Amazon Prime Day 2023 provides millions of Amazon customers worldwide with a new wave of discounts and special offers. Although the exact date has not yet been officially confirmed, we anticipate the 11th and 12th of July. In this article, we aim to give Amazon sellers a guide to maximising their benefit from Prime Day and boosting their sales.
What is Amazon Prime Day?
Amazon Prime Day has grown into one of the world’s largest shopping events. Exclusive deals and discounts for Amazon Prime subscribers are unlocked. Prime Day offers merchants the opportunity to present their products to a wide audience and significantly increase their sales. The statistics from previous Prime Days show that retailers often reported a substantial increase in sales on this day.
Review of Prime Day 2022
Prime Day 2022 was a huge success for Amazon and participating merchants. Here are some impressive statistics and highlights from Prime Day 2022:
- More than 100,000 items per minute were purchased by Prime members worldwide during Prime Day.
- The total sales amounted to around USD 12 billion.
- More than 300 million products were sold during Prime Day 2022.
- The most popular product categories this Prime Day were Amazon devices such as Fire TV, Echo, and Blink, followed by household goods and consumer electronics.
- The most purchases were made by Prime members on Tuesday, July 12th, between 9 and 10 in the morning.
- Prime Day 2022 broke all previous records and demonstrated the growing importance of this shopping event for customers worldwide.
Besides Amazon Prime Day, typically taking place in the middle of the year (usually in July), there are two other important shopping events on Amazon: The Cyber Week and the associated Black Friday. These events around the end of November are crucial for the Christmas business.
Prime Day and Black Friday/Cyber Monday are important shopping events that new customers (NTB customers) can utilise much faster than usual. The period before an event might be the best time to garner more attention.
II. Key Dates and Preparation
Thorough preparation is essential to get the most out of Prime Day. Although the exact date has not yet been confirmed, merchants should keep an eye on the 11th and 12th of July as potential dates. Therefore, sellers and vendors should start planning well in advance of the official confirmation of the exact date to get the most out of Prime Day.
Depending on the specific marketing strategies and sales targets, it is crucial to consider and prepare for early promotions like 2-for-1 deals, high discounts, and time-limited offers. One of the most important preparations is the proper replenishment of inventory to avoid shortages. In particular, FBA sellers should ensure they deliver their products to Amazon’s logistics centres in time to prevent out-of-stock situations that could lead to loss of sales and a poor customer experience.
III. Competitor Monitoring and BuyBox Management
In addition to a well-stocked warehouse, it’s paramount to keep an eye on competing brands and other sellers. If another seller offers the same product for less money, losing the BuyBox could lead to loss of sales and the suspension of all advertising campaigns for that product. Therefore, it’s crucial to consistently and accurately evaluate the data from Seller or Vendor Central during the Prime Days. It’s advisable to check the data regularly, especially on Prime Day, and to respond quickly to changes in the competitive landscape as needed.
IV. Discounts and Offers
Amazon Prime Day offers businesses many opportunities for growth, including the chance to introduce their brand to new customers. Advertising can be a useful tool for reaching the right target audiences this Prime Day.
The ability to attract customer attention during Prime Day depends on attractive offers and discounts. A popular tactic is to offer special prices for popular products to attract customers and boost sales. In addition to special prices, retailers can utilise a variety of other promotional activities and features during Prime Day to pique customer interest and increase sales:
- Flash offers: These deals are time-limited and create a sense of urgency that motivates customers to buy immediately.
- Countdown deals: Unlike lightning deals, where the price remains the same throughout the deal period, countdown deals gradually increase in price as the end of the deal approaches.
- Coupons: Coupons allow merchants to offer discounts on selected products. Customers can activate the coupons and receive the discount directly at checkout when purchasing.
Prime Day is a high-traffic time with high competition. Therefore, it’s advisable to start advertising the offers early. Merchants can use their social media channels, their website, and email marketing to alert potential customers to the upcoming deals and build anticipation for Prime Day.
V. Enhancing Product Detail Pages and Listings
A key factor for Prime Day success is Retail Readiness, also known as the optimisation of product listings. Especially the best sellers should be well prepared for Amazon Prime Day as they offer the greatest profit potential. It’s advisable to optimally prepare the product detail pages with regard to titles, images/videos, descriptions, bullet points, backend keywords, and other elements like A+ Content or Brand Store. Skillfully designed and communicated product specifications can arouse customer interest and influence their decision-making process.
VI. Additional Tips and Recommendations
- Plan PPC campaigns in time: To benefit from the increased traffic and search volume during Prime Day as quickly as possible, PPC campaigns should be organised in advance so they can be activated and used on Prime Day.
- Discounts and time-limited offers: Effective strategies to increase the willingness to buy are compelling offers and time-limited discount promotions. Well-planned promotions can significantly increase sales during the Prime Days.
- Data evaluation and campaign planning: After Prime Day, sellers and vendors should evaluate their data and analytics. It is advisable to archive keywords and ASIN reports to strategically use them for the next Prime Day. In addition, data from previous Prime Days can be used to improve current campaigns and continue effective strategies.
- Checking the stock, the BuyBox positioning, and the Retail Readiness is essential before and during the Prime Days. These factors should be reviewed and improved if necessary. An adequate stock ensures that orders are executed without delay, and a strong BuyBox positioning and Retail Readiness can increase product visibility and success during Prime Day.
- Increase the budget for profitable auto campaigns: To increase the likelihood that ads appear on partner product pages, it may be worthwhile to increase the budget for profitable auto campaigns. Potential customers on the product pages of competitor companies can thus be effectively addressed.
- Plan a budget for retargeting measures: During the Prime Days, programmatic advertising, especially retargeting measures with DSP campaigns, can help to regain customers and accelerate sales. It is advisable to plan a budget for such retargeting measures.
Amazon Prime Day offers sellers and vendors a unique opportunity to boost their sales, attract new customers, and increase brand awareness. By careful planning and executing strategic advertising campaigns, businesses can derive the maximum benefit from this significant shopping event. There are many strategies that retailers can employ to successfully participate in Prime Day. They range from planning and optimizing product detail pages, monitoring the competition, to leveraging advertising opportunities like lightning deals and coupons.
The importance of the lead-out phase after Prime Day cannot be overstated. Through careful analysis of data and optimization of PPC campaigns, sellers can gain invaluable insights and improve their future sales strategies. Additionally, the lead-out phase provides an opportunity to strengthen customer loyalty and retarget potential buyers.
Do you want to make the most of Amazon Prime Day and maximize your sales potential? Our Amazon agency is happy to assist you. Contact us now to receive your personalized consultation and learn more about our services. Let’s boost your success on Amazon together!