Before you know it, Prime Day will be right around the corner, and the stats show that this is a great day for brands and retailers to showcase their products to as many people as possible.
Not only does Prime Day provide companies with an excellent liquidation opportunity, but it also offers a way to build traction and longer-term benefits due to the sales and account history on Amazon. This also improves organic rankings and helps put your company on the map.
In order to reap these great benefits, now is the time to start prepping for the day!
So what strategies should you be using to prosper? Read on to find out 5 strategies to help you win on Prime Day!
1. Heavily invest in optimising key product listings
You can have the best deals on the web lined up, but if your product listings aren’t optimised, you are always going to be a step behind.
Shoppers want to understand the product you are offering. They want to know why they should buy it, and they want to know how. This is why you need to make sure that your product listings are ready for Prime Day by making sure that your product feed is accurate and clean.
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Not only does this help to educate shoppers on Amazon, but, of course, it is pivotal in terms of boosting your organic search rank so that your items have better visibility. There are a number of different things you can do to ensure your product listings are optimised effectively.
Although it seems obvious, ensuring your product is in the right category can help your products to appear in the right searches. You will also want to identify and include powerful keywords that make sense to the product, optimise your product descriptions and titles, and add high-quality images that display your product at various angles.
Of course, keeping your product listings up to date manually can be time-consuming. However, you can invest in purpose-built ecommerce software solutions that use machine learning to automate the process of updating your product listings. This improves the efficiency of creating product listings, and delivers higher-quality, data-enriched posts. The accuracy and ROI of listings are increased, while your teams are freed to focus on the other factors on this list.
2. Promote intelligently
It can be very easy to overspend. Prime Day is an expensive day to promote your listings using Sponsored Products and tactics like this. This is why you need to promote intelligently.
In terms of Sponsored Brands and Sponsored Products, you can expect between a 150 and 200 per cent boost in ad clicks, and between a 100 and 150 per cent boost in the resulting sales uplift.
Sounds great, right? However, you need to think about these figures in relation to your business. If you were to invest the amount of money required for a Sponsored Product and you were to hit the figures mentioned above, would it be worth your while?
You need to consider what will provide you with the most value and the level of investment you’re willing to bring. After all, all businesses have different budgets. Once you’ve established that, you need to determine what boost in performance will make that investment worthwhile.
You should continue to monitor this carefully to ensure you’re not overspending. This means manually keeping an eye on your products so you can figure out what items are performing well and which items are underperforming. You will then be able to tweak your strategy accordingly.
3. Ensure your fulfilment and warehousing is prepared
Managing your inventory can be one of the most difficult elements of Prime Day. Your inventory numbers must reflect the number of sales you are anticipating. It will look bad if your business is listing out-of-stock products on Prime Day, but this will happen if you do not get your forecast right.
A clear sales forecast is, therefore, a must! You can use your historical data from previous Prime Days and Black Friday deals in order to gauge your sales forecast. You should also make sure your product feed is up to date with regards to stock and availability.
If you’re using Fulfillment by Amazon (FBA), they typically get flooded with inventory in the immediate runup to Prime Day. Consider stocking up on likely bestsellers well in advance to ensure your availability remains high. This is something you should address now.
If you’re fulfilling in-house, free shipping is a must-have to stay on terms with the Prime offering. Many new Prime subscribers will be hitting the site and they will not be looking to spend money on delivery nor will they be happy to wait a long time for their goods.
4. Submit Prime Day deals
You will also need to submit Prime Day deals if you’re going to make sure this is a successful day for your business.
Coupons and Lightning Deals are effective methods for capturing the attention of shoppers that are hungry for discounts.
Lightning deals are time-limited offers which have a prominent placement on Amazon, featuring on the ‘Prime Day’ page and in the highly-visited section ‘Today’s Deals.’
Don’t leave this until the last minute. You will need to apply for Lightning deals, and Amazon will have a number of requirements in place, as well as a deadline you will need to adhere to.
Coupons are static product discounts, which appear on the product listing. They stand out to let your shoppers know about your great offer. Coupons also feature in the ‘Today’s Deals’ section of Amazon, meaning more people can see these products.
5. Enhanced Brand Content, quality copy and answering questions
When preparing an Amazon Prime Day Strategy, the final implementation that retailers need to consider is compelling content. When it is optimised, compelling content is a must as it makes your products stand out.
You can use Amazon’s Enhanced Brand Content (EBC) to create high-quality imagery and information about your products, making them more attractive than the average Amazon listing page.
Writing enticing product copy is essential when it comes to improving conversion levels. You also need to provide answers to the questions in the Q&A section of the listing. This reassures customers and builds trust, as they find fewer reasons not to buy your products.
Be ready, Prime Day is around the corner
We hope that this guide will help you to get ready for the next Prime Day event. It is an amazing opportunity for all retailers, but only if you use it wisely. There are a lot of things you can do to prepare. Particularly when it comes to third-party marketplaces, accessing and analysing customer data and optimising listings will greatly improve your visibility and capability to make smart spending choices.
Investing in ecommerce software platforms is a huge benefit to online retailers looking to prepare for Prime Day, and all year round. Third party sites can make it challenging to capture customer data, and making sure you understand all of the intricacies of listing optimisation on each platform can eat up so much time that you lose the ability to invest in other important activities.
Make sure that you are optimised internally so that you can make the best choices. A lot of companies fall into the trap of overspending. Instead, you need to look for value and ask yourself what investments are going to be worthwhile for your business. Follow the five strategies above, and you can make sure that your business wins on Prime Day this year.