Prime Day has long been about more than Amazon just keeping itself busy over the slow summer. But this may be an inopportune time for the e-commerce titan to fuel its famous “flywheel.”
Amazon kicked off its two-day annual sales extravaganza on Monday, touting more than two million deals available across 20 countries. That seems a significant expansion from last year’s event, which included more than one million deals across 19 countries. But last year’s Prime Day was also an anomaly, as Amazon shifted the event to October from its typical mid-July time frame as part of its response to the pandemic. The company typically doesn’t break out financial details from the event, but Doug Anmuth of J.P. Morgan estimates $8.4 billion in total Prime Day revenue this year, up 12% from his estimate from last year’s haul.
That is about 7% of the $115.3 billion in total revenue Wall Street expects from Amazon in the second quarter. …