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The Star
8 hours ago
- Business
- The Star
US online spending surges $24.1 billion as steep discounts boost sales, Adobe says
FILE PHOTO: Packages are transported on a conveyor belt at the Amazon warehouse on Prime Day, in Melville, New York, U.S., July 11, 2023. REUTERS/Soren Larson/File Photo (Reuters) -Online spending soared $24.1 billion across U.S. retailers during the stretch from July 8 to 11 – dubbed "Black Friday in Summer", outpacing Adobe Analytics' prior forecast, as eager shoppers rushed to snap up deep discounts on back-to-school essentials. Retailers recorded online sales growth of 30.3% during events that included Amazon Prime Day, Adobe said on Saturday, compared with its projections of 28.4%. Online retail sales in the U.S. rose 11% to $14.2 billion a year ago. The Prime Day event has also been cemented as a "back-to-school" shopping moment, as consumers jumped on early deals to stock up on essentials and get ahead of the back-to-school rush, Adobe said. Several major retailers including e-commerce giant Walmart, Target as well as Best Buy have been launching deal events with strong discounts, encouraging shoppers to trade up on expensive items they might normally pass on. extended its sales window to 96 hours, up from the typical 48, featuring aggressive promotions on categories ranging from apparel to electronics. A wave of enticing deals comes at a time when heightened trade tensions amid the Trump administration's volatile tariff policies have rattled consumers and businesses, and as the new August 1 deadline for countries to renegotiate trade agreements with the United States looms. According to the report, shopping on mobile was the dominant transaction channel during the Prime Day event, driving 53.2% of online sales, above Adobe's forecast of 52.5%. According to Adobe, overall discounts across U.S. retailers were between 11% and 24%, compared with the prior forecast range of 10% to 24%. Apparel had the biggest deals at 24%, compared with 20% last year, while electronics were at 23%, similar to last year. (Reporting by Anuja Bharat Mistry and Shivani Tanna in Bengaluru; Editing by Shailesh Kuber and Diane Craft)
The Star
5 days ago
- Business
- The Star
Amazon Prime Day set to lift US online sales to $23.8 billion, Adobe estimates
FILE PHOTO: Packages are transported on a conveyor belt at the Amazon warehouse on Prime Day, in Melville, New York, U.S., July 11, 2023. REUTERS/Soren Larson/File Photo (Reuters) -Online spending is expected to surge to $23.8 billion across U.S. retailers during a 96-hour Amazon Prime Day event this week, according to an Adobe Analytics forecast released on Monday, as shoppers seek strong discounts on back-to-school gear ranging from apparel to electronics. Sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year, the report said. Retailers recorded online sales worth $14.2 billion during the two-day Amazon shopping event last July. "This is equivalent to two Black Fridays," Adobe noted, adding that budget-conscious consumers are adjusting their shopping habits by using generative AI to find deals and get an early start on back-to-school purchases. Global trade uncertainties, fueled by President Trump's unpredictable rollout of tariffs, have unsettled consumer confidence and put businesses on edge ahead of the July 9 deadline for countries to negotiate trade agreements with the United States. E-commerce giant has extended its sales window to 96 hours, up from 48, as competitors such as Walmart and Target launch their own promotions. Shoppers are expected to take advantage of steep discounts to 'trade up' to higher-ticket items such as electronics, sporting goods, and appliances, while opting for more affordable alternatives in categories like home and garden or groceries. Clothing is forecast to see the deepest discounts at 24%, up from 20% last year, while discounts on electronics are expected to dip slightly to 22%, according to Adobe Analytics. Sales of backpacks, lunchboxes, and college essentials—including headphones and computers—are also expected to increase. The data firm expects Buy Now Pay Later (BNPL) usage to increase slightly during the Prime Day event, accounting for 8% of overall online spending compared to last year's 7.6% share. Adobe's forecast is based on an analysis of 1 trillion visits to U.S. retail ecommerce sites, covering 100 million SKUs and 18 product categories. (Reporting by Neil J Kanatt and Savyata Mishra in Bengaluru; Editing by Tasim Zahid)
