Are you ready for the Amazon Prime Day? It’s right around the corner, and it's the perfect time for Amazon sellers like you to shine!
Are you equipped to handle the rush and maximize your profits?
Dive in with us as we break down tips and tricks on how to prepare for Prime Day 2024. From stocking up on inventory to optimizing your listings, we've got your back.
Don’t miss out—keep reading to learn how you can gear up and make this Prime Day your most successful yet!
What is Amazon Prime Day?
Let's explore why Prime Day is one of the biggest shopping events each year and how it has grown.
Amazon started Prime Day in 2015 to celebrate its 20th anniversary. Initially, it was a one-day event exclusively for Prime members. Since then, Prime Day has become even bigger than Black Friday and Cyber Monday, making it Amazon's largest annual sales event.
It offers better deals on more products, which boosts sales and Prime memberships. In 2023, Prime Day generated nearly $12.7 billion, marking it as the most successful Prime Day to date.
As the e-commerce world changes each year, Prime Day 2024 is expected to be a huge event for both Prime members and Amazon sellers.
How FBA Sellers Can Prepare For Amazon Prime Day 2024
If you’re an FBA seller looking to maximize the benefits of Prime Day 2024, it's crucial to start preparing early. Take proactive steps now to ensure your business is fully equipped for the busy period.
1. Offer Multiple Savings Options to Customers
To attract customers to buy your products during Prime Day, consider setting up deals, discounts, and promotions on your listings.
Even if you don't offer discounts, the surge in Prime Day traffic could naturally boost your sales. However, giving customers saving options can enhance this effect. Here’s how you can do it:
Prime Day Event Deals
People visit Amazon on big sale days expecting to find deals. Although offering discounts is not essential to seeing sales increase on Prime Day, doing so can certainly boost your results.
You have until May 3, 2024, to submit deals for the Prime Day week. Visit the Deals section in Seller Central (under Advertising > Deals) to see your submission options. Note that the fees for these deals are higher during Prime Day due to the increased customer traffic and visibility it brings.
For example, running a Lightning Deal for our Washable Pee Pads during Prime Day week could cost between $300 and $500, compared to the usual $150. Assess if the higher fee is worth it based on your past success with such deals and your product's conversion rate.
If you're just starting or have a limited advertising budget, you can skip this and go for a Prime Exclusive Discount or a coupon instead.
Prime Exclusive Discount
Besides Lightning Deals, you can offer a Prime Exclusive Discount. This shows a discounted price with the original price crossed out, making it clear how much Prime members save. Set these up in Seller Central under the Advertising tab, and look for Prime Exclusive Discounts.
Coupons
Coupons are effective because they appear as a bright green tag next to the listing price, making them hard to miss. This helps customers easily see the discounts without needing to search.
Create a Promotion
In Seller Central, you can set up various promotions like "buy one get one free" or discounts on additional purchases. You can also generate custom promo codes for social media or influencer partnerships, which link back to a dedicated marketing page on Amazon.
2. Stock Up on Inventory
It might seem obvious, but it’s crucial to order your inventory now to prepare for Prime Day. Start discussions with your suppliers to ensure your stock will be available on time.
Amazon Prime is scheduled for July 16-17th. Try to ship your items as early as possible to avoid any unexpected delays.
If you use FBA, remember to check your FBA capacity limits before placing large orders. With the new rules, sellers can now plan their inventory needs three months ahead.
If you find that your capacity limits are low, focus on improving your sell-through rate and clearing out excess inventory.
3. Optimize Your Listings
You should prioritize optimizing your listings before any major sales event. Even though discounts are crucial to attract buyers, compelling product listings are needed to secure those sales.
Here’s how to make your Amazon listings better:
Review Your Listings: Examine your title, bullet points, images, and descriptions. Ensure they are current and engaging. If you need help crafting your listing, consider seeking assistance or using listing optimization tools.
Test Your A+ Content: If you're registered with Amazon's brand registry, use Amazon's split-testing feature to find out what works best for converting visitors into buyers.
Boost Your Reviews: Gaining more reviews can be challenging, but implementing an automated system to send review requests to customers can help increase your review count.
Starting these optimizations well before Prime Day can increase your sales and improve your Best Sellers Rank. The better your listings perform now, the more advantage you'll have when the Amazon traffic peaks during the sale.
4. Amp up Your Advertising Budget
Got your sights set on Prime Day? It's a blockbuster shopping event, and that means your ads might get clicked a lot more. But what if your budget runs out too soon? Your ads would stop showing until the next day. Want to avoid that and keep your ads running? It's time to boost your budget!
How do you do it? Budget rules are your best friend here. You can set rules to increase your budget automatically before big days like Prime Day. Just pick a percentage to boost your budget by, and set the dates or choose the event. This way, your ads keep playing when it matters most.
5. Enhance Your Marketing Strategy
Boost your brand's presence on and off Amazon to ensure your listings are visible during Prime Day. Start early to attract a larger audience with fantastic deals when the sale begins.
Here are some straightforward marketing strategies:
Adjust Your PPC Campaigns: Review your pay-per-click (PPC) ads. You may want to bid more on key keywords to improve your visibility. If you're a brand-registered seller, use Amazon’s advanced advertising options like Sponsored Brands and Sponsored Display ads.
Run Ads Outside of Amazon: Increase your sales by driving traffic from outside Amazon. Use platforms like Facebook and Google ads, which offer detailed targeting options. Make sure to measure your traffic and sales from these sources using Amazon Attribution.
Leverage Social Media: People are increasingly turning to social platforms like Facebook, Instagram, YouTube, and TikTok to discover new products. Engage them with posts, stories, and videos that highlight your Prime Day savings. You can also repurpose this content on Amazon Posts.
What to Do on Prime Day
Visibility plays a key role in Prime Day's success. It's crucial to ensure all your deals are live and running smoothly, so double-check that your ads are showing up properly. You should also keep a close eye on your budget to use it effectively.
For instance, consider reallocating funds towards campaigns that are performing well and getting a lot of views.
Other considerations for the day:
- Monitor Inventory: Monitor your stock levels and use backup fulfillment methods, such as Amazon Direct Fulfillment, to prevent product shortages.
- Adjust Bids: Regularly check and adjust your CPM (cost per mille) and CPC (cost per click) bids to ensure they are competitive and can handle the increase in traffic.
- Conduct Market Research: Look at similar categories and competitors to gather market insights.
- Check Buy Box Status: Make sure you're winning the featured offer in the buy box.
Focus on refining your strategies to boost ROI during Prime Day. This includes separating low-converting keywords, monitoring conversions, targeting competitive products, and monitoring changes in keyword trends and search volumes.
Increasing your bids can improve your ranking, and managing your budget effectively allows for more aggressive bidding. All these efforts aim to enhance your visibility and maximize returns.
Make The Most of This Prime Day
Prime Day is a golden opportunity for Amazon sellers to significantly boost their sales and visibility. Partnering with experts who know the ins and outs of Amazon's ecosystem can be invaluable to ensuring you make the most of this event.
With Seller Candy by your side, you can prepare for Prime Day with ease and confidence. Let us handle the operational details while you focus on your sales strategy.
Ready to take your Prime Day sales to the next level? Chat with an expert and discover the Seller Candy difference!
