Amazon Prime Day is just around the corner, scheduled for July 16-17, 2024. While sellers ideally prepare for the event weeks in advance, there is no need to panic if you haven’t. Use this last-minute guide to review strategies and implement the right practices to prepare for a successful Amazon Prime Day 2024.
With more than 375 million items purchased worldwide, Prime Day 2023 was a huge success – and more is expected this year. Being one of the biggest shopping festivals, this annual sale is a goldmine for sellers. But turning this event into a profitable win for your retail business can be tricky as you may be unsure of which aspect to focus on. Should you optimize product page listings, focus on creating deals, seek professional Amazon product upload services, or gather positive reviews?
Use this last-minute checklist to get your priorities straight and ensure Prime Day’s success.
Amazon Prime Day 2024 – What you Need to Know
Prime Day is undoubtedly an incredible opportunity for all Amazon sellers. Millions of buyers will be swarming in looking for the best deals. This is your chance to boost your sales, gain substantial profits, and increase brand awareness by attracting shoppers’ attention to your Amazon product listing.
However, growing inflation and supply chain issues could mean big changes for sellers in 2024. Amazon has also been making substantial adjustments to FBA inventory limits, leaving behind sellers in the cloud of uncertainty.
Some of the major concerns sellers are most likely to come across this Prime Day are:
Rising CPC Advertising Costs: This time of the year is accompanied by high competition among sellers. Unfortunately, with this comes ‘ad cost spikes’. In 2023, the CPCs spiked by 38% across all categories compared to previous years. Even in 2024, sellers expect a similar spike in ad costs. But here’s the good part: Despite rising CPC costs, many brands saw an increased return on their investment in 2023, with profits exceeding the cost of advertising on the platform.
Inflation and Supply Chain Issues: Continuing inflation and supply chain disruptions have created challenges for sellers. In 2023, sellers faced a 5% fuel charge for using Amazon’s fulfillment services and tighter FBA inventory limits. These factors necessitate careful planning and flexibility in inventory management and pricing strategies (Feedvisor).
Competing Marketplaces: Amazon’s Prime Day faces significant competition from other marketplaces like Walmart, Target, and Best Buy, which have their own sales events. Called the “Prime Day Halo Effect,” this can divert some consumer spending away from Amazon. In 2023, Amazon saw $12.7 billion in sales during Prime Day, marking significant growth compared to previous years. This figure also highlights the increasingly competitive environment sellers face during the event.
What do these challenges mean for sellers?
Despite these bottlenecks, the success of Amazon Prime Day 2024 largely depends on your brand’s ability to adapt to the current market and formulate a winning strategy.
If you can optimize your listings, invest in marketing, and follow the best practices, Prime Day 2024 can bring you rewarding returns. However, you must keep a tab on market changes and customer behavior to turn these challenges into an advantage & make the most out of this event.
How to Succeed on Amazon Prime Day 2024 – A Checklist for Quick Results
Instead of taking a scattered approach, i.e., hastily running ad campaigns, hustling to gather customer reviews, or hiring Amazon product page optimization experts at the last minute, follow this checklist to create a well-rounded and profitable Prime Day strategy.
- Optimize Product Listings
Start from the basics – make sure that your listings are well-optimized. No matter how good your product is, all your efforts can go in vain if your listings aren’t engaging enough or visible to the target audience. Focus on:
- Keywords: Ensure your product titles, descriptions, and bullet points are optimized with relevant keywords to enhance visibility and search ranking.
- Images: Use high-quality images that showcase your product from multiple angles. Including lifestyle images and infographics can also help.
- A+ Content: If eligible, use Amazon A+ Content to provide enhanced product descriptions that can boost conversion rates by offering detailed information and engaging visuals.
- Pricing: Set competitive and attractive pricing. Consider using dynamic pricing tools to adjust prices in real-time based on market demand and competitor pricing.
- Plan your Advertising Strategy
Now is the time to aggressively market your deals and spread the word about your offers. Prepare for Prime Day’s success with a strategic advertising plan tailored for maximum impact.
- Early Campaigns: Start running your Prime Day ad campaigns at least two weeks in advance to build a sales history and improve your authority within Amazon’s platform.
- Increased Budgets: Be prepared to increase your daily campaign budgets to 2-3 times the normal daily allocation.
- Ad Variety: Use a combination of Sponsored Products, Sponsored Brands, and Product Display Ads to maximize your reach.
- Social Media and Email Marketing: Supplement your Amazon ads with social media and email marketing to drive traffic to your store, amplifying your visibility.
Note: If you find creating & managing your Amazon ad campaigns difficult, it is best to get help from Amazon PPC experts who can monitor and optimize your campaigns in real-time.
- Manage your Inventory
Proper inventory management is crucial to capitalize on the increased demand during Prime Day. Insufficient stock can lead to missed sales opportunities and negatively impact your product rankings.
- Stock Up: Make sure you have ample inventory to meet the heightened demand during Prime Day. Running out of stock can hamper your sales and rankings.
- FBA Prep: If using Fulfillment by Amazon (FBA), send your inventory to Amazon warehouses well in advance to avoid delays.
Additionally, if you are looking to source products based on best-seller categories from past years, our experts have curated the following list of categories that have shown strong performance over the years:
- Electronics and Gadgets
- Amazon Devices
- Apple Products
- Smart Home Devices
- Home and Kitchen Appliances
- Cleaning Devices
- Kitchen Gadgets
- Air Purifiers
- Beauty and Personal Care
- Skincare Products
- Hair Styling Products
- Grooming Tools
- Fashion and Apparel
- Activewear
- Sneakers and Running Shoes
- Accessories (watches, bags, sunglasses)
- Health and Wellness
- Fitness Equipment (dumbbells, yoga mats, resistance bands)
- Health Supplements
- Personal Care Devices (massage guns, fitness trackers)
- Toys and Games
- Educational Toys
- Video Games and Accessories
- Outdoor Toys
- Books and Media
- Fiction and Non-fiction Books
- Subscriptions
- Offer Discounts and Promotions
To attract customers, you must offer great discounts and deals. This might even mean that you sell your product at a meager profit but a high volume of sales, leading to overall profits & brand visibility.
- Offer Competitive Discounts: Even if discounts mean reduced profit margins per unit, high sales volume can lead to overall profits and increased brand visibility.
- Create Buzz: Generate excitement with teasers or exclusive pre-event offers on products via social media and email marketing.
- Use Amazon Coupons: They can significantly increase product visibility with bright green tags next to the list price. Be aware of Amazon’s submission deadlines for coupons to ensure they’re available during Prime Day.
- Create Exciting Promotions: Use promotions like “Buy one, get the other at 50% off” or “Buy 2, get 1 free” to encourage bulk purchases. You can also utilize Amazon’s tools in Seller Central to create custom promotions such as limited-time offers and bundle deals.
- Monitor and Adjust Metrics
By closely monitoring your performance metrics and making timely adjustments, you can optimize your strategy and enhance your sales during Amazon Prime Day.
- Analytics: Monitor your sales and ad performance closely during Prime Day. Use Amazon’s analytics tools to track performance in real-time.
- Adjustments: Be prepared to make quick adjustments to your ad bids, budget, and promotions based on real-time data.
Get Going for Amazon Prime Day 2024
While this list covers the most important facets that you need to handle for a successful Amazon Prime Day, there is much else that you can do.
- Automate Customer Review Requests
- Diversify Advertising
- Leverage Influencer Marketing
- Encourage Post-Purchase Engagement
- Participate in Lightning Deals
It’s not too late to make some last-minute tweaks. Let SunTec India help you make your store Prime Day-ready. Avail our Amazon store management services, and watch our Amazon experts work their magic.
Let’s get down to it at the earliest! Just write to us at info@suntecindia.com or get in touch with our experts at +1 585 283 0055/ +44 203 514 2601.
