Amazon, the e-commerce giant, celebrated 20 years of dominating the online marketplace by introducing this day known as “Prime Day”. This is considered the biggest sales event of the year. Amazon Prime day is a global shopping event which is filled with discounts, low rates, coupons, etc for their products, held annually around mid July.
This year Prime Day would be held on 16th July 2018. It will start at 3PM. ET (Noon PT) and will run through 17th July. Most importantly, this year the sales would last for 36 hours, instead of the last year’s 30 hours.
According to Amazon, tens of millions of Prime members made purchases on Amazon Prime Day 2017, which is way bigger than last year’s purchase. This means the Prime membership has increased remarkably.
In order to avail the benefits on Amazon Prime Day, the members should have Amazon Prime membership.
According to an analysis, businesses made 60% more profit during Amazon Prime Day 2017 than a week prior to it. If the growth of the online shopping continues, Prime Day 2018 would surmount $3.5 billion sales in just one day. This is definitely an awesome opportunity for sellers to increase their revenue and visibility in the marketplace like Amazon.
Benefits for sellers on Amazon Prime Day:
- Increase their sales and revenue.
- Build brand awareness.
- Removing inventory to prevent long-term storage cost.
- Launch brand new products and increase their sales pace.
Sellers have to realize that they have to focus on the entire month rather than just Prime Day if they want customer acquisition. Lead up activities that are required to prepare before the sales day and lead out activities that pushes sales even after the sales event, are very important to include as a seller’s strategy.
Following are 4 most important strategies that businesses can use to increase their sales:
- Offering Promotions and Offers: Amazon sellers and vendors are encouraged to offer various promotions and offers on their best-selling products to generate more sales. Amazon has various promotions which can be applied to the products on Prime Day.
- Lightning Deals: Amazon Lightning Deal is a deal with limited number of discounts on an item for shorter duration. These deals can be found on Amazon.com, including the Gold Box Page, and are applicable one per customer, until the promotional span expires or the available discounts have been claimed. Products featured on Amazon Lightning Deal especially on Amazon Prime Day; usually, enjoy a hike in sales throughout the promotion period.
- Amazon Coupons: Amazon Coupons are a powerful promotional tool, especially on a big event like Amazon Prime Day to increase their brand awareness and generate more revenue. These coupons help the vendors sell their products directly to their customers who are willing to take advantage of the deal. This not only helps the vendor but also the customer who gets the product at a much lower rate.
- Deal of The Day: Deal of the Day is the deal for only one item or two or more closely related items for only one particular day. This deal is available only for vendors. They can take advantage of this deal on Amazon Prime Day to pace up their sale.
- Increasing Bids: Amazon sellers should increase their bids on campaigns like Sponsored ads and Amazon Marketing services on such sales event running on specific products. It is better to increase your bids by at least 50%. There are already many sellers and vendors wanting to sell their products on Prime Day, so make sure to keep your bids competitive. This will ensure valuable traffic to your products which you want to sell. Focus on your top converting keywords. Remember, on Prime Day, it is better to bid aggressively to stay ahead in the game, especially on Amazon.
- Monitoring Budget: As we all know, bids and clicks will rise on Amazon Prime Day very quickly. It is very important to closely monitor the budget so that it doesn’t get exhausted. If any advertising campaign on Amazon runs out of money, the vendor can activate those ads again. This will ensure continuous traffic to your catalogue or products. Advertisers can check their Sponsored products budget by clicking on Advertising tab> Campaign Manager > Settings.
- Leverage Amazon Branding: Brands should not focus solely on sales rather they should make most of this sale event by leveraging Amazon Branding to increase their customer base and establish their brand. Amazon is providing brands with multiple options to stand out and promote shopper loyalty by offering them creative tools and features.
Amazon offers a variety of branding features which brands can make use of including:
- Amazon Stores
- A+ Content
- Premium A+ content
- Enhanced Brand Content
These features help the brands to enhance their aesthetics in the marketplace and to drive more traffic to their catalogue, increasing their conversion rates.
These 4 strategies will definitely help the sellers boost their sales on one of the most awaited day of the year, the Amazon Prime Day.
If you want to know more about generating sales on Amazon you can check out our blog on How to Generate Amazon Sales In 2018.