Today is Amazon Prime Day. The shopping extravaganza starts at 3pm ET today and extends a whole 36 hours.
This exclusive day is only open to Amazon Prime members. They pay $119 a year for perks like free 2-day shipping, video streaming on Prime Video, Amazon Music, and more.
If you're curious on numbers: a few months ago, Amazon disclosed Amazon Prime membership numbers for the first time. Prime now has more than 100 million subscribers worldwide.
Prime Day is just another way of expanding its already huge strangehold on the online retail space. Of all online retail spend, Amazon captures 49.1%. eBay is a distant #2, with 6.6% of the U.S. market.
Prime Day is a big deal, but it's far from the busiest e-commerce shopping event in the world. China's leading online retailer, Alibaba, hosts "Singles Day" every year...and it makes Prime Day look tiny. Last year, sales hit $25.3 billion. Amazon is expected to hit $3.4 billion this year. Shoppers spent $1 billion in the first two minutes.