We give you our recommendations for Amazon Prime Day, one of the most marked days on the calendar by both customers and marketplace sellers.
What is Amazon Prime Day?
Amazon Prime Day is undoubtedly one of the most anticipated days for Prime users of the platform, since, for a limited period of time, they can access exclusive discounts on products from different categories. This Prime Day is a global event that represents a great opportunity not only for buyers, but also for sellers. To give us an idea, on Prime Day 2020, small and medium-sized businesses around the world that sell their products on Amazon registered the two days with the highest sales volume in their history.
This event gains more and more magnitude every year, in fact, Amazon’s Amazon Prime Day 2020 got the position of the largest sales event in the company’s history. On the one hand, buyers were able to save a large amount of money on their purchases and sellers, obtain a good collection. Last year in total more than 3,500 million dollars in sales were raised.
Taking these figures into account, one wonders…
How to get the most out of this great Amazon event and improve sales?
Who can buy on Prime Day and who can sell?
As we have said before, Prime Day is the most anticipated day for Amazon Prime customers. Prime is a type of membership that offers advantages when buying such as fast and free shipping or even having access to Amazon television (known as Amazon Prime Video), among other things.
It is estimated that almost half of Amazon customers are part of the Prime community.
Well, as its name suggests, Prime Day is focused on Prime customers. That does not mean that no one else can participate that day, since there are some tricks that will allow us to take advantage of this particular Amazon “Black Friday”, such as the 30-day free trial of Amazon Prime Spain.
Just as there are requirements to be able to buy on Prime Day, there are also requirements to be able to sell at discounts. This is explained because this day is considered the most important of the year for Amazon, the day on which the most money is raised. Due to this, all products sold on Prime Day must meet quality standards so as not to disappoint anyone.
Among all of them, the most important are: that the seller has a minimum score of 4 stars and that of the product to be offered three and a half.
New sellers who have not received any feedback are also given the opportunity to sell that day to give them a boost. So within these requirements, sellers and products without any valuation also enter.
On the other hand, the discounts offered must be 5% less than the lowest price of the last 30 days for Prime customers. In the event that you want to give a discount also to customers who are not part of Prime, this discount should be a minimum of 20%.
Prime Day is not just any day
As we have said before, Prime Day is the day on which Amazon invoices the most of the year. It is very interesting to know the reason why this day is celebrated in the summer months. Well, the months of June and July are traditionally the seasons in which there is less billing. So from Amazon this strategic action was thought of to prevent sales from falling so much. This is how it is achieved that in the month that was least forecast to sell, there is the day in which the most is billed. To get the most out of it, you have to take into account our recommendations for Amazon Prime Day.
After six consecutive years celebrating Prime Day, two editions in particular have to be highlighted: firstly, the 2019 edition. That year, more than 175 million products were sold in two days, that meant a total of 3,000 million Euros sold in 48 hours.
Edition that in its day revolutionized the Internet and the world of Ecommerce, but that fell short if we compare it with the total turnover of the following year: 2020. The year of the pandemic, the rise of electronic commerce and the digitization of a large number of business, increased Prime Day sales to $3.5 billion. Last year, achieving that total billing, it is said that shoppers saved a total of 1.4 billion dollars by planning their purchases from the discounts of those days. The peculiarity of that edition was also important, since it was held in October.
When will Prime Day be celebrated?
Like every year, Prime Day is secret almost to the end. Only Amazon executives know the date and keep it under lock and key. The only thing we know is what the CFO of the platform, Brian Olsavsky, said on April 30. He stated that Prime Day would be in the second quarter of 2021, more specifically at the end of June.
How to prepare for Amazon Prime Day? Our recommendations
One of our top recommendations is to stand out from the competition on Prime Day. To achieve this, there are a series of strategies that we can carry out.
Promote advertising
If a seller uses the same daily budget for advertising on Prime Day (the busiest day of the year), this budget will be used up very quickly (in normal business, in the first three hours). That is why there are experts like Guillermo Zaluaga who recommend tripling it.
control inventory
Another of our recommendations for Amazon Prime Day is to control inventory.
Especially that of the best-selling products or with the greatest sales potential. Normally what you want is to give a boost to the best sellers, but promoting those known as “Hot Product” (hot products) is a highly recommended strategy. Therefore, inventory planning has to be done for those two days, since taking into account that we are talking about the busiest day of the year, if a product is successful, it will generate many benefits.
Discounts
Apart from all the planning and positioning management, the grace of Prime Day is in the discounts.
You have to find the perfect discounts for the perfect products.
There are two types of recommendations for Prime Day that we propose:
The first is the strategy that starts from the seller himself. This is based on researching the competition, forecasting the actions they will take, the prices they have, etc., in order to act optimally and position themselves ahead.
The second strategy, on the other hand, is based on the recommendations that Amazon sends to its sellers for Prime day. A little over a week ago, some sellers received messages from Amazon recommending creating coupons on specific dates (after Prime Day) and then the same platform update those dates taking Prime days into account.
Facilitates the client's work
When we say “facilitate”, we refer to optimizing the detail pages to leave no room for any doubt, whether it be about the product, the brand, or the payment method.
One of the things that should not be done is to prepare the same day of Prime. Changing names, bullet points or images on the same day will not generate any kind of benefit.
With this, what we mean is that for the most important day of the marketplace, one cannot go “on an adventure”, but rather has to have a previously created planning and strategy to get the most out of that day.
Conclusion of our recommendations for Amazon Prime Day
By summarizing our recommendations for Amazon Prime Day, we could say that it is very important to prepare ahead of time for this day. We must have inventory well controlled and plan it. On the other hand, Amazon’s own recommendations can be very useful to us.
In addition, knowing the competition will put us at an advantage over them. What we must be clear about is that, being a different day, the actions cannot be the same.
Do you want to sell more on Amazon Prime Day? We help you
At Década Studio we are aware of the importance of Amazon Prime Day for your business to gain visibility and increase sales. In addition, we are experts in carrying out advertising campaigns on the platform and we offer comprehensive management of the entire sales process so that you can get the most out of the platform.
Do you want more information about the services offered by Década Studio within Amazon?
