Benefit from Amazon Prime day by being creative
On July 16th, Amazon’s 4th Prime day will start. Where it started as one day full of discounts, it’s now extended to be a 36-hour long discount rain not only for Amazon itself but also for 3rd party sellers who’ve seen their sales grow with 50 to 200% on previous Prime days. Unfortunately, the deadlines for creating big prime deals are already over, but you can still benefit.
First and foremost, you’ll benefit from the growing popularity of Prime day and the marketing campaigns Amazon is hosting around their big shopping day. Amazon claims to have added tens of millions of new Prime members during Prime day last year. This doesn’t mean all of them bought something, but it gives an idea of the popularity of the shopping event. There are over 100 million prime members in total, worldwide.
Lower your prices
This increasement of traffic on the website does also increase your chances of selling. Especially when you join in on discounts, even though you can’t promote them on Amazon. Just like with Black Friday, Prime day is a great event to get rid of your leftover stock by cutting your prices. Or offer free shipping, something that’s included in a Prime membership so probably a valued discount option for Prime members. You can promote your discounts to your current customers if you happen to have an email list. This way you’re sure to reach an audience, even if your discounts don’t get a lot of attention on Amazon’s website.
It’s also a good idea to invest a little more in your advertisement since your daily budget shows your product to a limited amount of potential buyers. With more traffic, more people will see your advertisement in a shorter amount of time. To fully benefit from this extra traffic, increasing your advertisement budget on Prime day isn’t a bad idea. If all goes well, you’ll earn back your investment faster than on other days, plus hopefully a lot more.
To remember for next year
The best way to boost your sales on Prime day is by creating your own discounts and promotions. Lightning Deals, which are offered year-round on Amazon’s “Today’s Deals” page, become more important on Prime Day because of the spike in traffic and exposure. All Lightning Deals become exclusive to Prime members on Prime Day and are highlighted in short intervals throughout the day. This does mean that the costs for these lightning deals are higher than normal. They now cost €150,- per item while normally this is around €30,-. Sellers also have to meet additional requirements, like a minimum 20% discount and a three-star or higher rating on each product they submit.
Another great new feature on Amazon is creating coupons. You create a discount on a certain product which gets promoted in many different places like the Amazon coupon page, search results and even in email campaigns. You could increase your prices by a small amount, for example 5%, to offer a bigger discount with the coupon, for example 15%, to get more people excited. The higher the discount, the more likely people are willing to buy a product. But don’t overreact, if your product ends up to be more expensive after the discount than your competitors offer it without a discount, you risk a bad rating. These coupons are also available all year round, so you can try out what works for your products before the next holiday season.