Amazon expected to ring up $3.4 billion in sales on ‘Prime Day’

Insiders expect Amazon to ring up $3.4 billion in sales during the 36-hour Prime Day event slated to begin at 3 p.m. Eastern on Monday July 16 that runs through end of Tuesday, July 17 on the West Coast. This year’s event adds six additional hours.

If sales projections hold, that would be a 41% gain over last year’s gross sales of $2.41 billion, according to Statista. The sale is exclusive to Prime members which now represents about 45% of U.S. households. Amazon CEO Jeff Bezos confirmed earlier this year there are more than 100 million Prime members who pay an annual fee of $99, or $12.99 a month for the membership.

While Walmart does not break out its online sales statistics the retail giant rings up average daily sales of $1.38 billion. During the fourth quarter ending Jan. 31, which includes Black Friday and other holiday sales, Walmart’s average daily revenue was $1.51 billion.

This is Amazon’s fourth year to hold the event. While the event focuses somewhat on technology-related products, Amazon invites all its vendors and third-party sellers to participate, according to CPC Strategy Analyst Jordan Gisch.

Amazon has already begun its sneak peeks at upcoming deals and promotions. Whole Foods customers who order via Prime Now for the first time can get $10 off their next two purchases by using the access code (20WHOLEFOODS). Prime Pantry members can save $10 on orders that total more than $40 from now through July 17 by using the promo code PANTRY at checkout.

Because of the success of Prime Day other retailers have began joining the efforts to host a summer Black Friday sales on key items. Online competitor eBay will offer electronics, smart home devices, clothing and home decor beginning July 16. This year eBay offers a new “best price guarantee” for like items found at other retailers during the sales promotion, including Amazon.

Macy’s began its Black Friday in July sale on Monday and it runs through July 15. The retailer said select departments will offer 25% discounts with the promo code JULY and there will be more items available for free shipping with no minimum order requirement. Kohl’s also has a similar sale underway with promotional discounts on apparel and home goods. Walmart.com is also running some deals on electronics which are selling cheaper than they were on Black Friday.