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Investors who assume Amazon.com, Inc. (NASDAQ:AMZN)'s annual Prime Day is merely intended to provide a revenue boost are mistaken, a Canaccord Genuity analyst said during a Monday cable TV interview.
The Analyst
Canaccord Genuity's Michael Graham was a guest on CNBC's "Squawk Box" segment to discuss Amazon's Prime Day.
The Thesis
The increase in sales Amazon derives from Prime Day is certainly "important," but the main focus is to draw attention to the entire Prime ecosystem, Graham said. (See the analyst's track record here.)
Amazon is hoping to gain more Prime members, especially in international markets where it's establishing a presence, the analyst said.
More than half of Amazon's total sales come from the international segment, making Prime Day "super important" for members outside the U.S., Graham said. The American consumer base is "more entrenched," which in a way justifies the large annual membership fee of $120 versus around $15 in a country like India, he said.
"Clearly Amazon has been stepping on the gas in a big way — largely in India — lately, because they see it as a big opportunity," Graham said.
Amazon hopes Prime Day shows that membership is compelling that it's "irresponsible for a household not to use a Prime membership," he said.
Price Action
Amazon shares were up 0.52 percent at $1,822.49 at the close Monday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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