Amazon has established Prime Day as one of the most anticipated E-commerce events of a calendar year after launching it in 2015. As the name suggests, Amazon Prime Day is a global shopping extravaganza created exclusively for Amazon Prime Members where they receive huge discounts and offers on a wide range of products and services. The two-day affair also presents significant opportunities for Prime-eligible sellers. Hence, if you’re an e-commerce seller reading this, Prime Day should already be on your radar. Putting that into context, here are some tips and best practices to leverage the most out of this event and grow your sales exponentially.
Inventory and Stock Management
As a seller, you must stock up on the best-selling products that you’ve planned to promote on this year’s Prime Day. And, the inventory should be prepared for the following days as well. There isn’t a specific need to go overboard, but it is important to keep in mind that running low on stock can essentially kill the listing. Even if the item is restocked later, it becomes an uphill task to get the listing back on the first page, and the seller scores take a massive hit as well.
You must have a backup plan to manage excess inventory if the sales don’t go as planned. It cuts down a sizable amount of storage fees. If you’re an FBA seller, you can protect the Inventory Performance Index (IPI) score by clearing stranded stock and avoid storage limits or overage fees.
Effective Bundling Strategy
An extremely underrated product offering, bundles can help in clearing unsold stock or loss-leading items. It allows you to sell more quantities of the lagging inventory at once, and by listing the bundles as individual listings, you can also avoid competing with others. This way, you can provide great Amazon Prime Day deals to your customers without actually offering high discounts. For instance, when you pair a top-selling item with a less popular product, buyers may feel that they are getting a significant discount on one item, but ultimately they end up paying more for the second item.
Also, ensure that the value of the combo pack is quantified within the product listing. Mention how customers will be receiving an additional item for free or for a low price.
Optimize Your Listings
When buyers land on your listing page, you would want to maximize the opportunity and increase your conversion rates. But, low-quality images, a dull copy, or incomplete product details can redirect them to a competitor’s listing. It is essential to avoid this, especially on a competitive event like Prime Day. Focus on establishing trust by providing a variety of high-resolution images, including ones that showcase your product when in use. Provide all the details of the products and their functionalities while addressing the customer’s pain points simultaneously.
Others factors to ensure higher sales:
- Enrich the title, description, and bullet points with essential keywords to increase your product listing’s visibility on the platform
- Categorize your product accurately
- If you’re a registered brand, you must also include Enhanced Brand Content (EBC) to leave a lasting impact on the visitors
- Get more reviews for the products on the days leading up to Prime Day
Watch Your Promotional Spends
Amazon Prime Day poses its fair share of challenges for sellers. High ad spends, and reduced sales price cut down profit margins drastically. For this very reason, some brands tend to focus on the bigger picture over short-term gains, utilizing this extravaganza as a platform to build product awareness and attain repeat buyers at full price post the sales too. Brands that improve their visibility on Prime Day with effective ad campaign strategies, often see a rise in demand for their offerings.
Brands delivering the most productive results on Prime Day often engage in cross-promotion on days preceding the event. This way, brand recall is significantly enhanced, and when the big day approaches, the momentum helps push more sales. Sellers can make use of both organic and paid channels to spread the word. Emails, social media posts, ads, and website banners are all widely used.
Tease your sales rather than disclosing that your brand will be a part of this E-commerce carnival. Most importantly, make use of your existing audience’s influence to improve visibility both on and off Amazon.
Capitalize on Surge
According to some reports, online sales in the United States jumped to $73.2 billion in June 2020 year over year, a 76% rise as compared to $41.5 billion this time last year. The rise in demand is majorly due to the arrival of COVID-19 and it is expected to grow even further as the year goes on. Although challenging, this situation provides a massive opportunity for brands and sellers to improve sales and expand their consumer base. Prime Day is the perfect event to capitalize on the present scenario by providing the best Amazon Prime deals, or simply building awareness for products that will sooner or later be highly profitable.
Prime Day is an occasion when more than 100 million Prime users are eagerly waiting for insider discounts and offers. Brands can maximize their returns by having their inventory, listings, and promotional efforts ready well before the rush takes over. With over 175 million items sold in 2019, a new record for Prime Day, this year should be no different.
If you are a seller looking for expert assistance for Amazon Prime Day and the upcoming holiday season, we are more than happy to plan and strategize your sales efforts. Know more about our services by clicking here.