Amazon.com Inc took a big gamble this year by expanding its annual Prime Day summer sale to four days from two, betting the extension would give shoppers more time to navigate the millions of deals on its sprawling web store.
Some of the preliminary results are grim, raising the stakes for the event’s remaining days.
Momentum Commerce, which manages online sales for 50 brands in a variety of product categories and price points, said its Amazon sales plunged 41% on Tuesday when compared with the start of Prime Day last year.
The prolonged event has encouraged shoppers to do more “treasure hunting,” said John Shea, Momentum’s founder and chief executive officer. Consumers are browsing and loading up shopping carts, but postponing pulling the trigger in case better deals emerge. Shorter Prime Day sales generated more urgency because shoppers worried they’d miss the discounts, he said.
Momentum Commerce sales over the four days could still increase 9.1% compared with last year’s two-day event if more browsers make purchases in the final days, Shea said. Momentum manages sales on behalf of brands like Crocs, Beats and Therabody massagers and generates about $7 billion in annual sales on Amazon, giving the company a broad view of Prime Day results so far.
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