RetailMeNot predicts that more than 250 retailers will participate in Prime Day-related promotions in 2019, a 30% year-over-year growth
Prime Day marks the kickoff to the back-to-school shopping season, and RetailMeNot data indicates shoppers are hunting for the best deals earlier than ever. Now in its anticipated fifth year, Prime Day has morphed into something bigger than just a big sales day for Amazon: It has become a new holiday for the retail industry with deals and offers from several hundred retailers who are also looking to increase sales.
Primed for Deals
The Prime Day time period is an opportunity for all retailers. In fact, 84% of retailers say the week surrounding Prime Day is the most important time for driving online sales during the entire back-to-school shopping season. These retailers are smart in trying to gain market share, because the data says:
- 64% of parents will be shopping on Prime Day in 2019.
- Parents plan to spend $162 on Amazon Prime Day, doing an average of 35% of their total back-to-school shopping through Amazon.
Additionally, RetailMeNot data reveals the number of Prime Day-related offers rose 45% in 2018, and predicts more than 250 retailers will offer deals on Prime Day or through the extended Prime week. Consumers have caught on to the savings available across retailers, and surveyed parents plan to shop at an average of 11 retailers during the Prime Day time period.
“With the back-to-school shopping season starting with Prime Day, all retailers have an opportunity to capture early sales by participating in Prime-related promotions,” said Michelle Skupin, senior director marketing and communications, RetailMeNot. “Over the last few years, RetailMeNot data has shown an increase across the board in participating retailers, and consumers are ready to take advantage of the deals.”
Marketing Technology News: Zeno Media and ADORA Cooperate on Strategic Marketing and Mobile App Content for Diaspora Listeners
Retailers Prep for the Long Haul
Prime Day has lengthened the back-to-school shopping season, and RetailMeNot data indicates peak shopping days across the three-month period will fall on Prime Day (#No. 1), the first weekend of August (#No. 2) and Labor Day weekend (#No. 3).
Just over 3 in 5 (63%) parents will start their back-to-school shopping in July or earlier, and they plan to spend an average of $507 during the season, up from $465 in 2018. Additionally, half of parents (51%) report shopping for themselves while picking up back-to-school items.
Retailers are responding accordingly:
- 74% of retailers say they will invest more money in their back-to-school marketing in 2019.
- 78% say their company will offer more discounts for back-to-school shoppers this year.
In August, consumers are likely to spend 20% more in stores compared to the rest of the year, according to RetailMeNot data. In-store shoppers are best reached through mobile deals, as 73% of shoppers search for items to purchase on their mobile device.
“Given the long season, retailers will need to prioritize their marketing spend and discounting activities across the three months to meet consumers where they are in the shopping journey. RetailMeNot data shows that pulsing promotions in accordance with peak shopping times will result in increased sales for retailers,” said Skupin.
In fact, 69% of back-to-school shoppers say price is the biggest determining factor in the items they buy during back-to-school season.