Gene Munster Is Happy He Doesn't Have To Cover Retail

Piper Jaffray's Gene Munster is one of the Street's most respected technology analyst. On Friday he was a guest on CNBC's "Squawk Box" segment to discuss Amazon.com, Inc. (NASDAQ: AMZN)'s upcoming Prime Day.

According to Munster, Amazon's Prime Day is "more important" than Cyber Monday and an excellent opportunity for the company to push its Prime membership.

Munster continued and said investors will be focusing on one key metric in particular — unit growth in items sold. The analyst is expecting a unit growth of around 25 percent in the second (June) quarter and Prime Day will add a few percentage points to the growth rate.

Munster also pointed out that a typical Prime member spends on average four times more on Amazon's platform compared to non-Prime members.

On a somewhat humorous note, Munster acknowledged that he is "glad" he doesn't cover traditional retailers, which will be fighting hard to protect market share against Amazon, especially on Prime Day.

Related Link: Wal-Mart Tries To Steal Amazon Prime Day's Thunder

However, Munster did suggest that traditional retailers will likely be in a "world of hurt," not just because of Prime Day, but because of other aspects of Amazon's business, including Prime Now.

"This really changes how you think about traditional retail," the analyst explained. "Instant gratification has been the piece that traditional retail always had against Amazon but Amazon is slowly taking that away."

Bottom line, Munster said traditional retail business are likely to have a "hard time" in responding to Amazon.