Amazon’s E-Commerce Business Keeps Growing. Amazon Prime Day Sales Surpass $11 BillionAmazon’s 48-hour Prime Day event recorded $11 billion in sales, surpassing the record levels of e-commerce spending reached during Cyber Monday last year.
Amazon is the leading e-commerce platform in the United States, and it doesn’t look like slowing down. At this rate, Amazon would soon become the biggest retailer in the U.S., as predicted by JPMorgan a week ago.
Amazon Prime Day Sales Smashes Record
Amazon has revealed that the online retail sales in the United States during its 48-hour Prime Day event reached a new all-time high. The company recorded $11 billion in sales during the Prime Day event, surpassing the record levels of e-commerce spending reached during Cyber Monday in 2020.
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The $11 billion sales recorded represents a 6.1% growth compared with last year’s October Prime Day event. In its analysis, Adobe Analytics said Amazon’s online retail sales stood at $5.6 billion on Monday, the first day of the event, with $5.4 billion recorded on the second day.
Thanks to the $11 billion recorded this year, Amazon has set the record of the largest U.S. online shopping day, surpassing the $10.9 billion recorded during Cyber Monday last year. Taylor Schreiner, director of Adobe Digital Insights, said there is an increased demand for online shopping as people look forward to returning to normalcy.
Earlier this month, JPMorgan analysts recommended investors buy Amazon’s stock because it believes it would surpass Walmart as the leading retailer in the United States by next year. Data indicated that Amazon had a 51.2% share of e-commerce sales in the United States in 2020, while Walmart only had 5.6%. In general, Walmart controlled 9.2% of the total retail sales in the United States. Amazon is not far behind, with an 8.9% in the sector. With the rapid rise in e-commerce and Amazon’s control of that market, JPMorgan sees it overtaking Walmart soon.
Amazon’s stock price has performed well since the start of the year. It began 2021 trading at $3,270 per share but has gone up and currently trades around $3,490.