Amazon Shatters Records During October Prime Day with Unmatched Sales
Amazon’s (AMZN) second Prime Day of the year marked a remarkable success, making it the company’s largest shopping event in October to date. This two-day extravaganza spanned 19 countries and provided Prime members with significant discounts across various product categories, including electronics, home goods, beauty, and apparel.
Participation levels among Prime members surged, reinforcing this event’s status as Amazon’s largest sales event in October history.
Independent sellers on the platform, who represent over 60% of Amazon’s total sales, also reaped the benefits of heightened traffic during Prime Day. Notably, consumers saved more than $1 billion across millions of deals during the event.
Preparing for a Busy Holiday Season
The outstanding results from October Prime Day provide a strong indication of Amazon’s potential performance as the holiday season approaches. To accommodate rising demand, Amazon plans to recruit 250,000 seasonal workers, ensuring a smooth shopping experience for customers.
In addition to staffing, Amazon is committed to enhancing shopping convenience. The company recently unveiled its new AI tool, Vision Assisted Package Retrieval (VAPR), aimed at expediting delivery processes. Furthermore, Amazon intends to establish new pharmacies in 20 U.S. cities by 2025, allowing customers to access same-day prescription deliveries easily.
AMZN Price Target Outlook
According to Wall Street analysts, AMZN possesses a Strong Buy consensus rating, supported by 44 Buy recommendations and two Hold ratings issued over the past three months. The average price target for Amazon is set at $223.19, reflecting a promising upside potential of 19.58%. Year-to-date, the company’s shares have appreciated by 22.84%.
See more AMZN analyst ratings
Disclosure
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
