One of the most anticipated retail events of the year, Amazon Prime Day 2023, is less than two weeks away. From July 11-12, more than 200 million Amazon Prime members around the world will be able to find bargains and get personalized deals across a wide range of brands and product categories, including apparel, consumer goods, electronics, fashion, health and beauty, home essentials, toys and more.
During Prime Day 2022, U.S. Prime members will buy more than 60,000 items every minute, more than 300 million Merchandise is sold worldwide, with sales totaling $12 billion. It’s the largest Prime Day event for Amazon’s selling partners, mostly small and mid-sized businesses. According to the data, market product sales increased by 11.7% year-on-year, up from 10.4% during Prime Day 2021 Digital Commerce 360. Sales from third-party merchants will account for 37.2% of Amazon’s Prime Day sales in 2022, up from 36% in 2021.
Shoppers are expected to buy and spend more during this year’s event.Amazon US sellers will earn new sales faster than ever fast payment options. Third-party merchants using Express Pay can receive deposits from Amazon within 24 hours, including weekends. Eliminating the need to wait up to five days for ACH bank transfers will help small businesses improve cash flow, increase cash on hand, and potentially reduce the need for expensive loans.To qualify for Express Pay, sellers must have an account with one of these banks or credit unions participate in the clearinghouse RTP network. Once registered, sellers can receive all payments of $1 million or less from US Amazon stores via Express Payout.Accepted companies Amazon Pay And meet the requirements can also choose fast payment to speed up the payment.
Customers can easily check out Prime Day deals and everyday purchases using the payment method of their choice. Amazon shoppers can pay with credit and debit cards, as well as several other methods, including gift cards, rewards points, Venmo, EBT, and FSA/HAS cards, all of which can be added to Amazon Wallet. Consumers can also pay with a checking account (ACH), although this is usually a less popular option. Few shoppers have bank routing and account numbers at hand, and most aren’t used to paying with checking accounts these days.
With the popularity of real-time payments in the United States, more and more financial institutions are participating in RTP and the upcoming RTP federal service now, consumers and businesses will be able to pay and receive payments directly to their bank accounts faster and more easily.Fast payment and other services pay by bank will increasingly become the norm rather than the exception.
In the meantime, get your Amazon Prime Day shopping list and (digital) wallet ready for all the epic deals and snaps coming up!
Elisa Tavilla, Director, Debit Advisory Services, Javelin Strategy & Research Overview