Amazon.com Inc (NASDAQ: AMZN) will host its “Prime Day” this year on July 12th and 13th. The annual sale will commence at 3 a.m. Eastern Time and will last for 48 hours.
Prime Day is a big deal for eCommerce
It’ll be the first time that Poland and Sweden will also participate in the big event. Amazon will host Prime Day in the United Arab Emirates, Saudi Arabia, and India as well, but at a later date.
As always, Prime members will enjoy early access (from June 21st) to exclusive deals, including deep discounts (up to 55%) on a list of Amazon devices like the Echo Show 5 or the Fire TV.
Prime Day is a huge deal for eCommerce. Last year, total digital sales in the 48-hour window hit a new record of $11.2 billion – about 65% of which came from the United States alone.
What Prime Day means for the Amazon stock
Interestingly, Prime Day is an exciting phenomenon for the Amazon stock price as well. Buying AMZN at the start of the annual sale and holding it briefly tends to generate better-than-average returns.
For instance, taking a position in Amazon shares on the first day of the big event and holding it for close to a month returned, on average, 6.62% versus a much lower 3.95% only for any other 20-day period, as per an Investopedia report published in 2020.
Some sellers also use Prime Day to create brand awareness. AMZN is down 5.0% on Thursday.
The post When is Amazon Prime Day and what does it mean for Amazon stock? appeared first on Invezz.
