Amazon Will Delay Prime Day Due to COVID-19

Amazon Prime Day is the biggest money maker of the year for the company, but this year's online event is going to be postponed due to the global coronavirus pandemic, according to a Reuters report.

Prime Day typically occurs in July to commemorate Amazon's 1995 launch date, while also giving the "summer shopping lull" a big boost. The 2020 sale event, however, won't happen until at least August, which would mean huge losses for both Amazon and its vendors.

To put things into perspective, in 2019, more than 175 million items were purchased on Prime Day, surpassing the previous year's Black Friday and Cyber Monday combined.

With this year's delay, Prime Day will land around the same time as other big annual shopping events, like back to school and Labor Day. The timing could mean that Amazon might be forced to sell excess devices at a discounted rate—good for consumers, not so good for companies.