Amazon Prime Day 2024 is a golden opportunity for sellers to boost sales and visibility. To maximize this event, effective strategies are essential. From enticing promotions to optimized listings, our guide will help you navigate Prime Day successfully and achieve your business goals.
What is Amazon Prime Day?
Prime Day is Amazon's highly anticipated annual shopping event exclusively for Prime members. Spanning two days, it offers incredible discounts and deals on a wide range of top-brand products. This event is designed to provide exceptional value to Prime members, making it a perfect time for both buyers and sellers to take advantage of these special offers.
For Amazon sellers and vendors, Prime Day presents a prime opportunity to skyrocket sales, enhance brand visibility, and attract new customers. Mastering Prime Day strategies—from compelling discounts to strategic advertising—can significantly amplify your product's presence and profitability on the platform.
History of Amazon Prime Day
Launched in 2015, Amazon Prime Day quickly became a landmark event for Prime members worldwide. Initially a one-day sales extravaganza, it expanded to a two-day event in 2019. Over the years, Prime Day has grown in scope and popularity, setting new records for sales and cementing its place as a key event in e-commerce.
Amazon has announced that Prime Day will happen in July 2024. Like always, there is no exact day for the event. But if it helps in any way, here are the dates from the last few years:
2015 — July 15
2016 — July 12
2017 — July 10
2018 — July 16
2019 — July 15
2020 — October 13 (delayed due to COVID-19)
2021 — June 21
2022 — July 11
2023 — July 10
2024 — July 14
Strategies for Amazon Prime Day 2024
Amazon Prime Day is a great time to get your products visible to a larger audience and sell more on Amazon and it is essential to prepare for it in advance. There are certain important things to consider while strategizing the entire Prime Day sale plan. Here are some practical and result-driven strategies by ex-Amazon experts at SalesDuo that will take your business to the next level this Prime Day. Opt for our Amazon Account Management Services for tailor-made suggestions.
1. Check Last Year's Sales Data Around Amazon Prime Day
Analyzing last year's sales data before Amazon Prime Day is crucial for sellers preparing for the upcoming event. Reviewing historical data provides invaluable insights into which products and marketing campaigns performed well. Sellers can identify top-selling items, successful promotional strategies, and standout deals from previous years. This analysis allows sellers to strategically plan their inventory levels, ensuring they have sufficient stock of popular items while minimizing overstock of slower-moving products.
Moreover, examining past sales data helps sellers understand consumer behavior trends during Prime Day, such as peak buying times and preferred product categories. Armed with this information, sellers can optimize their product listings, adjust pricing strategies, and tailor marketing efforts to align with customer expectations and market trends.
By leveraging historical data, sellers can develop a well-informed and robust strategy for Amazon Prime Day, enhancing their chances of maximizing sales and capitalizing on the heightened consumer interest and traffic generated during this major Amazon Prime shopping event.
Here's a snapshot of the advantages -
● Identify top-performing products and categories.
● Understand successful promotional strategies and discount levels.
● Balance inventory levels to meet customer demand while preventing surplus stock.
● Adjust pricing strategies based on historical trends.
● Tailor marketing campaigns to capitalize on consumer behavior insights.
● Optimize product listings and keywords to enhance visibility and conversions.
● Anticipate peak buying times and prepare customer service resources accordingly.
2. Ensure Adequate Inventory Levels in Amazon Warehouses to Meet the Amazon Prime Day Demand
Once the products are identified that are going to bring in the sales, it is very important to plan inventory. The seller should plan their inventory to meet the kind of demand that’s going to be generated by doing a sell-through analysis and should ship their products to Amazon warehouses well in advance.
Here's a snapshot of the advantages -
● Ensure ample supply to satisfy high customer demand without experiencing stockouts.
● Maximize sales potential by having products readily available for purchase.
● Ensure faster shipping times through Amazon's fulfillment services.
● Avoid missed sales opportunities due to stockouts.
● Improve visibility in search results with products stocked in Amazon warehouses.
● Enhance customer satisfaction by fulfilling orders promptly during Prime Day.
3. Remove Aged Inventory to Free up Space for Amazon Prime Day
Amazon Seller Central Fulfilled by Amazon (FBA) Sellers should always keep an eye out for their IPI score and keep moving out of their aged inventory. This could be the best time to remove the aged inventory from Amazon warehouses to make room for products that need more Warehouse space. During these times, sellers should utilize their Amazon FBA stock limits to the maximum and stock up with products that they plan to sell during Amazon Prime Day.
For brands that are purely running out of Vendor Central / In-Network (Purchase Order Model) — it would be prudent to do a sell-through analysis and plan for a backup strategy via Vendor Central / Dropship OR Seller Central / Fulfilled by Amazon (FBA)
Now that the products have been identified to sell during the holidays and stocked upon them, it’s important to list down various strategies to bring traffic/potential customers to these listings.
Here's a snapshot of the advantages -
● Improve Amazon Seller Central Fulfilled by Amazon (FBA) seller performance metrics like IPI score.
● Optimize warehouse space for fast-moving products in high demand during Prime Day.
● Maximize Amazon FBA stock limits by clearing out aged inventory.
● Avoid storage fees and penalties associated with excessive inventory.
● Enhance product visibility and availability for Prime Day shoppers.
● Streamline operations by focusing on current, high-demand inventory.
● Strategize for optimal product placement and fulfillment efficiency during the sales event.
4. Create Amazon Prime Day-specific Storefronts/Brand Pages/A+ Content
This is a proven method for great conversion. The holiday season is the best time to give the brand page a special theme while featuring all the top products the seller intends to move.
Amazon Prime Day-specific themed brand pages align with the customer’s mood and aid in increasing sales conversion and a great brand outreach.
While these happen to be some of the tried and tested methods to champion the holiday season on Amazon, it is always important to take this opportunity to refresh the descriptions and bullet points of a product to incorporate some holiday-specific keywords that will help the products get some organic traffic through SEO and also serve as a great platform for Amazon Advertising to work over.
Here's a snapshot of the advantages -
● Enhance conversion rates by creating a themed Amazon Prime Day storefront or brand page.
● Highlight top products with special promotions and exclusive Amazon Prime Day deals.
● Tailor your brand messaging to seasonal themes to meet customer expectations.
● Increase brand visibility and outreach through targeted Amazon Prime Day campaigns.
● Optimize product descriptions and bullet points with holiday-specific keywords for improved SEO.
● Utilize Amazon Advertising to amplify visibility and drive traffic to Prime Day promotions.
● Boost overall sales by capitalizing on the heightened customer interest during the holiday season on Amazon.
For customized advertising strategies for your Amazon business, reach out to SalesDuo, one of the best Amazon advertising agencies in the USA.
5. Amazon Ads with Amazon Prime Day-specific keywords and special campaigns
It is time to optimize the current AMS campaigns for the products with additional Prime Day keywords and higher bids. Holiday-specific keywords and optimized bids help the Amazon ad campaigns perform effectively and bring much-needed traffic to the listings.
Here's a snapshot of the advantages -
● Increase visibility and click-through rates by targeting Amazon Prime Day-specific keywords.
● Optimize Amazon ad campaigns with higher bids to maximize exposure during the sales event.
● Drive qualified traffic directly to Prime Day promotions and product listings.
● Enhance campaign performance with holiday-specific messaging and offers.
● Capture increased customer interest and intent during Amazon Prime Day.
● Boost sales and conversions by strategically aligning ad spend with seasonal demand peaks.
6. Amazon Prime Day Promotions
Promotions on Amazon help the sellers to sell their products at a price lower than normal. These reduced prices maximize sales and give the seller’s brand a wider reach. Customers during Amazon Prime Day look for the best promotions.
Different kinds of promotions can be planned:
● Discounts (can be set at any % discount like 20% off, 50% off, etc.)
● Buy one get one offer
Coupons:
Coupons are a way to attract customers when they visit any product detail page. Coupons are easy to use and make the seller’s products stand out from their competitors during the peak shopping season. However, a base amount of $500 to $1000 is required as the budget for running coupons. Sellers can set a start, an end date, and a budget cap for their coupons.
Coupons also follow a Pay Per Click model like Amazon ads and they will cost the seller a certain amount for every coupon that is redeemed by shoppers. A $0.60 fee will be collected from the seller every time a customer purchases a product by redeeming their coupon.
Deals:
Deals are the best way to get a great amount of traffic because these deals are promoted by Amazon not only onsite but offsite as well via social media channels and email promotions. Deals aren’t open for all ASINs. Sellers should check if their products are eligible for Amazon Prime Day deals first and then move forward. Sellers are liable to pay a fee for running deals. The Deal dashboard will give sellers all the information they need for ASIN qualification and fees for 7 days and lightning deals.
7. Drive Traffic to Amazon Listings Through Social Media and Influencer Marketing
While Amazon ads do bring in traffic, it is essential to explore social media to bring in traffic from the outside world to Amazon listings during the holidays. Instagram has become a great tool for both display ads and influencer marketing. If rightly planned this could prove to be one of the greatest and the most effective ways to drive traffic to the seller’s Amazon listings.
Since we have laid out multiple strategies to bring in the traffic, it is also very important to follow certain rules to make sure the sellers get the best conversion rate out of this generated traffic.
Benefits at a glance -
● Expand reach beyond Amazon by leveraging social media platforms like Tik-Tok and Instagram.
● Utilize display ads and influencer collaborations to attract targeted audiences.
● Direct traffic to Amazon listings to boost visibility and sales during the holidays.
● Boost brand credibility and trust by leveraging influencer endorsements.
● Increase conversion rates by aligning social media content with Amazon listing optimizations.
● Ensure consistent messaging and promotional offers across social media and Amazon platforms.
● Maximize ROI by tracking and optimizing social media campaigns for peak holiday performance.
8. Run Ads and Deals only on the Products with Ample Inventory
Sellers must run Ads only on the products that have an ample amount of inventory to meet the demand during the holiday season. This ties back to the inventory planning sections and explains how inventory planning and Ad management go hand in hand to get maximum traffic, conversion, and eventually sales.
It is important to keep a keen eye on how the stock is moving during the season and the moment sellers notice a certain product is going out of stock, they immediately need to stop the campaigns on those products until the stock is replenished to retain customer experience.
Benefits at a glance -
● Ensure consistent availability of advertised products to meet holiday demand.
● Maximize traffic and conversions by focusing ad spend on well-stocked items.
● Maintain positive customer experience by halting campaigns on out-of-stock products promptly.
Prime Day 2024: Your Roadmap to Success
As Amazon Prime Day 2024 approaches, leveraging these strategies is essential for sellers and vendors aiming to maximize sales and visibility. From optimizing ad campaigns and inventory management to creating themed storefronts and utilizing social media, a well-rounded approach ensures readiness to capitalize on this lucrative sales event and achieve business goals.
Frequently Asked Questions
About the Author
Giridhara Prasad is an Associate Director at SalesDuo and a startup enthusiast. With extensive expertise in e-commerce, this ex-Amazonian has been instrumental in driving success for businesses worldwide. Apart from his passion for creating innovative sales strategies and optimizing online retail experiences, Giri finds interest in watching and playing sports, including starting to play pickleball, traveling, and exploring political science, and philosophy.
