The Six Five team discusses Adobe data on Amazon Prime Day.
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Transcript:
Daniel Newman: Pat, let’s talk Prime Day a little bit. Let’s talk about data, Pat. Let’s talk about data and let’s talk about Adobe has a really interesting way that it measures and has insights around Amazon Prime Day. Now, a little bit of background. If you’ve been under a rock and you weren’t watching our show and then you were under another rock and you hadn’t heard about Prime Day, this is the penultimate moment of people buying stuff they don’t need with money they don’t have to impress people that don’t care.
Patrick Moorhead: Oh, my gosh, dude. That was so good.
Daniel Newman: Thanks. I heard that somewhere a long time ago. I’d love to take full credit for it, but it’s just full of useless information and quips and things I like to say, but-
Patrick Moorhead: Yeah, it’s like a meme. Dude, you verbalized a meme.
Daniel Newman: Yeah, I do that once a year, and then this is where we need our producers to do a super cut of me doing that. Then that becomes a GIF-
Patrick Moorhead: Yes.
Daniel Newman: … that I send to my family when they’re ripping up my credit card.
Patrick Moorhead: Yep.
Daniel Newman: Anyway, but look, here’s the numbers. In two-day total spend, Pat, 12.7 billion in the U.S. Now here’s a question, you think it was up or down from last year?
Patrick Moorhead: Oh, gosh, I’m saying it was up.
Daniel Newman: It was. Now, given the year of austerity that we’re having and all the cutbacks, it’s amazing that we’re running towards record S&P and we’re in the process right now of seeing what another stock bubble, the magnificent seven. Home sales, even with high interest rates are through the roof, luxury goods, I think, Bernard, the LVHM guy is the richest in the world, so I really am struggling to figure out where the world’s at. Are we more in debt? Do we have money under our mattresses?
Patrick Moorhead: We’re more in debt. Yep, yes we are.
Daniel Newman: Was the inflation and all the money handed out during COVID just well tucked away, or are people just absolutely broke and this bubble’s about to burst? It is hard to tell because we’ve been hearing for almost two years now that it’s about to burst and it hasn’t yet bursted. We did have a couple of banks that almost failed, but they didn’t ultimately fail, or they kind of failed, but we bailed them out. I think J.P. Morgan tripled in size yet again. Talk about creating a too big to fail. Anyway, I digress. But 12.7 billion, 6.1% growth, so not massive. But for Amazon, it’s another record, another two days of sales, similar to more insights about 12.7 billion over the last two days. Look, when people have the best analyst in the world buddy-
Patrick Moorhead: I’m pretty sure that my bookings this week were like five grand, so-
Daniel Newman: Oh, come on. See, this is why you got to sign up for the private stream. You get all these interesting innate details about the business.
Patrick Moorhead: I know, just how poor I am.
Daniel Newman: But where were the discounts? Some interesting Adobe data shared that the biggest discounts came on electronics. 14% was the average discount. But here’s a really interesting thing, Pat, these discounts were being huge, really weren’t that huge. 14% on electronics, 12% on apparel, 12% on toys, 9% on furniture, 8% on computers, 7% on appliances, 6% on sporting goods and 5% on televisions, which I guess are not electronics somehow. But anyway, my point is that my thing about buying stuff you don’t need with money you don’t have to impress, legitimately the discounts aren’t really that good. But the company does a remarkable job of using this day as a moment to entice people to come to the site and buy things.
It was an incredibly impressive couple of days for Amazon, which, like I said, is doing a wonderful job of appealing to the American condition. What do people buy? Appliances was a big buy, housekeeping supplies, which I’m not quite sure what they were, but appliances were up 50% from the last Prime Day. People were doing it on mobile, Pat. 44.8% of people were doing the shopping on their mobile device. So I know you and I vacillate between what we do on our PC and what we do on our mobile, but what’s happening is we are spending money on our mobile devices. So basically, Adobe does this, they go really in depth.
They look at analysis, here’s what they come up with: a trillion visits to U.S. retail sites of looking at 100 millions SKUs across 18 categories. By far, more than any other company and research organization. So the Adobe data is just really, really interesting as it looks at the habits, the behaviors, the spend, the patterns, but it also, Pat, in our world of tech shows a very interesting capability that we can do, what we can drive with data and analytics and AI to be able to in just a few days within seeing $13 billion of spend, have so much insight as to how that money was spent and what that means, so interesting stuff. Just a little different vibe for our show, but I thought it was super fascinating.
Patrick Moorhead: No, it is good stuff. It’s interesting, the Adobe analytics part is pretty cool. I didn’t even know they did that.
Daniel Newman: Did it, did it, did it, get it done.
Patrick Moorhead: Yeah.
Daniel Newman: You got anything you want to add there, or are you going to let me just have that one as a free-for-all?
Patrick Moorhead: No, you just do that as a free-for-all.
Daniel Newman: All right, buddy. Well, thanks for letting me have that. Thanks for letting me dive into that one, Pat. I know sometimes I always say, “I want to talk about stuff that everyone cares about.” I’m not saying everyone doesn’t care about everything we talk about, but let’s face it, FTC regulator stuff, this is for the tech world, and that’s what our show is really for. But when we talk about Tesla or occasionally, we talk about Apple, it’s like everybody cares about that. So every once in a while when we do it, we spark and that’s why we got 2000 people watching the show right now as we speak. It might be a little more than that.
Author Information
Daniel is the CEO of The Futurum Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise.
From the leading edge of AI to global technology policy, Daniel makes the connections between business, people and tech that are required for companies to benefit most from their technology investments. Daniel is a top 5 globally ranked industry analyst and his ideas are regularly cited or shared in television appearances by CNBC, Bloomberg, Wall Street Journal and hundreds of other sites around the world.
A 7x Best-Selling Author including his most recent book “Human/Machine.” Daniel is also a Forbes and MarketWatch (Dow Jones) contributor.
An MBA and Former Graduate Adjunct Faculty, Daniel is an Austin Texas transplant after 40 years in Chicago. His speaking takes him around the world each year as he shares his vision of the role technology will play in our future.
