This year’s Amazon Prime Day is October 13-14, and it is already looking to be a large and important shopping event, so your credit union will really want its credit card top of wallet!
Prime Day was supposed to be in July, but with the advent of the coronavirus pandemic, Amazon decided to not have a huge sale while so many people were in dire financial straits; instead they appropriately focused on making sure people could get essential goods.
With the change in date coming so close to the end of the year, the holiday shopping season will be starting earlier than ever with deals on par with Black Friday! All of that said, how can credit unions help their members take advantage of the deals and achieve top-of-the-digital-wallet status?
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The first thing credit unions need to know is what consumers are most likely to purchase. In 2019, Amazon sold 175 million items, according to a report from CNBC, and among those items sold were toys, laptops, beauty products, and so much more! As for what people will be buying this year, it’s a safe bet that electronics will be around the top of the list. Many adults are working from home, and they may want to upgrade their computers and phones. There are also a lot of families with children attending virtual classes, so parents may be considering picking up a new tablet or two.
As for credit unions themselves, offering the right deals and rewards can encourage some spending. As an example, according to a report from Co-op Financial Services, Goldenwest Credit Union offered triple points for Prime Day purchases. Another credit union offered $10 cash back to cardholders for every $100 spent on the event. Whatever credit card rewards your credit union decides to offer, they must meet members’ needs and that means watching the data on where members are spending.
One thing is for certain, this year’s Prime Day will be different from past years, and it will set the tone for Black Friday and Cyber Monday in November. Credit unions will not want to miss what happens!