Amazon Extends July ‘Prime Day’ Sales Event

E-commerce giant Amazon (AMZN) is extending its “Prime Day” sales event that has been set for July of this year.For the first time, the annual online sales extravaganza will run over four consecutive days, said Amazon. The 96-hour event will begin at 12:01 a.m. on July 8 and continue through July 11.Also for the first time, Amazon plans to introduce “deal drops” that change daily and are available “while supplies last.” Amazon has, in recent years, added more limited-run and invite-only deals during its Prime Day sales events to create a feeling of scarcity among consumers.Amazon launched Prime Day in 2015 as a way to secure new annual $139 U.S. memberships, and to promote its own products and services while providing a sales boost for the company.The online sales event has proven so popular that, in 2019, Amazon extended Prime Day to two consecutive days. It has since added a second Prime Day sales event in October each year. Prime Day has become a significant revenue driver for both Amazon and other retailers that host competing sales events at the same time. AMZN stock has declined 2% this year to trade at $216.10 U.S. per share.