Prime Day 2019 will run for two days
e-Commerce giant Amazon (AMZN) has been gradually ramping up the benefits under its Prime membership, which costs $119 annually in the US. The company had a record 36-hour Prime Day last July. The tech giant is now preparing for a marathon 48-hour Prime Day this July.
The Prime Day is the company’s sales holiday, similar to a Black Friday sale. It will include more than a million deals globally. The company said that Prime Day 2019 will see the biggest Prime Day discounts on Alexa-powered devices so far. Amazon’s Echo devices have been extremely popular whenever Amazon has slashed rates during such sales, especially during the holiday season. Amazon still has a global lead in smart speakers.
Amazon has been pumping money into its Prime program
The deep discounts that Amazon offers on various products draw a lot of sales from Prime members, who spend more on Amazon’s platform than regular customers. While Amazon’s core e-commerce business is slowing down, its revenue from subscription services, mostly its Prime membership, has been seeing robust growth as the graph above shows.
Amazon said last April that it had more than 100 million Prime members globally. The company has been trying to entice more members, especially in the US. The company is spending $800 million this quarter to make free one-day delivery in the US a standard. Amazon’s stock is up nearly 28% year-to-date.