Amazon held its first-ever e-commerce holiday — Prime Day — in July 2015.
Over the past five years, the annual online shopping event has become a symbol of how e-commerce is transforming customers’ habits, driving sales and reshaping the entire retail industry. Even before the e-commerce giant dreamed up the event, it was already a powerful force that’s pushed rivals to let go of a nearly singular focus on bricks-and-mortar and cater to consumers who want to go on a shopping spree from their couch.
Prime Day kicked off Tuesday. It’s spanning 48 hours and reaching additional countries than in past years. Analysts expect it will bring in a record $9.91 billion in sales globally this year, up 43% from a year earlier, according to eMarketer estimates. Read more…..
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Rick Rieder, global chief investment officer of fixed income at BlackRock, joins “Squawk Box” to discuss what he’s seeing in the markets, including whether the Big Tech rally has been a result of inflation and where he’s finding opportunities.