Prime Day 2023: here’s what we know

Amazon’s Prime Day, a global annual shopping event organised by Amazon, has gained notoriety among Prime members since it was first introduced in 2015. While Prime Day 2023 is behind us now, the results of the total spend by consumers has not yet been quantified. 

Luckily, we have last year’s results to give us an idea of what to expect. According to Amazon, its members saved over $1.7bn (£1.3bn) on Prime Day deals in 2022 – more than any other Prime Day held before. 

It was also the biggest Prime Day event for the retailer’s selling partners, most of whom are SMEs, whose sales growth reportedly outpaced Amazon’s own retail business. Customers spent over $3bn (£2.2bn) on more than 100 million small business items in 2022. 

In 2022, the retailer recorded that Prime members also purchased more than 300 million items worldwide, breaking records for the amount of Amazon Devices sold on that day. 

“Amazon Prime Day continues to gain momentum every year, and this one will be no different, with shoppers looking to snap up bargains amid a rising cost of living,” notes Ed Hill, SVP of EMEA at Bazaarvoice.

With sales like that in a span of 48 hours, it is no wonder why Amazon has recently overtaken Apple to become the world’s most valuable tech brand, which is valued at $299.3bn (£228.2bn), according to Brand Finance’s Global 500 2023 report. 

The report showed that its brand value increased 36% since the beginning of the Covid-19 pandemic. 

Richard Haigh, managing director of Brand Finance, says: “The brand’s relentless pursuit of customer-centric innovation has not only transformed the way we shop, but has challenged and overhauled traditional business models.”

Hill also mentioned that Prime Day likely spurs on other retailers to “take advantage” by hosting their own sales at the same time to capture the momentum. In effect, Amazon has set a trend for a Summer-time answer to Black Friday. However, the catch is that the discounts offered up by Amazon are only available to Prime members, who pay a monthly subscription fee of £8.99 for two-day shipping and access to Prime Video. 

While Prime Day seems to be enticing enough for customers to join, co-founder of Choosewisely.co.uk UK, Tara Flynn, wonders if the monthly fee justifies the benefits.  

“If the allure of free next-day delivery tempts you towards signing up for Amazon Prime, it’s time to take a moment and assess your past 12 months of purchases by logging into your account and examining the number of small purchases you’ve made,” she says. “If you’ve bought over 20 small items under £20, you could save money on delivery alone, even before taking into account the other benefits.”

Flynn concludes: “Amazon doesn’t always offer the most competitive prices, so always use a search engine to check for better deals before placing an order. Additionally, don’t underestimate the potential savings that can be found in shops on the high street, as they may sometimes offer better deals than online retailers.”