Amazon Prime day sales event underway

(KYMA, KECY/ CNN) - Consumers world-wide are getting set for major online discounts with Amazon's Prime Day sales event, which kicked off at 3am and goes for 48-hours.

Discounts will be offered on many items including electronics, home goods and toys.

Amazon's annual event attempts to increase loyalty with its prime subscribers and perhaps draw in new shoppers into its program.

Last year's Prime Day sales event was the largest two-day sales period for third-party sellers in Amazon's history.

Officials say prime day brings in around 1% to 2% of the company's yearly sales.