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Amazon shares back above $1000 as Wall Street cheers Prime Day sales

13 July 2017

Here's what you need to know. For U.S. shoppers, this will be the third official Prime Day.

Greg Greeley, vp/Amazon Prime, said, "Our teams around the world will keep working to add more and more to your membership, so Prime continues to make your life better every day".

Amazon is expected to pull in $1 billion, according to JPMorgan. "We're absolutely thrilled - our daily sales increased by over 500 times on Prime Day", said Victor Chang of Furbo Dog Camera. There were approximately 8 million Amazon Prime subscribers in the country as of March 2017-33% of United Kingdom households.

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Overall, Prime Day 2017 was the biggest sales day ever for Amazon's entire device lineup. But with the pace of Amazon's memberships, it's expected that they will outnumber pay TV subscriptions as early as next year. The original Echo is priced at $180 through Amazon, but it is now on sale for $99.

The United Food and Commercial Workers International Union, which represents retail workers, also put out a statement Tuesday, calling for Americans to "examine the high cost of Amazon's business model".

Third-party sellers sold over 50 percent more items on the site by noon local time (1900 GMT) than in the same timeframe a year ago, Amazon said in a statement. This has not stopped analysts and journalists from speculating. Just a few hours into the sale, Amazon was claiming that "millions" of shoppers were purchasing at "record levels". The record additions to Prime bodes well for the company's future. The online retailer is offering a $10 new customer credit for those who use Alexa to order select items on Prime Day. In February, Cowen & Co. analyst John Blackledge also estimated that there are 80 million members.

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Javier Diez-Aguirre, Vice President, Corporate Marketing, CSR & Environment at Ricoh Europe, said: "With a third place ranking in our research, Amazon has clearly established a great reputation for customer service".

Amazon believes its United Kingdom membership can grow significantly. In 2014, the company said its Prime membership went up 53 percent.

The success of the self-proclaimed retail holiday - created to lure new members into the Prime ecosystem and to stress-test Amazon's logistics capabilities ahead of the key holiday shopping season - was boosted by the popularity of the company's gadgets.

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Amazon shares back above $1000 as Wall Street cheers Prime Day sales