This year, Amazon postponed Prime Day due to pandemic, but after the long wait, THE BIG DAY IS HERE!
Amazon Prime Day is one of the most important online shopping events and it is usually held in the middle of July. It was first launched in July of 2015, as Amazon celebrated its 20th birthday with a day-long shopping spree. It grew in popularity very fast, and Amazon expanded the event from one to four days. However, this year, the event will be held on October 13 and 14.
Amazon Prime Day 2020 | Preparations for Sellers
Amazon Prime Day is the second biggest shopping day of the year after Black Friday and Cyber Monday, though Amazon claims it to be the biggest. Whichever comes out on top, you can still take advantage of the event to the fullest.
In 2018, small sellers profited more than 1billion dollars, and the last year the amount was even more massive.
Although the event is already here, if you’d like to be on top of your game for next year, you should prepare yourself at least a month before Prime Day begins.
How? By letting your customers know about your brand and products, basically, you should let them know what deals you are offering. Digital marketing is a fantastic tool to get closer to your consumers. Make your brand visible through SEO, SEM, content, online, and social media campaigns. The earlier you inform your consumers, the better they will be preparing themselves for your offers and deals.
Moreover, get help from automated repricing through repricing software about keeping prices competitive and react to competition stock change.
Supply Chain Checks
During the pandemic, the supply chain can be affected worldwide, and it’s not uncommon. It’s better to be ready for Amazon Prime Day 2020 by monitoring the COVID-19 status regularly. Check on the restrictions across the different states and even the international limitations regarding shipping the products.
Get help from World Covid-19 Stats before taking action.
Trending Product Research
Do some research on the trending products before Amazon Prime Day 2020 begins. Otherwise, you will miss out on stocking the products that will sell well. There are abundant resources regarding what product to stock. Amazon itself is your best resource. Print media, digital media, social media, magazines, and TV shows will help you with this, too.
Many websites are affiliated with Amazon through the Associates program, looking for products with good promotional prices for special events like Amazon Prime Day. It’s wise to look at those websites that promote special day pages, such as All The Stuff. Check out their range of product reviews, and if your product is a good match for the site, they might even include your offer.
Have enough inventory
Once you have decided what products you want to sell, stock enough inventory of that product to cover the demand of the Prime day rush. During Prime Day, popular products sell like hotcakes. So, track your inventory regularly to sort out the unsold products that you can sell at a high price after Prime Day.
Track Promotional Sales
Consider selling products at lowest prices for promotional purposes. But make sure the discounted price is proportionate to your product’s context. Consider your Amazon profit margin whenever you run any promotional campaign.
To make your brand outstanding, show some creativity with your promotions. You can use the methods mentioned below:
Prime Day is an excellent time to spend on Amazon Sponsored Ads. Pick up search terms that have high volumes and are related to your products. But make sure to stay within your budget, and you have enough inventory to fulfill the demand.
If you are using and want to continue using Amazon PPC, keep in mind that the cost per click will go higher. You can set up automated campaigns that will help you find the latest keywords to make the most use of your spend.
Offering coupons is a well-proven method to attract customers. But coupons will be active for only two days after you create them. Hence, plan well before you create them.
Lightning deals appear on the deals page and last only a few hours. These are quite easy to pick as Amazon will suggest products, and you can offer your own based on these trends.
Get Help with Fulfillment
If you are a small retailer and working on your own, you might need some helping hands during Prime Day to fulfill orders. It will be a mistake to think you can handle the rush alone. Get help from friends and family. Hire some workers to fulfill the orders according to a set plan. Consider using Fulfillment By Amazon.
Consider as well investing in Amazon Seller Fulfilled Prime. It has some cool advantages like:
- You can offer the ‘Prime’ option to buyers during Prime Day.
- FBA will guarantee you on-time shipments and continuous customer support.
- Sellers who have their sites up and running can avoid extra tax on their entire business.
You can always opt-out later if you are not satisfied.
It’s advisable to plan to use Fulfilled By Merchant and make a list for other marketplaces you can sell on. You can also use non-Amazon marketing like Google campaigns, sponsored products on Walmart, and sponsored placements in DealNews.
Check Your Return Policy
Returns are quite common during Prime Day because of the holiday frenzy. Be prepared and take some time to revise your return and refund policy. If you extend your policy during Prime Day, make sure your consumers are well aware of it.
Optimizing your product listings is very important. Your brand voice must come through while restructuring your titles and descriptions to engage buyers. Also, track your competition to see which keywords they are listing.
Avoid Specials Found in Other Places
The best way to surpass your competition is not to sell the products they are selling. Skip the products which are featured by other merchants or marketplaces like Walmart.
Amazon Prime Day 2020 Preparation for Buyers
Gold Box Deals of the Day or Spotlight Deals are usually regular lightning deals that Amazon upgrades for free. Products must be brand new and have 4star/5 star ratings, a 30% discount, and the best price to qualify for the spotlight deals for Prime Day 2020.
As the name suggests, it lasts a few hours only. 10%-50% discounts will be available for selected products. But these deals will only be available for Prime members on Prime Day 2020.
These coupons will be available for the subscribers on Amazon Prime Day 2020. Buyers won’t see the offers until sellers let them since sellers select the Prime members as a targeted audience.
Direct Price Drops
Once you visit a page, the price will drop immediately.
Savings and Sales
These are ongoing offers visible on the Savings and Sales page, available for a whole range of specific items. 10%-40% discounts will be open, and anyone can avail of the offers.
Prime Early Access Deals
These deals will be visible to Prime members 30 minutes before the deals go live.
Undoubtedly, Amazon Prime Day 2020 will be full of surprises. The competition will be fierce due to back-to-back events, but with proper preparation and tactics, you can still make a killing.
The costs might also be driven up because of supply shortages, so the discounts may be live for shorter periods, but you can manage that if you prepare a good supply.