CommerceIQ Publishes Proprietary Data Insights from Prime Day 2024
18 Julio 2024 - 4:26PM
CommerceIQ, the leading retail ecommerce management (“REM”)
platform, today released the results from their hour-by-hour
analysis of Amazon’s Prime Day 2024 event, which took place July 16
- 17, 2024.
Amongst the findings:
- Prime Day 2024 saw revenues nearly triple compared to the
previous week, with an overall 15% increase in average
prices—suggesting that discounts prompted consumers to purchase
higher-priced items when they could access them at the lowest
prices.
- Toys, Electronics, Home & Kitchen, and Patio, Lawn &
Garden categories thrived, boasting revenue increases ranging from
400 to over 600 percent as compared to the week prior.
- Notably, Pets saw prices fall by 14% and only a 79% revenue
increase—making it relatively one of the weakest-performing
categories over Prime Day.
- Grocery, Beauty, and Office Products saw nominal price
fluctuations week over week, suggesting stable consumer purchasing
habits in these areas.
The data is based on a compilation of anonymized data from the
CommerceIQ REM Platform, which handles more than $30 billion of
sales from global consumer brands that sell on retail ecommerce
channels like Amazon, Walmart.com and Instacart.
"Prime Day 2024 has once again proven
to be a pivotal event for brands and consumers alike," said Guru
Hariharan, CEO of CommerceIQ. "Leading into Prime Day this year, we
saw a remarkable increase in on-hand inventory. Brands were
exceptionally prepared, leveraging data-driven insights to meet the
heightened demand and resulting in record-breaking sales."
As compared to the 2023 event, Prime Day 2024 saw a higher
percentage of first-day sales generated in the opening hours of
July 16 and 17, especially on the first day—which saw 4.6% more
revenue generated in the first nine hours as compared to the year
prior.
The data also indicates that many Amazon shoppers bought bundles
or more expensive items to take advantage of Prime Day discounts,
with orders coming in at significantly higher price levels, an
increase in Average Selling Price (ASP) of $2.99 on day one and a
15+% increase in ASP over the full event.
For additional analysis of Prime Day 2024, you can download the
full report here.
About CommerceIQ
CommerceIQ’s AI-powered digital commerce platform is
revolutionizing the way brands sell online. Our unified ecommerce
management solutions empower brands to make smarter, faster
decisions through insights that optimize the digital shelf,
increase retail media ROI and fuel incremental sales across the
world’s largest marketplaces. With a global network of more than
900 retailers, our end-to-end platform helps 2,200+ of the world’s
leading brands streamline marketing, supply chain, and sales
operations to profitably grow market share in more than 50
countries. Learn more at commerceiq.ai.
CommerceIQcommunications@commerceiq.ai
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/538f2f57-0672-4b41-bf07-367c7a63d9cb