Merchant Innovation

Is Amazon’s Prime Day The New Black Friday?

Amazon is among the eCommerce giants which have taken Black Friday from a bricks-and-mortar shopping event to a day — or even a week — that’s increasingly embraced a shift toward online shopping.

Now, Amazon wants its own day. 

That’s why, on July 15 — the day before Amazon turns the Big 2-0, Amazon is launching a global shopping event called Prime Day. This event, starting at midnight, will offer exclusive deals to Prime members in the U.S., U.K., Spain, Japan, Italy, Germany, France, Canada and Austria. Prime Day will offer new deals every 10 minutes, including seven Deals of the Day, coined “lightning deals.”

“Prime Day is a one-day only event filled with more deals than Black Friday, exclusively for Prime members around the globe. Members tell us every day how much they love Prime and we will keep making it better,” Greg Greeley, Vice President of Amazon Prime said in a company news release. 

But the celebration isn’t stopping there. Amazon is also featuring work from local artists who were commissioned in Prime-eligible countries to create works of arts that represent what “Prime Living” is all about. Additionally, Amazon will be offering up a Prime Living photo contest which creates an opportunity for its members to win a $10,000 Amazon Gift Card. 

Amazon Prime has been the eCommerce company’s bread and butter, helping the company drive sales in some instances by helping more shoppers convert. 

We know that, on average, Prime members spend more on Amazon than non-Prime members, and a new report from Millward Brown Digital confirms that notion. The research suggests that when compared to non-Prime members, Amazon’s most “Prime” customers are converting those purchases 74 percent of the time. In contrast, that compares to non-Prime member estimated conversion rates of 13 percent, according to Millward Brown Digital, which is a website traffic measurement firm. Its most recent research also suggests that Prime member’s conversion rate is 22 times higher than the typical eCommerce conversion rate in the U.S.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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