Though analysts agreed that Amazon's Black Friday in July event will succeed in boosting sales during what's traditionally a slow month for retailers, Mulpuru said its revenues won't be anywhere near as big as the $2 billion in sales from Cyber Monday—the largest online sales day of the year in 2014.
"People aren't expecting to buy on this day the way that they expect to buy on Cyber Monday," Mulpuru said.
It will also fall well short of Chinese retailer Alibaba's Singles Day, an annual promotion celebrating the country's bachelors. In November 2014, its sixth year holding the event, Singles Day sales hit $9 billion.
By comparison, Amazon's net product sales—revenue that it generates from merchandise it sells to shoppers—reached $16 billion in the third quarter last year. Prime Day falls in Amazon's third quarter this year.
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Despite falling short of these mega sales figures, Amazon's sales event is clever in that in evokes the deep discounts associated with Black Friday sales, without relying too heavily on the "Christmas in July" tactics that other major retailers typically use, Zybowski said.
"It's smart because it's not screaming Christmas … which often times puts people off," she said.
Mulpuru added that what makes this deal so special is that, unlike retailers including Target and Wal-Mart, Amazon rarely holds these types of events. To her point, Target just ended its annual Black Friday in July sale, whereas Wal-Mart said its new round of rollbacks will last the typical 90 days, "Because we’ve always believed in giving customers low prices every day."
Mulpuru's only caution on Amazon's event is that it avoid falling into the same trap as its competitors—becoming too reliant on heavy promotions.
"You see what a lift you can get and then you do the math," she said. "You're almost forced into anniversarying it the following year, otherwise you might not make your numbers."
"It'll be interesting to see if they are one of the merchants that can avoid that fate," she said.