During this year’s Amazon Prime Day, the company was focused on supporting small and medium-sized businesses.

Amazon.com Inc (NASDAQ: AMZN) just concluded its 2020 Prime Day amid heightened sales during the pandemic. Although the American e-commerce giant did not disclose into details, the company reported that small and medium businesses sold products worth over $3.5 billion, 60% higher than last year’s figures.

“We are thrilled that Prime Day was a record-breaking event for small and medium businesses worldwide,” said Jeff Wilke, CEO of Amazon’s worldwide consumer.

Notably, this year’s Amazon Prime Day did not have a huge impact on Amazon (AMZN) stocks as they are up approximately 1.58% in the last five days. However, Amazon stocks have rallied during the pandemic whereby they were up 80.68%, 12.72%, and 12.99%, in the last ten months, three months, and one month respectively through Thursday.

Amazon had a market capitalization of around $1.68 trillion with 500.89 million outstanding shares at the time of writing. In the past 52 weeks, amazon stocks have ranged between $1,626 and 3,552. After 48 credible Wall Street experts critically analyzed Amazon shares, they on average gave them a Buy rating.

A strong indicator both investors and analysts have a unanimous call of the positive results of Amazon stocks. Technically, Amazon stocks are retesting the all-time high as the buyers accumulate more strength to break above the current resistance level.

Amazon Prime Day

Amazon has been holding its Prime Day annually, whereby the company has reported huge sales due to the discount on most products. During this year’s Amazon Prime Day, the company was focused on supporting small and medium-sized businesses. Primarily because it has been facing criticism from lawmakers on how it conducts itself in regards to its competitors.

Notably, Amazon confirmed to CNN Business that this year’s Prime Day was the best on record since the annual event started back in 2015. In a bid to support the small-sized businesses, Amazon has set aside $18 billion this year.

Additionally, the company will fund a promotion that will oversee over $900 million in sales for small businesses in the two weeks leading up to Prime Day. E-commerce sales are expected to reach almost $795 billion this year, up about 32 percent from last year, according to data research firm eMarketer.

Amazon’s success has not come without a price, during the pandemic the company has experienced a number of strikes from employees who constantly demand better pay and improved working conditions.

Notably, during this year’s Prime Day, Germany’s Amazon employees took to the streets demonstrating on the same issues. As the pandemic continues ravaging global society, Amazon has reported infections among its employees. Amazon disclosed that more than 19,000 workers, or 1.4 percent of its 1.3 million-strong workforce, had been infected with the coronavirus.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
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