New research from Criteo, the commerce media company, reveals the upcoming Prime Day could be a significant boost for the retail sector with up to 80 per cent of consumers across the US and Europe looking for deals on October 10th and 11th.
Despite Amazon’s effort to establish a new, exclusive moment in the calendar before Black Friday, the survey of 4,862 shoppers across the US, UK, France and Germany found 58 per cent of respondents will be comparing Amazon’s deals with other retailers in order to find the best possible prices. In fact, 57 per cent reported Amazon can be beaten on discounts on its own sales days.
Prices are far from the only area of contention. Many consumers responded that they would purchase from other retailers because they can find alternative products of better quality (33 per cent) or simply better brand selection (21 per cent), while others go elsewhere for faster delivery options (32 per cent).
Quality increasingly trumps price
In light of the impact of inflation over the past year, 39 per cent of respondents in the US and UK expressed sales days have become more of a focus for them. But very few anticipate these cost savings will result in any ‘in the moment’ purchases. 61 per cent said higher prices have encouraged them to shop at more quality-oriented stores and be more selective in what they buy.
It is clear consumers are looking to break with past shopping patterns to fulfil a desire for greater value. Retailers have a rare opportunity to get ahead of the ‘Golden Quarter’ by leaning into October Prime Day and making sure their brand campaigns are active throughout.
Nicole Kivel, managing director, Northern Europe at Criteo comments, “Prime Days are no longer exclusive, annual events. As inflationary pressures rise, consumers are seeking greater quality and more meaningful savings that they’re increasingly finding beyond Amazon. It’s important retailers focus on their natural advantages – both in the strength of their brands and their in-store offering – to better compete for sales. Highlighting relevant deals within product categories online and offering shoppers quicker delivery through in-store collection are great examples.
“Prime Days are also a huge opportunity for retailers to showcase their potential to brand advertisers. While Amazon takes a good 60 per cent (BCG) of the retail media market, these events are key moments for retailers to prove their eligibility as omnichannel advertising partners.”
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