Based on a report from Edison Trends, Amazon had a market share of 91.6% of online spending during the first 30 hours of the event. Walmart had a 3.4% share while Best Buy had 3.0%.
eCommerce Sales to Rise by 32.4% to $794 Billion in 2020
The eCommerce giant is estimated to have sold over 260 million items. That was a 47% increase from 2019’s unit sales of 175 million. Amazon Prime members saved $1.4 billion. small and medium-sized businesses (SMBs) had a field day, selling goods worth more than $3.5 billion. Compared to 2019, they posted a 60% increase in sales and accounted for a third of all sales during the event.
According to FactSet, Prime Day’s sales plus the holiday rush sales could push Amazon’s Q4 2020 revenue to top $100 billion for the first time. But Amazon is not the only beneficiary as other large US retailers saw online sales in the US rise by 76% on Day 1 of the event.
Moreover, eMarketer predicts a 35% year-over-year (YoY) increase in overall US eCommerce sales to $190 billion in November and December 2020. That would more than double the 17% increase posted during a similar period in 2019.
Lastly, according to eMarketer, the total US eCommerce sales in 2020 will reach $794.5 billion, up by 32.4% YoY. In contrast, brick-and-mortar retail sales will decline by 3.2% to $4.7 trillion. However, due to the strong eCommerce growth, retail sales overall will remain flat. The top 10 eCommerce retailers in the US will account for 63.2% of all online sales in 2020, up from 57.9% in 2019.