It’s prime time for Amazon sellers to begin planning for Amazon Prime Day 2023. Are you ready? With discounted prices, exclusive deals and the convenience that customers expect from Amazon, Prime Day is a key driver of sales on the platform, with the potential to continue paying dividends beyond the dates of the event via incremental sales. This year, the shopping event is likely to take on greater significance for inflation-weary consumers and brands. But don't take deal-conscious consumers for granted; to gain from the shopping holiday, sellers will need to be prepared.
Originally launched in July 2015 to celebrate Prime members on Amazon’s 20th birthday, Prime Day has historically influenced sellers’ success in launching new products, refreshing inventory, and capturing increased traffic to boost sales. As brands aim to maximize sales and reach budget-conscious consumers on the world’s most competitive marketplace, now is the time to prepare your Prime Day 2023 strategy and build toward rocketship growth on the Amazon platform.
What makes Prime Day 2023 unique from previous years?
Prime Day offers numerous opportunities for brands each year, from reviving sales or moving inventory. These advantages are especially salient in a dreary economic outlook. In fact, data from Prime Day 2022 proved that frugal consumers will spend if the price is right. Despite a historically high inflation rate, shoppers brought in an estimated $11.9 billion in sales and saved over $1.7 billion on more than 300 million items last year.
What makes Prime Day even more important this year is that Amazon sellers can use the event to build sales momentum in the weeks that follow by taking advantage of Prime Day’s halo effect. When optimized product listings drive more sales during the event, Amazon’s algorithm will support that growth with an organic lift in product rankings.
The customer in 2023 is going to be penny-wise and will most probably know ‘what they want to buy.
Banerjee offers a series of strategies to deliver on those needs. “To create that want, we recommend you use unboxing videos, sleek product videos and interactive premium A+ coupled with a brand store that can differentiate you in the customer’s mind.” Basically, offering a good product and customer experience during Prime Day will continue to drive traffic and incremental sales. But optimization is key to reaping these rewards, because other top-performing sellers can achieve these gains, too.
Begin preparations for Prime Day now.
Prime Day is more than just the advertised sales event. There is a considerable halo trailing the event, especially for brands who strategized on price and had loaded discounts and deals at the ready for the post-Prime Day period. In short: Prime Day is an opportunity to supercharge long-term sales and growth on Amazon marketplace.
Again, preparation is key. To help sellers get ready for Prime Day in advance, we’ve put together a guide to Prime Day detailing how sellers can maximize their earnings through tactics that set brands up for success on Amazon. Want a preview? Check out eight steps to Prime Day success below:
- Analyze past events’ performance and trends to determine driving forces for engagement and conversion rates.
- Identify seasonal trends and what shoppers are interested in at that particular point in time. Note: Offer different product types to provide shoppers with a broader selection and them away from your competitors.
- Provide a discount on your related products to incentivize shoppers to purchase your products over your competitors.
- Launch targeted ad campaigns to stand out from the competitors. Note: Specific Prime Day campaigns should be launched a month prior to Prime Day.
- Dial in on the top-performing products and increase the daily ad budget to avoid running out of funds first thing in the morning when active hours could be later in the morning.
- Optimize ad campaigns by running A/B Test Experiments to identify the best performing version of the product listing.
- Track campaign performance frequently and strategize for future events. Be sure to note inventory levels to avoid running out of stock or have dropship transmitted as a backup.
- Extend your efforts two weeks after Prime Day to maintain the relevancy, momentum, and growth built leading up to the event. Note: traffic will still be higher than average as shoppers continue searching for trickling discounts.
There’s even more to uncover in the full guide, where you’ll learn how to determine if Prime Day is suitable for your brand, the best advertising practices, and the right strategy for a successful shopping sales event.
Don’t wait to get your Prime Day preparations in order—grab your copy now.
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