promotions, and discounts within your category. These tools allow deeper insights into product and category performance beyond the surface-level insights shared on LinkedIn.
Shout Outs
I want to recognize John T. Shea and his team at Momentum Commerce for their outstanding Prime Day coverage. Also, kudos to Mark Powers and the Podean team for their Marketplace Manager Appreciation Day, reminding us to thank those working hard behind the scenes.
Cautionary Note on Posts
When reviewing recaps and posts, it’s essential to maintain a critical eye. LinkedIn is a community but also a business channel, so posts often aim to present a positive spin. When analyzing your data, ensure you're making apples-to-apples comparisons. Year-over-year growth is positive, but consider whether growth resulted from added products or business expansion. Brands should measure success at the brand, product, or category level, while agencies and tech providers should compare similar cohorts to gauge real changes in ad spend or CPC. Data is valuable, but skepticism helps ensure accurate interpretations.
Recaps and Analysis
Did I miss your recap? If so, send me a link via DM, I would be happy to add it.
eCommerce & Amazon marketplace | International Speaker
4moGreat writeup Jeff! We saw day 2 perform 20% higher than day 1 of this year, and 45% higher than day 2 of '23.
Co-Founder & CEO @ Archer Affiliates | Creating a 'no-brainer' affiliate network for Amazon brands | Connecting Amazon sellers with influencers, publishers, and affiliates.
4moAwesome recap of Prime Day!
VP of Amazon Partnerships @ Levanta | Driving Selling Partner Success, New Customer Aquisition, Partnership Development, and Brand Growth with Affiliate Marketing
4moExcellent recap, and awesome resources! Thank you Jeffrey Cohen 😎👍
Senior Vice President @ Xmars | Amazon Ad Partner Award Winner | Ex-Amazon
4moThanks for the mention and great recap Jeffrey Cohen. Always some key takeaways!
Always great recaps! It’s a honor to be in the same roundup as so many stellar Ecom folks 👏🏼