It's that time of the year again when Amazon celebrates its self-created holiday. A one-day sale created exclusively for Amazon Prime members that will occur the second week of July.
Amazon has officially confirmed Prime Day 2017 to be on July 11.
As Amazon prepares to wow and dazzle, many third-party sellers are getting their act together to take advantage of the boost in sales that await them. And you should too.
Because Prime Day will likely be the giant online retailer’s biggest sales day ever.
While the exact numbers have not been released, Amazon said 2016's Prime Day generated the most sales ever on a single day. Meaning its numbers went way past those of Black Friday and Cyber Monday.
Prime Day, which debuted in 2015, has been known to be a one-day affair. But according to chatter on the Amazon seller forums, Amazon Prime Day 2017 is likely to become an entire week’s extravaganza. Something that Amazon’s Prime members will certainly not mind.>
As you may already know, Prime members enjoy quite a lot of perks. Perks that eBay and Walmart are still trying to match up to with their new offerings, Guaranteed Delivery by eBay, and Walmart's Free Two-Day Shipping. With a Prime Day-Week, Amazon is looking to leave everyone else in the dust as it solidifies its core customer base and dominates its market share.
So if you are an Amazon 3rd-party seller, it’s your chance to take advantage of this golden opportunity to maximize your sales.
How to prepare for Amazon Prime Day
According to Payability.com, there were more than 81 million visits on Amazon.com during Prime Day 2016. This was up 5.6 percent compared to visits on Prime Day 2015. And this growth is expected to continue this year.
So as a seller, this will be a huge opportunity to get more eyeballs on your products whether you were invited to participate in Prime Day or not.
Under no circumstances should you just sit there waiting it out while doing nothing to take advantage of this mass marketing bonanza. You need to be ready.
The first thing you need to do is to get your hands on the Printable Prime Day Checklist.
Then here's what you should do to prepare:
1. Learn from the past
Take a look at what happened with your sales during Prime Day last year and the year before. You could also have a look at data from the other major sale days/periods.
Doing this will allow you to figure out which products go quick or which types of consumers are your best bet.
2. Take stock of your inventory
The last thing you need on Prime Day is for your stock to run out.
So in case you are managing your stock manually, you really need to think things through. Perhaps you need an eCommerce solution with inventory management software. This would allow you to automate everything so that you can stay in control and not leave any money on the table.
3. Prepare unique promotions outside of Lightning deals
Whether you were invited or to be part of Amazon’s Lightning deals or not, you can still prepare your own unique promotions.
Perhaps a Buy One Get One Free offer or a special discount works for you. Or maybe you would want to offer other external benefits. It is all up to you. But make sure they are worthwhile so that shoppers come flooding in.
4. Make sure your listings are in tip-top shape
Very often, sellers concentrate on offering the best prices but forget to optimize their listings. You can offer the best price the market has seen but if there’s hardly any credibility and ‘findability’, your sales will be mediocre.
Before Prime Day, make sure to you are using the right keywords, check that your product descriptions are accurate and ensure that you are using high-quality photos. You could also tweak your listings to create a sense of urgency because that’s what Prime Day is about.
5. Remember other online selling platforms
Though Prime Day is specifically Amazon’s, it will create a ripple effect in the online retail world. Other online selling platforms, such as Walmart and eBay, will clamor to get some of the action by doing their own promotions.
If you have listings on other marketplaces, optimize them and stock up on inventory in order to maximize your profits there too.
Need extra insights on how to strategize for Amazon Prime Day?
Want to find out what competitive strategies to use on AMS?
Want to learn how to optimize your campaigns and ensure they go beyond the Prime Day season?
Then here is a video to watch courtesy of Amazon Marketing Services:
Let's Discuss: What else do you think sellers should do to prepare for Prime Day? Share your comments below.