Let the Prime Day show begin!
Or rather, make that shows, as Target and Walmart are once again offering up competitive summer bargain events as each tries to shake off the economic doldrums, steal the other’s thunder and stir up consumer interest in a raft of online savings.
It’s also an opportunity to continue clearing out overstock goods, as retailers have been working to recover from the bullwhip effect on inventory levels, with new fall/holiday good set to steam in. One obvious advantage in Walmart and Target’s favor: the ability to drive bargain-hunter traffic to massive store fleets, as well as their marketplaces.
As expected, Amazon will hold its annual summer shopping extravaganza on July 11-12. It comes preloaded with brand partners, invite-only deals and recommendations from celebrities and influencers – who are fairly indistinguishable at this point – some of course from Amazon Prime Video programs.
There is some positive social buzz afoot for Amazon and its extravaganza, now in its ninth year. According to social media analytics firm Sprout Social, mentions of Prime Day on Twitter jumped 2,454% following Wednesday’s announcement, with a 92% positive sentiment rate.
“Prime Day is all about making our Prime members feel like a big deal, with deep savings and access to some of the best offers from brands they love,” said Jamil Ghani, vice president of Amazon Prime in a release.
And why wait? The same day it announced Prime Day, Amazon started dangling early deals in front of program members, including its own devices and stuff from brands like Ruggable and quip; I feel like I should know them.
Jason Boyce, founder and CEO of Amazon seller agency Avenue7Media and author of “The Amazon Jungle,” said he expects a modest Prime Day with gains in the single digits. But, Boyce said, even a big win isn’t going to snuff out the various brush fires facing CEO Andy Jassy, from an FTC antitrust lawsuit over allegedly deceptive Prime sign-up practices to increasing labor and union issues.
“There is so much uncertainty in this year’s macro environment that I’m not sure Prime Day will tell us much about Q4,” said Boyce, also a strategic advisor to Amazon aggregator Unybrands. “The second Prime Day-like event in October will be a better bellwether for Amazon. At this point, no one knows what kind of economy we’re going to have in the back half of 2023, but I don’t think anyone is expecting a banner year.”
Like Amazon, deals during Circle Days at Target (July 9-15) and Walmart+ Week (July 11-13, going head-to-head with Prime Day) are only available to their subscription program members. And like Amazon, Target could use some relief from the backlash against its Pride Month clothing line promotion for kids, which has hit sales and wiped out billions in market value.
“Target Circle Week is our way of saying ‘thank you’ to our guests,” said Cara Sylvester, the company’s executive vice president and chief guest experience officer, in a release. Popular brands offering deals include Keurig, Lenovo and Dyson, as well as house labels Sun Squad, Good & Gather and Cat & Jack.
According to discount hunter site Krazy Coupon Lady, brands offering up deals during Walmart+ Week include LG, Dyson, Shark, Vizio and Samsung. Walmart+ members can shop early deals on July 10. The giant retailer is back in the summer deal groove after taking 2022 off. Walmart is also throwing in discounts on things like Six Flags Adventure Park and Panera restaurants to sweeten the pot.