The news: Amazon’s Cyber Weekend event—spanning from Saturday, November 26 through Monday, November 28—will not only include a wide variety of deals and discounts, but also a slew of payment promotions, per a press release.
More on this: In the week leading up to Cyber Monday, Amazon announced offers on its cards and BNPL offerings, hoping they will promote spending on the platform.
- Amazon Store Card. Customers who are approved for the Amazon Store Card this week will get a $100 Amazon gift card as a signup bonus. The bonus incentivizes card signup and ensures the $100 reward is spent in-house.
- Amazon Prime Rewards Visa Card. During the same period, Prime members will get a $200 Amazon gift card if they are approved for the Amazon Prime Rewards Visa Card, encouraging the etailer’s already loyal customers to start transacting with its card.
- Prime Card Bonus. Amazon is also offering any Prime member who is a cardholder an extra 10% back this week on purchases from The Drop, Amazon’s influencer collection. This can boost customer loyalty and can encourage spend on one of Amazon’s in-house brands.
- Affirm. This week, Amazon customers can get 0% APR on three equal monthly payments when spending $50 or more. Typically Affirm’s rates range between 10% to 30% APR on purchases for a term of six to 48 months. This 0% offer will likely draw consumers who are turning to alternative financing during this holiday season due to inflation.
Why it’s worth watching: US retail ecommerce sales during Cyber 5 are expected to hit $37.32 billion this year, up from $36.15 billion in sales in 2021, per our forecasts. And Cyber Monday is expected to make up the biggest share of the long weekend’s transactions this year, with $11.84 billion in expected sales.
Sales events this weekend are therefore vital to etailers like Amazon that rely heavily on holiday spend: Amazon’s total retail holiday ecommerce sales are projected to reach $100.01 billion this year, up 17.0% from last year.
- Offering promotions on its card and BNPL offerings can help Amazon achieve this growth, especially since many customers are extra-aware of their holiday budgets this year: 57% of consumers plan to create a holiday-specific budget this year as a result of inflation and rising prices, according to a survey from TD Bank.
- These promotions on Amazon’s in-house payment offerings set up the company to capture higher payments volume and transaction revenues.