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Amazon Prime Day: what you need to know [Video]

CHARLOTTE, N.C. — Monday is Amazon Prime Day, and Amazon says this year they’re offering a record number of discounts on a variety of items, but they’re not the only one trying to get you to open your wallet with deals.

Here's has everything you need to know about the shoppers holiday.

"Prime Day has absolutely become a national shopping holiday in the U.S.," said Focalpoint Partners investment banker Nishen Radia.

The day was born in 2015 and raked in less than $1 billion. Five years later, that number grew to $10 billion.

“They were able to create a lot of spending in a time that used to be pretty quiet, the middle of the summer," explained Reviewed.com Editor-In-Chief David Kender.

This year, Adobe Research predicts Prime Day will surpass last year’s Cyber Monday levels, and according to Amazon spokesperson Kate Scarpa, it won’t just benefit major companies.

"We also have more small businesses selling on Prime Day than ever before, in fact over a million deals from small businesses alone," Scarpa explains.

But Amazon isn’t the only major retailer looking for your dollars

“The competition definitely stood up and took notice and now almost every major retailer you can think of is staging its own sales event," Kender explained.

Along with Prime Day on June 21 and 22, Walmart has "Deals for Days" from June 20-23, Best Buy’s "Bigger Deal" event runs through June 22 and the same for Target’s "Deal Days."

“The consumer really benefits from all of the competition around Prime Day because not all of us are prime members necessarily, and Prime Day is only open to Prime members," said Kristen McGrath, an editor for Offers.com.

To make sure you get the best deals on items like toys, clothes, tablets, and air fryers, experts suggest typing a specific brand or model number into Google’s shopping tab, for a cross-site comparison of prices.

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