Prices for key shopping categories were consistently lower for holiday shopping events like Black Friday and Cyber Monday than on Prime Day according to a recent pricing study by Market Track. Across the categories and listings reviewed in the study, 74% were priced lower on Black Friday than Prime Day, and 72% were priced lower on Cyber Monday. The only category reviewed in the study that was priced lower, on average, on Prime Day than Black Friday or Cyber Monday was Television sets.
Despite these figures, Prime Day is undoubtedly growing. In a nationwide survey of 1,200 consumers, 58% stated that they plan to shop Prime Day sales, up from the mere 34% that participated last year. The growth comes, in part, because of Amazon's increased participation in its Prime program and momentum from the publicity surrounding previous Prime Day discounts.
"Competing retailers have learned a lot about Prime Day over the past two years, yet the event is very much still in its youth,” said Ryne Misso, Director of Marketing at Market Track. “Given the success of the inaugural Prime Day event, in 2016 other merchants increased their advertising around summer deals to remain competitive with Amazon, but putting in place a strategy to draw consumer attention away from Amazon during the event will require visibility into not only the online space but also in-store pricing and discounts. Adding another layer of complexity is the acquisition of Whole Foods. It will be interesting to see if the acquisition and, more broadly, grocery categories play a role in Prime Day this year."
Amazon continues to grow its influence in the e-commerce space; the study showed 89% of consumers regularly shop on Amazon, with 43% of consumers stating they shop on the site at least once a week. Whether shopping for Prime Day deals or just getting their weekly fix, 81% of survey respondents mentioned they check Amazon’s reviews and ratings before making that final purchase.
Full survey results and an infographic with key data points can be found here.