Amazon's 10th Prime Day begins this week

Amazon's 10th Prime Day is on Tuesday and Wednesday and is expected to be more lucrative for the company than last year's historic sales event.

Prime Day, which is open only to customers who pay $14.99 per month or $139 per year to be Amazon Prime members, has been forecasted to increase sales by 7% for the online retailer during this year's event, according to market research firm Emarketer, the Associated Press reported.

Last year, Amazon said Prime Day was the “single largest sales day” in the company’s history, as customers purchased more than 375 million items. Emarketer estimated that Amazon’s global sales increased by $12.5 billion last year on Prime Day.

Other retailers have begun offering sales around Prime Day, with Kohl's, Target, Temu, TikTok Shop and Walmart launching summer promotions before Amazon's. Macy's eight-day summer sales event begins Tuesday.

Also, Amazon competitors Shein and Temu, each founded in China and who offer very low-cost products, may impact how many consumers take advantage of Prime Day.

“Many of (the) deals may not be as competitive compared to Temu and Shein,” said Santa Clara University business professor Kirthi Kalyanam, who is writing a book about Amazon.

Last year, consumer data company Numerator found that a majority of the roughly 5,000 Prime Day shoppers it surveyed after Prime Day said they saw up to 40% in product discounts. Respondents also saw a quarter of products selling at discounts of 60% or more, according to the survey.