Amazon’s Prime Day is a highly anticipated yearly sales event exclusively for Prime members. This year’s Prime Day will be held on October 13th and 14th and will feature thousands of deals on products in a variety of categories, with an emphasis on electronics.
Although Amazon typically holds Prime Day in July, it was pushed back due to the pandemic. The skyrocketing demand financially benefited Amazon but strained its operations. Now, with the most turbulent days behind it, Amazon is ready for its big shopping holiday.
Prime Day Then and Now
Last year, Amazon extended Prime Day from a 36- to 48-hour event and sold approximately 175 million items, contributing to Amazon’s $280.5 billion in sales and breaking previous Black Friday and Cyber Monday records. Prime members paying $12.99/monthly or $119/yearly (or on a free month-longly trial) have access to the major Prime Day deals over the two-day window. This year, Prime Day falls in October, and the expected effect on the 2020 holiday shopping season is notable.
Prime Day has a ripple effect on the industry and drives revenue and performance for retailers and third-party sellers in the Amazon ecosystem. In the past, Prime Day would fuel the back-to-school season and give consumers a head start on deals for holiday shopping. Now, with Prime Day falling just weeks before Thanksgiving, Amazon Prime Day will lead the industry’s holiday shopping season.
How Can Brands Excel on Prime Day?
Adlucent helps clients increase Prime Day revenue by creating marketplace strategies to plan inventory ahead of time, allocate sufficient budget, and ensure brand deals stand out from competitors’. Adlucent also guides brands in maneuvering Amazon’s Prime Day curveballs and balancing promotions, as well as managing price cuts and coupons.
Brands can prepare for Prime Day in the final days leading up to the event by incorporating the following 7 Quick Tips for Amazon Prime Day Success from our experts:
Gather insights from last year’s Prime Day and identify pain points. Review what worked and what didn’t. Then ask, “How can we improve?”
Identify the types of promotions and campaigns you’ll have running and plan to start advertising all affected products anywhere from 7-10 days in advance to have campaigns properly ramped up.
Plan to take advantage of all available ad types on Amazon, including newer options like video ads and Amazon Posts (as well as mobile-targeting storefront ads).
Prepare and update your Amazon storefront to be as user-friendly and intuitive as possible, with deals or promotions featured prominently on the page.
Make sure to have an ample budget to keep campaigns running all-day.
Identify any higher-selling products that are going to be a part of Prime Day promotions and provide the proper visibility.
Work on getting your AOV and other efficiencies as high as possible before Prime Day, as it’s not uncommon to see slight declines in efficiencies during promotions.
As Amazon Prime Day quickly approaches, shoppers and retailers alike anticipate a successful day of deals. Brands following the above tips – as well as strategic planning with a partner like Adlucent – can get ahead of the competition and thrive on Prime Day.
Download our 2019 Amazon Prime Day white paper to learn more about how to set up your advertising strategy to take advantage of the event!