Amazon Prime Day Could Benefit Rivals: Analyst Says Chewy, eBay, Peloton Are 'Key Companies To Keep An Eye On'

Amazon.com Inc‘s (NASDAQ:AMZN) 10th annual Prime Day is set to take place on July 16-17. It spans 24 countries, with India holding its Prime event later this summer. The 48-hour event will feature millions of deals across 35-plus product categories.

JPMorgan analyst Doug Anmuth projects total GMV of $12.4 billion (+12% Y/Y) and total Retail Net Sales of $7.9 billion (+11% Y/Y), with $5.8 billion of those Net Sales being incremental, representing +13% growth Y/Y.

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Amazon Prime Day’s Ripple Effect

According to Anmuth, Prime Day promotions have a significant impact beyond the Seattle-based giant. The two-day event often boosts activity for other e-commerce companies and omni-channel retailers.

“Key companies we're keeping an eye on” include Chewy Inc (NYSE:CHWY), eBay Inc (NASDAQ:EBAY), and Peloton Interactive Inc (NASDAQ:PTON), Anmuth wrote.

• Chewy: Amazon’s recent 3rd annual Pet Day event, held from May 7-8 in the U.S., showcased deals on pet treats, food, care products, home & travel items, electronics, toys, and apparel. Amazon has historically offered strong promotions in the pet category during Prime Day, including its 1P brands. Chewy has remained competitive with its Prime Day pet offers and is expected to continue this trend.
  
• eBay: While eBay hasn’t announced major promotional events for Prime Day, the company recently celebrated its first annual Recommerce Day on May 21, promoting deals on pre-owned items. The e-commerce market is likely to experience elevated activity around Prime Day, potentially benefiting eBay.
  
• Peloton: Amazon is offering up to 30% discounts on select Peloton products during Prime Day 2024, similar to previous promotional campaigns. This is expected to drive increased activity for Peloton.

Other retailers are also running competing sales events around Prime Day. These include Walmart Inc‘s (NYSE:WMT) Walmart+ Week (June 17-23) and Walmart Deals (July 8-11), Target Corp‘s (NYSE:TGT) Circle Week (July 7-13), and Macy’s (NYSE:M) All-Star Week (July 16-23).

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