When reflecting upon the (many) great accomplishments of Amazon founder, Jeff Bezos, one stands out amongst the others. It’s impressive that Amazon has a market cap approaching $1 trillion (with a T). It’s incredible to think Bezos is (by far) the richest person in the world. His net worth is reportedly $150, more than $50 billion more than Gates and nearly double that of Warren Buffett.
But (yes there’s a but) he may be the only business leader in corporate history to invent a holiday. That holiday, of course, is Amazon Prime Day.
Like most other holidays, the goal of Prime Day is to encourage consumers to shop until they drop. Think Black Friday – minus the traffic jams, the long lines at the registers, and the occasional tug-of-war over the last item on the shelf at Walmart.
Who can take advantage?
Amazon’s exclusive deal day is available to all Amazon Prime members. They pay $119 a year (up from $99 per year) for perks like free 2-day shipping, video streaming on Prime Video, Amazon Music, and more.
Speaking of Prime members… Earlier this year, Amazon disclosed Amazon Prime membership numbers for the first time. Prime has more than 100 million subscribers worldwide. For those who don’t have a calculator handy, that’s $11.9 billion in annual fees.
Breaking down the numbers
Here’s the part where we tell you why “Amazon is bigger than you think.”
In the lead up to Prime Day, research firms have published a ton of statistics regarding the retail giant. Our favorite is this little nugget from research firm e-Marketer; “Of all online retail spend, Amazon captures 49.1%. Second place? eBay, with 6.6% of the U.S. market.”
But don’t forget Alibaba
How about this for a little perspective.. Prime Day is a HUGE event, but it’s far from the biggest e-Commerce shopping event in the world. Chinese online retail giant Alibaba, hosts “Singles Day” every year (their version of Prime Day)… and it makes Prime Day look like amateur hour.
Experts predict that Amazon will hit $3.5 billion this year. Last year, Alibaba hit $25.3 billion, which is more than 7x what Amazon did on Prime Day. Still not impressed? How about this… Shoppers spent $1 billion in the first two minutes!