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Shopping is one thing that almost everyone loves – that is when you have the purchasing power to buy things. You get to buy the things you have always wished for. It sparks a sense of instant gratification, elevating your dopamine levels.
However, the concept of buying has been witnessing a tectonic shift gradually. In the olden days, when brick-and-mortar shops were ruling the roost, people used to go out and buy. After all, many used to believe in the saying that “seeing is buying”. However, things changed over the course of time. The e-tailers started picking up with time – across the economies. Now the product was just a tap away from the customer. The advent of artificial intelligence and 3D technology changed the ball game considerably. Now you could even try the objects online on various apps.
With cost efficiency on their side, online buying got a further shot in the arm as the pandemic compelled people to sit at home mostly. With a market size of over US$4 trillion, e-commerce made up almost one-fifth of global retail sales in 2020. In 2020, the e-commerce sales surged by an astounding 27%, in value terms.
And when we talk about global e-tailing, one name that pops up in everyone’s mind is Amazon Inc (NASDAQ:AMZN). The company started in 1994 as Cadabra, Inc – an online bookstore. Almost 27 years later, the retail giant has touched hundreds of millions of subscribers to become one of the most valued companies across the world. The company has grown so much that its founder Jeff Bezos is now the world’s richest man. You can find any legal item of your need available on Amazon, ready to be delivered to your doorstep.
But that did not stop the company from innovating. One of the most iconic features of Amazon was launched in 2005 – Amazon Prime. The product now boasts of over 200 million subscribers globally and has become a rage among the millennials.
So, what is Amazon Prime?
The normal Amazon app is free – you just download it and start buying things. However, if you want a privileged service, Amazon requires you to shell out few dollars for it. This is called Amazon Prime – a paid subscription service from the e-tailer that is available across various countries and gives users access to some additional services that are normally unavailable to other Amazon customers. These services include the quicker one or two-day delivery of goods, streaming music, streaming videos, e-books, gaming and grocery shopping services.
Then, what is Amazon Prime Day?
Prime Day is a two-day shopping event exclusively for Prime members. Started in 2015 as a celebration of Amazon's 20th anniversary, the company touted the occasion as a "one-day only event filled with more deals than Black Friday, exclusively for Prime members around the globe". You can compare it to some kind of online fair, where people get to buy cheap stuff, but only after they pay the entry fee at the gate. This year, the Prime Day starts today and ends tomorrow.
So, how does this work?
On the Prime Day, one needs to be a Prime subscribing member to get the best of bargains offered by the e-tailer. In case you are still not on Amazon Prime, the company offers 30-day free subscription, after which you will be charged normally. Once you are subscribed for Prime and signed into your account, the Amazon website and apps will display Prime Day prices, and you can add discounted items to your cart and check out like you normally would.
