Amazon is doing everything in its power to make inflation less of a problem.
The online retailer has had a hard time this year.
One of the company's biggest recent successes is said to be the Amazon Prime Day.
Prime Day is a two-day event for subscribers of Amazon's Prime service, during which members have access to a plethora of deals, exclusive discounts, and limited-time savings.
The Prime Early Access Sale will be held in October, according to reports.
It was an unmitigated win for the company in terms of sales on Prime Day. Amazon looks to preserve the e-commerce industry's growth through increasingly turbulent economic times, and another event like its success could help.
It isn't hard to see why a second iteration of Prime Day would be an interesting option for Amazon's sales department.
According to a statement by Amazon, consumers around the world bought over 300 million items on Prime Day.
Prime Day was successful despite rising prices for essential household items. According to an analysis by Numerator, shoppers were more likely to purchase household essentials than electronics, and that 83% of customers said inflation was affecting their purchase decisions.
When shoppers only bought around 250 million items in 2021, the number of items bought by Prime users surpassed purchases for the first time.
According to Insider, leaked company documents show that Amazon will try to duplicate Prime Day 2022.
According to the documents, the Prime Early Access Sale will be one of the best deals of the year and Prime members will be crazy to miss it.
Amazon did not reveal its total sales receipts from July's Prime Day, but analysts estimated that the event brought in as much as $4.4 billion over the two day sales period, a significant boon to the company's bottom line.
In its last earnings report, Amazon posted its first quarterly loss since 2015, with the downturn largely tied to inflation, ongoing supply-chain troubles, and a larger decline in e- commerce activities.
The retail industry is on the verge of falling under the weight of inflation, as Amazon will report its second quarter earnings on Thursday, but the writing is on the wall for a poor showing.
Walmart cut its profit forecasts for the year due to inflationary effects on consumers spending more on essential items like food and less on electronics that are the bread and butter of major retailers like Amazon.
Amazon stock fell by over 4% after Walmart announced it was buying the company. With Amazon reporting its earnings this week, Wall Street will be watching for signs of how inflation is affecting the retail industry.
Amazon has raised prices for its Prime subscription in two markets this year. It was the first time in three years that the company increased yearly Prime costs in the U.S.
European users saw an even larger price hike earlier this month, where in some countries, Prime prices are set to go up by as much as 40% later this year.
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