Amazon Prime Day isn't just about the deals on Amazon anymore.
In its fourth year, the annual shopping event is now drawing the attention of rivals eBay, Target, Kohl's, Macy's and more. It's great news for shoppers looking to save money next week but added pressure for those companies already losing market share to the e-commerce behemoth.
Coresight Research is estimating Prime Day 2018 sales should reach at minimum $3.4 billion globally, breaking another record. If that threshold is achieved, it will make July 17 the biggest shopping day ever for Amazon in terms of revenues, ahead of Cyber Monday 2017, said Coresight CEO and Founder Deborah Weinswig.
The fact that other retailers are starting to plan their own promotional events around Prime Day shows just how important the event has become for the industry. Amazon last year said a record "tens of millions of Prime members" rang up purchases during Prime Day. With so much traffic online, other companies can't afford to miss an opportunity to win some of those sales, especially as Amazon becomes a bigger and bigger threat.
PwC consumer markets lead Steve Barr said, "July has turned into a mini holiday shopping season" with all the activity piling on. It could one day surpass the shopping done around Black Friday or Cyber Monday.