Amazon Prime Day: Why is one of the biggest sales days held in July?

economictimes.indiatimes.com:

Amazon Prime Day is set to cause stir, featuring a wide range of discounted products such as hair dryers and paper towels. According to the retail behemoth, this year's sale will offer the most competitive prices yet, with fresh deals emerging every half hour throughout the two-day event.

To commemorate its 20th anniversary in July 2015, Amazon (AMZN) introduced Prime Day as a way to replicate the Black Friday frenzy while offering even more deals than the traditional November shopping event. With the tagline «Step Aside Black Friday — Meet Prime Day,» Amazon (AMZN) aimed to cater to its dedicated fanbase. The inaugural Prime Day garnered impressive sales of $900 million, as reported by Coresight Research. Encouraged by this success, Amazon (AMZN) decided to bring back the event the following year, expanding it to two days and experiencing even greater sales of approximately $1.5 billion, according to Coresight's estimation. Nowadays, Bank of America predicts that Prime Day has the potential to generate around $12 billion in revenue, marking a 12% increase compared to the previous year. While Prime Day itself accounts for just 1% to 2% of Amazon's annual sales, industry analysts emphasize its importance in cultivating loyalty among Prime subscribers and attracting new customers to the program. The event serves as a valuable opportunity for Amazon to entice new members to join Amazon Prime, the company's $139 annual free-shipping program, while also strengthening relationships with existing customers through various Amazon products and businesses, including Whole Foods. Historically, the majority of Prime Day offerings have been exclusive to Prime members, further incentivizing