Top retailers in the U.S. are trying to get a slice of their own on Amazon’s Prime Day, by offering hot deals and discounts during the e-commerce gian…
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June
22, 2021
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This story originally appeared on ValueWalk
Top retailers in the U.S. are trying to get a slice of their own on Amazon’s Prime Day, by offering hot deals and discounts during the e-commerce giant’s annual promotion. Target Corporation (NYSE:TGT), Walmart Inc (NYSE:WMT), Bed, Bath & Beyond Inc (NASDAQ:BBBY), Macy’s Inc (NYSE:M), and Kohl’s Corporation (NYSE:KSS) are some of the big names cashing in on the purchasing frenzy.
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Retailers to Counter Amazon’s Likely Sales Record
As customary, the famous online sales event will last two days and will offer some of the most aggressive promotions in consumer electronics –including products by Xiaomi Corp (HKG:1810), Nintendo Co., Ltd (TYO:7974) and Samsung Electronics Co Ltd (KRX:005930)– and home appliances.
In the meantime, U.S. retailers are launching their own “anti-Prime Day” promotions. As reported by Reuters, Macy’s is luring customers with an “Epic Specials” promotion for the week that started on Monday, while Kohl’s has launched its “Wow Deals” offering cashbacks and discounts on beauty, apparel, and household categories.
According to StyleSage data, Target has opted for a more “online” strategy by increasing the number of products and discounts on its website, while malls are cutting down on assortments and promos on this occasion.
Bed, Bath & Beyond, one of the biggest home furnishing retailers in the market, is launching its own aggressive deals and perks with Amazon in mind, including same-day delivery on orders $39 or more, and gift cards with up to $100 for future purchases.
What Is At Stake?
According to an Adobe forecast, with its more than 140 million Prime subscribers in the U.S., Amazon (NASDAQ:AMZN) and its third-party marketplace sellers could set a new sales record of more than $11 billion, after topping $10.4 billion last year.
With such sales figures, Amazon will look to leapfrog last year’s Cyber Monday after already surpassing the $9 billion for Black Friday and the $5.1 billion for Thanksgiving Day in 2020. And to get a slice back, some retailers have implemented promotions lasting the whole week, while others started last week.
As reported by specialized website RetailWire, Best Buy Co Inc (NYSE:BBY) kicked off its “Bigger Deal Savings Event” on June 15 and will keep it until June 22; Target started its “Deal Days” promotion on June 20 and will run the event for two days; Walmart launched its “Deal for Days” on June 20 with promotions available until June 23, one day longer than Amazon Prime Day.
Amazon and Walmart are part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders’ families.