It is common knowledge that the competition in the Amazon marketplace is stiff and to succeed there, sellers must come up with new strategies to sway buyers in their favor.
One of the fail-proof strategies for sales on Amazon is competitive pricing. There’s nothing Amazon shoppers love more than a good deal. If you can give them that, you can be sure of getting their coins.
Sometimes competitive pricing will mean offering discounts, coupons, and product bundles at slashed prices. But you cannot slash your profit point all through the year, so what better time to leverage discounted deals as a tool for sales than during Amazon Prime Day — the biggest online shopping event?
In this post, we’ll tell you how to leverage Amazon Prime Day as a tool for sales and visibility on Amazon. But first, what is Amazon Prime Day?
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What is Amazon Prime Day?
Prime Day is an annual two-day online shopping event where sellers offer amazing deals, and shoppers get to cop their favorite products at discounted prices.
During this period Amazon usually experiences a steep increase in sales. In 2022, Amazon generated $12 billion in revenue from Prime Day sales alone. (Source: Chainstoreage)
Clearly, this shopping event is a great avenue for sellers who know the right strategies to use, to get their products off the market.
Still not convinced on why you should leverage Amazon Prime Day for sales and visibility in 2024? Here are a few reasons why you should take advantage of it.
Benefits of Amazon Prime Day
It can provide a significant sales boost
This is one of the top benefits of Prime Day to sellers on Amazon all over the world. With a great increase in the number of shoppers on the platform during the period, positioning your business and your products properly can spur a massive increase in sales.
There are lots of effective strategies you can use to ensure your business is well-positioned and to enjoy increased visibility on Prime Day. We will discuss some of these strategies in the later part of this post.
Prime Day enables you to study your buyers’ shopping habits, behavior, and preferences.
Prime Day provides an unusual opportunity for you to learn about your customer’s shopping behavior. Because of the vast information and data that you can get from the sales during this period, you will be able to understand what products customers prefer, and what type of buyers prefer certain products. This way you can get a better understanding of your customer demographic.
These are all the very useful information you can use to improve your business and drive sales up even after Prime Day.
It’s an easy way to clear old inventory
This shopping event is known for its many exclusive offers and discount sales. Many sellers use these offers to attract new customers and clear out old inventory. You also get to reach new customers who are interested in products that may have been in stock for a very long time.
Better brand visibility and awareness
One of the best ways you as a seller can prepare your business for mega sales during Prime Day is by running promotions on Amazon. You want to reach as many customers as you possibly can. One effective way to invest in promotional ads is because you are sure to get your return in the form of increased visibility and mega sales.
5 Strategies to Help You Leverage Prime Day for Sales
With the increase in the number of buyers on Amazon during the online sales event, there’s also the issue of an increase in the competition among sellers trying to reach the most customers and make the most sales.
The key to achieving maximum sales on Prime Day is to ensure that you put the right strategies in place before the event to ensure you are reaching the right customers. So what are some of these strategies you can use to leverage Prime Day to increase sales? Let’s take a look at some of them:
Stock up on inventory
This is one of the first and most important steps you need to take when preparing for Prime Day. You need to ensure that your inventory is stocked up and ready for sale. The last thing you want is to run out of products just as the event is getting starting.
To fully maximize this opportunity, ensure that you have the right amount of inventory available at the Amazon fulfillment centers. It’s advisable to ship inventory to Amazon fulfillment centers two months before the event so you have time to attend to any issues that may come up.
As a matter of fact, Amazon has officially announced that sellers who want to take advantage of Prime Day 2024 should send their inventory to their assigned fulfillment centers before June 15, 2024.
An easy way to manage your inventory levels and avoid stockouts is to use the ZonBase Profits tool. The Profits tool comes with an inventory forecasting feature that can help you monitor your inventory levels. This feature predicts an estimated restock date based on your sales history and daily sales numbers.
You can access the tool for free for 7 days when you sign up for a free trial of ZonBase.
You should also ensure you check your Amazon storage limits before ordering products so you do not exceed your storage limit and be stuck with excess inventory. While preparing for Prime Day you have to be on top of your inventory management.
Related: Understanding Amazon Storage limits
Optimize product listing
Ensuring that your product listing is adequately optimized is a big part of achieving success on Prime Day. You may put many other strategies in place but if your product listing is not effectively optimized this will affect your sales.
The ZonBase AI Listify tool provides a no-stress and efficient way to create well-optimized listings from scratch without spending hours on content creation. All you have to do is provide a seed keyword and the tool will go through your competitor listings, identify their top-ranking keywords, and create a complete, well-optimized listing for you with minimal input from you.
You can try out the tool alongside other ZonBase tools when you sign up for a free trial of the software.
Let’s take a look at some ways you can optimize your product listing ahead of Prime Day.
- Use high-quality product images: Images are one of the faster ways to grab a customer’s attention, so ensure that you display high-quality images showing various angles of the product on your product page.
- Optimize product title and description: Review and optimize your product title and description. Use relevant keywords that customers use in their product search, also ensure your product title and description are error-free, readable, and easy to comprehend.
- Use customer reviews: Display customer reviews in your product listing. The longer and more descriptive the customer review the better. The goal is to aid customers in their shopping journey by showing them what it would be like to use your product and what better way to do this than including customers’ reviews. Customer reviews will help optimize and increase the ranking of your product listing so you can reach more customers.
- Run Split tests: Split testing or A/B testing enables you to test out different product prices, images, and copies prior to Prime Day and deduce which works best. This helps gain useful insight as to what content customers prefer and you can use this information in optimizing your product listing.
Related: Top 6 Listing Optimization Guidelines.
Market your products heavily
It’s difficult to achieve success as a seller on Amazon without an effective marketing strategy. You need to have tools and strategies in place to help increase your product visibility so that you can reach a larger audience if you want to ramp up your sales before and after Prime Day. Some marketing strategies you should be using include:
- Use social media: Social media is a very powerful marketing tool that a lot of Amazon sellers fail to utilize effectively. It’s a great way to meet new customers, connect closely with your existing customers, and share product information with your new and existing customers. You can share high-quality images, videos of the product description, and even customer reviews on social media.
There are various social media that could help boost your business visibility like interest, Instagram, Tiktok, and many others. You can share information about discounts and exclusive deals you’ll be offering to entice customers and have them anticipate your sales.
- Improve your PPC campaigns: You’ll have to improve and optimize your PPC campaigns as you prepare for Prime Day. One way you can achieve this is by Grouping Keywords based on their purpose so it’s easier for you to track each campaign and for your customers to understand.
You should also increase the campaign budget when bidding for important keywords. This will help increase your organic ranking and boost your product visibility.
- Use off-Amazon promotional ads: As much as you want to drive traffic internally to your page through Amazon promotional ads, you should also use off-Amazon ads to increase the visibility of your product listing. Platforms like Facebook and Google offer paid advertising tools that can help boost conversion. These tools offer valuable insight that will also serve as a guide for you when running promotional ads on Amazon.
Use competitive deals and discounts
To shoppers, Prime Day is all about exclusive deals and Amazing discounts. So if you want to attract customers, drive conversation and boost sales Prime Day sales you need to use deals and discounts.
- Amazon Lightning Deals
Amazon lightning deals are a great place to start. They are amazing deals offered by the seller for a short period to drive sales and very often these deals are very effective. You do however have to meet certain requirements as a seller to be able to apply for the lightning deal on Prime Day.
- You must be a professional seller
- You must obtain at least 5 seller feedback monthly
- You must have a seller rating of 3.5 stars or higher.
- You should also check your inventory level because sometimes Amazon may set a minimum inventory limit that sellers are required to reach before applying for listening deals.
- Your deal price offers must be the lowest you’ve offered for any deals since the start of the year.
- You will also be required to pay higher fees to run lightning deals during the prime day sales because of the increased amount of buyers and traffic available during this period.
It’s always a good idea to leverage lightning deals because of the high conversion rate and the massive boost in sales you stand to enjoy.
To create lightning deals for Prime Day:
- Sign into your seller account and go to your seller central dashboard
- Select “create deal”
- Click on the eligible item in your inventory
- Select the days you want your lightning deal to run.
- Enter deal price per product unit and quantity.
- Review all the details selected and ensure everything is in order before you click submit.
Amazon has officially announced that sellers who want to participate in the Prime Day sale must send in their deals before April 28, 2024.
- Offer exclusive discounts
Alongside lightning deals, you can create limited discount offers to attract customers. There’s usually an open window to set up your Prime Day discounts at the beginning of Prime week, so stay vigilant for when this opportunity comes up and jump on it. To create Amazon Prime Day exclusive discounts all you need to do is;
- Log into your seller central account
- Select Advertising tab
- Click on the Prime Exclusive deal and set up your Exclusive discount.
- Use sales promotion:
There’s a wide variety of sales promotions you can use to boost sales on Amazon prime day. Some promotions that have been highly effective in the past are the “Buy two for the price one” and the “Buy one and get 50% off on your next purchase”.
You can recreate referral codes and discounts on referrals and share them with your audience and existing buyers. This way not only do you get to reach new customers and increase sales but your existing audience will help you with product marketing.
Come up with creative and effective ways to boost sales before the prime day and test them out to discover which strategies work best.
Create product bundles
Creating product bundles involves packaging two or more related products and selling them together as a package deal. A good example would be selling a digital camera alongside a tripod stand and led video lighting as a product bundle or dog food and pet feeding bowls.
The idea is to offer these products as a single unit at discounted prices and it’s a great way to increase sales cause you’d offer customers more for less and customers love that.
You get to clear out old inventory by packaging them with complementary popular products. This enhances customer shopping experience and satisfaction because it makes it more convenient to buy related products without having to search for them on Amazon.
Do note that when you are creating product bundles for Amazon prime day you need to be sure that the products you are packaging as a unit are related in purpose and can be sold together. You do not want to package products that have no business together because these products won’t sell and instead of increasing sales you may end up stuck with excess inventory after Amazon prime day.
A great place to get product bundle ideas is by checking the “frequently bought together” section in the Amazon product listing. You could also search for product bundles on Amazon to see what product bundles other sellers are offering.
Check out this post to learn everything you need to know about creating product bundles on Amazon.
FAQs
When is Amazon Prime Day 2024?
It is certain that there will be an Amazon Prime Day in 2024. Going by the timeline of the previous Prime Day events, Prime Day 2024 is expected to hold on July 11th and July 12th, 2024.
Is Prime Day the Only Sales Event on Amazon?
No, Prime Day is not the only shopping event on Amazon. It is, however, the biggest shopping event on the platform, closely followed by the Black Friday sales which holds in November every year.
Conclusion
While you wait for the official announcement of the dates for Prime Day 2024, it’s not too early to start testing out marketing strategies that you intend to use to increase sales. The earlier you start the easier it is to deduce what strategies are not working and make changes when necessary.
