AUSTIN, Texas, June 25, 2019 /PRNewswire/ -- Prime Day marks the kickoff to the back-to-school shopping season, and RetailMeNot data indicates shoppers are hunting for the best deals earlier than ever. Now in its anticipated fifth year, Prime Day has morphed into something bigger than just a big sales day for Amazon: It has become a new holiday for the retail industry with deals and offers from several hundred retailers who are also looking to increase sales.
Primed for Deals
The Prime Day time period is an opportunity for all retailers. In fact, 84% of retailers say the week surrounding Prime Day is the most important time for driving online sales during the entire back-to-school shopping season. These retailers are smart in trying to gain market share, because the data says:
Additionally, RetailMeNot data reveals the number of Prime Day-related offers rose 45% in 2018, and predicts more than 250 retailers will offer deals on Prime Day or through the extended Prime week. Consumers have caught on to the savings available across retailers, and surveyed parents plan to shop at an average of 11 retailers during the Prime Day time period.
"With the back-to-school shopping season starting with Prime Day, all retailers have an opportunity to capture early sales by participating in Prime-related promotions," said Michelle Skupin, senior director marketing and communications, RetailMeNot. "Over the last few years, RetailMeNot data has shown an increase across the board in participating retailers, and consumers are ready to take advantage of the deals."
Retailers Prep for the Long Haul
Prime Day has lengthened the back-to-school shopping season, and RetailMeNot data indicates peak shopping days across the three-month period will fall on Prime Day (#No. 1), the first weekend of August (#No. 2) and Labor Day weekend (#No. 3).
Just over 3 in 5 (63%) parents will start their back-to-school shopping in July or earlier, and they plan to spend an average of $507 during the season, up from $465 in 2018. Additionally, half of parents (51%) report shopping for themselves while picking up back-to-school items.
Retailers are responding accordingly:
In August, consumers are likely to spend 20% more in stores compared to the rest of the year, according to RetailMeNot data. In-store shoppers are best reached through mobile deals, as 73% of shoppers search for items to purchase on their mobile device.
"Given the long season, retailers will need to prioritize their marketing spend and discounting activities across the three months to meet consumers where they are in the shopping journey. RetailMeNot data shows that pulsing promotions in accordance with peak shopping times will result in increased sales for retailers," said Skupin.
In fact, 69% of back-to-school shoppers say price is the biggest determining factor in the items they buy during back-to-school season.
A 15-minute online survey was fielded between Monday, April 29, 2019, and Friday, May 3, 2019. During this time, 207 interviews were captured. Key groups of interest were examined in this analysis, including Senior Managers/Directors and retailers who have/have not partnered with RetailMeNot in the past 12 months. Additionally, a 10-minute online survey was fielded between Monday, April 22, 2019, and Friday, April 26, 2019. During this time, 1,031 interviews of parents who will be back-to-school shopping for their children that are under the age of 18 were captured. Key groups of interest were examined in this analysis, including gender, generation and region.
Key time-frame data and insights are based on analysis of a subset of the 500,000 offers from 50,000 retailers within our internal data, including engagement insights from consumers who engaged with these retailers on RetailMeNot's website and app platforms between July and September 2018.
About RetailMeNot, Inc.
RetailMeNot, Inc. is a leading savings destination bringing people and the things they love together through savings with retailers, brands, restaurants and pharmacies. RetailMeNot makes everyday life more affordable through online and in-store coupon codes, cash back offers, discount gift cards and the RetailMeNot Genie browser extension. Savings are also provided in consumers' mailboxes through the RetailMeNot Everyday™ direct mail package, and at the pharmacy with RxSaver by RetailMeNot.
RetailMeNot is a wholly owned subsidiary of Harland Clarke Holdings. To learn more, visit www.retailmenot.com/corp or follow @RetailMeNot on social media.