Amazon Prime Day has become a cultural phenomenon in the short time since the ecommerce company created it. The now two-day event is part megasale, part brand marketing event, and part Prime account recruiting drive, all rolled into one. It may be one of the most successful commerce-created “holidays” ever. Amazon promised over a million deals globally.
It’s a big day for financial institutions and their products, as well, because all those juicy bargains consumers slaver over have to be paid for. Prime Day generated an estimated $4.19 billion in sales globally in 2018 and Coresight Research projects it could hit $5.8 billion in 2019.
Numerous consumer websites and even some business sites go bargain crazy, publishing tips and tricks for maximizing discounts and gaming the various cash back, percentage-off, rewards granting, price protection and other variations on payment card features during Prime Day and similar events.
“Marketed almost as much, if not more, than Black Friday, Amazon Prime Day has forced financial services brands to shift their marketing strategy and create buzz ahead of time,” writes Alexa Dalessandro, Research Analyst at Comperemedia, a Mintel Company, in a recent report.
continue reading »