Amazon Aims to Empty Warehouses With Summer Sale

Amazon Inc. (AMZN) is planning a summer sale in June, which would last anywhere between seven to 10 days to give its sellers a boost after they have been left reeling from the impacts of the COVID-19 pandemic.

What Happened

The e-commerce retailer has set June 22 for its sale with the working name “Biggest Sale in the Sky.” The event is primarily aimed at mitigating the impact felt by sellers due to the delay in holding Amazon’s annual Prime Day event, according to CNBC.

On Tuesday, Amazon notified sellers that it was holding a “Fashion Summer Sale Event” on June 22, and that participation was by “invitation only.”

The company said in a communique to sellers, “We are having the Biggest Summer Sale event to drive excitement and jump-start sales.”

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Why It Matters

The sale signifies a change in Amazon’s summer strategy. Usually, the company holds its Prime Day in mid-July. But the event has been postponed until September as warehouses grapple with increased demand brought on by the pandemic.

The details for the event are still being finalized, and Amazon is asking that sellers submit details of items to be put on sale, marked down at least 30%, by the end of Wednesday, reported CNBC.

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Amazon is working on the landing pages for the upcoming sale. There is no clarity on what items will be discounted and if the sale is restricted to Amazon Prime members only.

The summer event will help sellers of non-essentials to clear piled-up inventory as Amazon’s focus was turned to essential goods during the pandemic.

Amazon Price Action

On Tuesday, Amazon shares closed mostly unchanged at $2,472.41.

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Read more from Shivdeep Dhaliwal at Benzinga.com

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