Consumer News: Prime Day sales shatter records, Instagram experimenting with virtual “try on” feature and more!
CNN– Amazon Prime Day sales shattered records this year. The discount event was held Monday and Tuesday, and turned out to be the largest two day sales period for third party sellers in Amazon’s history. Amazon said overall, third party merchants sold more than Amazon itself. The E-commerce giant said overall, Prime members worldwide bought more than 250 million items on Prime Day. According to Adobe analytics, the total online spending during the two day period was upwards of $11 billion.
Instagram is expanding its in app shopping, by offering users a more immersive experience. The company is testing virtual try ons, using augmented reality. Users can get a feel for how products, like makeup or shoes, will look without leaving the comfort of the app. Testing for some of these features starts later this year.
More than 1,000 colleges owe more than $1 billion to the government. Most of the nearly 1,300 colleges that owe money to the Department of Education are for-profit institutions. Some of the money owed is fines for misconduct, and some is for loan discharges as a result of the school shutting down. As for student borrowers, they currently owe the government $1.5 trillion in student debt.