Amazon's Prime Day, scheduled for July 16th and 17th this year, is Amazon's largest self-made holiday. Last year's event saw Prime members purchasing over 375 million items and saving more than $2.5 billion, making it the most successful Prime Day ever. In 2024, Amazon is marking its 10th anniversary of Prime Day and is poised to set new records.
Treat Prime Day as a three-week period (10 days before and 10 days after) to maximize promotional efforts and sales opportunities.
Taking care of the basics should generate a 2x-3x sales lift. Add off-Amazon traffic and you can see sales lift up to 10x your normal daily sales.
Here are your Prime Day goals:
Increase Sales: This is the primary goal of Prime Day—significantly increasing sales volume.
Launch New Products: Launch new products with discounts and feature them prominently on your Storefront.
Clean Out and Sell-Through Excess Inventory: Use Prime Day traffic to clear out excess inventory by offering discounts. Analyze FBA Analytics to identify items worth discounting.
Organic Ranking Improvements: Focus aggressively on selected keywords in PPC campaigns to boost organic search rankings during the high-traffic period.
Here are strategic steps to leverage this event effectively:
Inventory Management
FBA:
Expect delays in receiving inventory, but ensure active and in-transit inventory is ready before July 5th. You should have sent in additional inventory to FBA at least 30 days ago, 45 days is better. Send new shipments for items with less than 30 days of usual volume.
Increase your Subscribe & Save (S&S) discount by 5%.
General comment – If you’re running the 5% minimum S&S discount, consider a 10% S&S discount as this will result in substantially stronger S&S subscriptions.
FBM:
Though the focus is typically on FBA, protect your listings by having FBM listings as a back-up.
Now that S&S is available for FBM listings, add a S&S discount of at least 5% as S&S offers usually get an edge in visibility.
Advertising and Marketing
On Amazon:
Run promotions alongside advertisements to maximize sales potential.
Expect bids to go up across all categories. Increase your budgets at least 20% and focus on increasing bids on your most important keywords.
A strategic keyword strategy will result in a better ROAS. If you don’t, your competitors will and you’ll lose market share and ranking.
Yes, you want more sales. However, ultimately, you want to increase your organic ranking which will pay long term dividends and reduce your longer-term advertising costs.
On Amazon advertising tools:
PPC advertising - both targeting and retargeting
Prime Day Exclusive discount
Regular Coupon
Virtual Bundles
Brand-Tailored Promotions
Subscribe and Save coupon
Amazon Posts (align with your off Amazon social media posts)
Creator Connections
Off Amazon:
Direct off-Amazon traffic to your Amazon store to increase sales and visibility.
Off Amazon advertising tools:
Email (Use Prime Day in subject line)
Social media posts (align with your Amazon Posts and use Prime Day posts)
Social media advertising – Meta, Tik Tok
Offer the same discounts on your Retailer.com website the week after Prime Day for those shoppers who missed out.
Account Health
Ensure your seller account is in good standing to avoid disruptions during this critical period.
Your Seller Prime Day Routine
Check your Amazon account multiple times daily for budget statuses, product notifications, account health, FBA inventory updates, and marketing changes.
Document observations, key metrics, and any issues post-event to improve future strategies.
Measure, Track and Document
Track your metrics to gauge the success of your Prime Day efforts.
Total Sales
Order volume
Items per order
Average order value
Conversion rate
Repeat customer rate (available at least one week after)
Subscribe and Save rate (available month+ after)
Add to Cart (Brand Analytics)
Brand Share Ratio (Brand Analytics)
Store visits and purchases
Coupons redeemed
Social media promo codes redeemed
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