Apparel Sales Are Surging At Amazon.com, Inc. (AMZN), Thanks To Prime Members
20 Feb 2018
Don’t look now, but Amazon.com, Inc. (NASDAQ:AMZN) is inching up the charts in another key retail sector. Apparel sales are booming at the internet giant, and the company’s Prime shoppers are a key driving force behind that growth.
Retail Dive passes along the details on a new research report that should make other retailers perk up and take notice.
Amazon’s Prime members are fueling the e-tailer’s apparel sales growth, with nearly two-thirds saying they’ve shopped for clothing or footwear there in the past year, according to new research from retail think tank Coresight Research. Nearly half (45.9%) of all survey respondents overall said that they had shopped for apparel on Amazon in that time, and 48% said that they expect to buy apparel there in the coming 12 months. Among apparel shoppers, Amazon and Target are vying for second place (after Walmart).
Customers are also increasingly looking towards the company’s private-label offerings, which check in as the fourth-most popular clothing or footwear brand on the site, behind only Nike, Under Armour, and Hanes.
The report also notes that apparel shoppers are heading to Amazon under the assumption that they’ll find some good deals, as 49 percent of respondents note that the site offers “good value” when they’re on the hunt for new clothes.
Amazon.com, Inc. shares closed at $1,448.69 on Friday, down $-13.07 (-0.89%). Year-to-date, AMZN has gained 23.88%, versus a 2.34% rise in the benchmark S&P 500 index during the same period.
AMZN currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 50 stocks in the Internet category.
Source: Stock News