June 27, 2024

Amazon Prime Day: Preparing for Success

Amazon Prime Day: Preparing for Success.

Amazon Prime dates have just been announced and the promotional event will take place on the 16th-17th July 2024. Prime Day was created with prime users in mind. It’s all about offering deals/discounts exclusively to Prime members from small businesses to big brands for a limited time. And with Prime Day being just around the corner, it’s a great opportunity for sellers to boost their sales and capture the attention of new customers.

Prime Day 2023, was their best performing event on record, with over 345 million products purchased worldwide (Source: Amazon) and over £1.15 Billion generated in sales (Statista). This just shows the scale of opportunity available to sellers on the platform.

We want to help you to make the most out of this shopping event and that’s why we have created this quick read guide to ensure that your business is ready to thrive this Prime Day from predicting success to a post prime day review.

Amazon Prime Day – Predicting Sales

It’s important to look at your previous Prime Day sales to forecast potential performance, and review whether you need to increase your budget to help take advantage of the increased traffic throughout the promotional period. Identify best sellers and anticipate how many units you will likely sell. This data is crucial in helping you prepare and ensure you meet customer demand.

There are a number of benefits from increasing your budgets during high traffic periods, such as uplift in brand awareness and recall leading to future purchases and retention. There is also the opportunity to get ahead of your competitors by ensuring your brand is at the top of mind when customers are searching.

Amazon Prime Day – Inventory Planning

One of the most important factors for any promotional event is having enough inventory. Whether you’re fulfilling orders yourself or using Fulfillment by Amazon (FBA), make sure your stock levels can handle the increased demand.

We understand the deadline has passed for Prime day but by reviewing your stock levels and monitoring how your sales perform this time, can help indicate how much stock you will need for your next promotional event. Running out of stock can lead to missed sales and disappointed customers. There is also the risk of potential customers discovering your competitors whilst your items are unavailable, leading to future loss of sales.

Enticing Deals

Amazon Prime Day is all about offering the most compelling exclusive deals for Prime members only.. It’s important to review your product margins to see what level of discounts you can offer and what type of promotion will most likely lead to sales as a lot of other competitors will also be trying to compete during the promotional event. Think about your goals, for example if you’re wanting to increase your average order value, then you could look to create a bundle offer which includes a best seller with complimentary products at a lower price to help draw your customers in.

Boost Your Visibility

Visibility is key during Amazon Prime Day. Increase your spend on sponsored product campaigns and brand ads to improve your brand’s overall visibility. We would recommend increasing your ad budget by 20% and checking in a few times a day to ensure that the campaigns are not running out of spend early in the day. We’re happy to help you determine your budgets for the promotional period, if you would like to get in touch.

In addition, try leverage email marketing and social media to help drive traffic to your Amazon listings.

Branding for Success

Make sure your product listings are retail-ready. This means having compelling product titles and informative bullet points that highlight the benefits of your products. Expand into A+ content to provide a more immersive shopping experience and build customer trust. Don’t forget to update your brand store to showcase your current offers and deals.

Effective Customer Service

Customer service can make or break your Prime Day performance. Be prompt in replying to customer queries on the listings to avoid purchase blockers. Excellent customer service can lead to positive reviews and repeat business, enhancing your brand’s reputation. Long wait times for a response can lead to negative reviews.

Post-Prime Day Review: Learn and Improve

Once Prime Day is over, it’s time to review the results. How many products did you sell? What was your conversion rate? Has impressions increased the average order value? Did your TACoS improve? Did more people visited your storefront? This analysis will help you understand what worked and what didn’t, allowing you to refine your strategy for future sales events.

By following these steps, you will be putting your brand in the best position to succeed. We have seen great results from our clients during Prime day promotions, where they have been able to increase budgets to improve visibility and uplift their sales.

We’re offering for a limited time only; a review of your three best-selling products using our 52-point check and a complimentary ads audit. If you would like to take advantage of this exclusive offer, please get in touch with our team here.