It wasn’t long ago that nobody knew what Amazon Prime Day was. In 2022, however, Prime Day is now regarded as one of the most highly anticipated sales events worldwide, giving even the likes of Black Friday a run for its money as the definitive pre-Christmas splurge.
Just a few short years after Amazon called the trends back in 2015, Prime Day became one of the biggest “shop ‘til you drop” blockbusters of the year, rapidly surpassing the afterthought of being just another Friday night sale and growing into the mammoth ecommerce extravaganza we know it as today.
During the first year, Amazon made around $1 billion in revenue. In 2020, small to medium brands earned a whopping cumulative total of $3.5B.
This time last year, Prime Day sales jumped to approximately $11.2B, accounting for 250 million products sold during the two-day selling frenzy.
While there are many deals and discounts for shoppers to enjoy, it’s an overwhelming time for sellers. Although a great opportunity for their brands to reach more customers, unprepared sellers will find Prime Day (and the days leading up to it) to be a relentless onslaught of restocking and equity challenges.
With over 200 million Amazon Prime members, properly preparing for this highly anticipated sales event is an unequivocal must for all sellers. In this article, we’ll detail some of the most effective strategies you can use to bulletproof your brand for Prime Day 2022.
- Ensure you have enough inventory.
Shoppers will come in droves to liquidate your inventory. Before creating a marketing campaign or setting up ads, you must first be absolutely sure you have ample enough stock to keep up with demand.
For example, an attention-grabbing deal may be ideal if you’re wanting to attract sales for your slow-moving products, but the stakes involved in tying those products to your high-performing ones are much, much higher under the consideration of whether or not your top sellers will run out of stock before the end of the day.
If that happens, your customers will pass over your entire catalog and give your competitors more sales. Keeping your inventory well-stocked while maintaining its quality will indeed earn your customers’ trust.
Having a massive and versatile inventory will keep your brand hyper optimized. While supply chain issues became more prevalent during the pandemic lockdowns, successful brands can attest that manufacturer-related problems have been a ripple-effect denominator to their business. Brands that stood strong amid their supply issues experienced a 4.2x boost in their overall sales, whereas brands that struggled to uphold inventory only saw a 3x increase.
Customers are more likely to purchase products from a brand that assures them the items they’re looking for are reliably stocked. Conversely, if a shopper can’t find a particular item from one brand, they will look to another source that sells a product similar to their initial preference.
A study from Profitero analyzed that 44% of customers who spent over $500 during Prime Day 2020 are more likely to spend double the amount this year, and 41% of shoppers said they plan to spend the same amount or more, so keeping your inventory replenished is critical to improving your brand’s optimization.
- Start nourishing your customer base before the event.
Promote your upcoming Prime Day deals. Advertise across different platforms and send out email flyers, coupon codes, and discounts.
When doing the advertising, it pays to go heavier on them before Prime Day so your customers will already be informed and ready to pour cash into your listings. Actively uploading to TikTok, updating your social media channels, and attaching promotions on your Shopify store will increase the add-to-carts lying in wait for the big day. You’ll also want to look for opportunities to target and engage the demographic of shoppers showing interest in products exclusively going on sale for Prime Day.
- Make sure your product listings look compelling.
Nothing convinces a customer to impulsively buy a product more than professionally-taken photographs and positive customer reviews. These are important to have year-round, but specifically regarding Prime Day, it’s imperative that your listings look their absolute best.
If you’re lacking them, consider asking your customers to leave positive product reviews, and encourage them to attach photos and videos demonstrating their enjoyment of your product.
Also, if you’re worried about losing revenue due to slimmer margins, bear in mind that 78% of consumers are aware of Prime Day, and a whopping 64% of them said they intend to shop during it. To capitalize on as many sales as possible, however, you must give your customers a remarkable shopping experience.
- Treat Prime Day like a dry run for Black Friday and Cyber Monday.
Test new ad campaign ideas and use social media platforms to rev up your customers. Experimenting with campaigns will help you expose the weak spots you’ll want to improve on before heading into the holiday shopping spree.
Generate more customer reviews by utilizing Amazon’s “Request a Review” feature. Add insert cards in your product packaging containing a small blurb about your brand and the inquiry for a 5-star review, or include a free product sampler/teaser for an upcoming product release.
Once you’ve carefully evaluated your performance for Prime Day, it’s important to review the feedback of your customers, starting with these questions:
- How does your brand offer better product promotions?
- How can you improve purchase satisfaction?
- How quickly can you build targeted audiences and launch high-performing campaigns for them?
- How can you improve omnichannel advertising and customer service?
With these observations, you’ll be able to effectively forecast how to improve your performance on other big sales.
- Offer great deals!
…And “great” is really an understatement.
Prime Day is undeniably anticipated because of its amazing deals.
The modern consumer is naturally most interested in the products they think will give them the best bang for their buck, so Prime Day is an obvious choice to save more on purchases.
It’s been found that 48% of people across all ages impulsively buy on Amazon. While nearly half admits to making unplanned purchases, brands that offer discounts experience a 5.2x boost from their sales.
With so many opportunities available, Amazon Prime Day gives brands an unparallelled chance to increase their visibility and conversion rates. To make the most of it, ensure you have a solid plan in place to stay atop of inventory. Get creative with advertising and promotions. Develop an ironclad marketing strategy to improve your ranking on SERPs and boost those conversions!
Not sure you have all the tools needed to put together a Prime Day game plan? We can help – reach out to us today!