Amazon’s second Prime Day of the year has broken records, marking it as the company’s most successful October shopping event to date. The two-day extravaganza, spanning 19 countries, set new benchmarks for both sales volume and the quantity of items purchased. Prime members reveled in generous discounts spanning diverse categories, ranging from electronics and home essentials to beauty and fashion.

This year’s event witnessed a surge in Prime member engagement, securing its place as Amazon’s top-grossing shopping event for the month of October.

Independent sellers, constituting over 60% of Amazon’s sales force, basked in the event’s success, witnessing a significant uptick in traffic and conversions during Prime Day. Noteworthy is the staggering figure of over $1 billion saved by shoppers on a plethora of deals.

Amazon Prepares for the Holiday Frenzy

The triumph of the October Prime Day festivities bodes well for Amazon’s performance in the upcoming holiday season. The e-commerce giant gears up for the seasonal rush by intending to onboard 250,000 temporary employees to manage the anticipated surge in demand and ensure a seamless shopping experience for customers.

Amazon looks ahead to enhancing customer shopping convenience by deploying cutting-edge technologies. The recent introduction of an AI tool named Vision Assisted Package Retrieval (VAPR) aims to expedite deliveries. Additionally, Amazon disclosed plans to establish new pharmacies in 20 U.S. cities by 2025, facilitating same-day prescription deliveries for customers.

Evaluating AMZN’s Price Target

From a Wall Street perspective, AMZN boasts a Strong Buy consensus rating, backed by 44 Buy ratings and two Holds issued in the past three months. The average Amazon price target of $223.19 forecasts a promising 19.58% upside potential. Noteworthy is the 22.84% year-to-date increase in the company’s shares.

Explore more AMZN analyst ratings