With Amazon Prime generating a jaw-dropping $7.16 billion in sales revenue during its two-day Amazon Prime Day last year, the eCommerce giant is expected to increase its revenue to $10 billion this year.
As such, Amazon’s offering is expected to cripple the sales generated by brick-and-mortar stores on Black Friday and Cyber Monday.
The main reason for this fall in sales is due to the fact that Prime Day has been moved to the fall, thus coming in time for the holiday season. This is in addition to the upward trend in eCommerce sales that occurred as a result of widespread coronavirus lockdowns.
Fortunately for some brick-and-mortar stores, financial results have not been all poor this year. Best Buy, Dick’s Sporting Goods, Target, and Walmart have all reported huge upward spikes in online sales since the start of the coronavirus pandemic.
Rob Garf, VP of retail strategy and insights for Salesforce, announced his organization’s predictions for this season’s holiday sales: “We are predicting that 10% of Cyber Week traffic and sales are being pulled into October. Black Friday and Cyber Monday doesn’t go away, but it certainly levels off in terms of relevancy, because of that pulling forward of demand.”
