Prime Day is running in India for 48 hours starting midnight on August 6.
Let’s get into what you came for, shall we?
The mega, one-day global shopping event sellers and consumers alike look forward to, Amazon Prime Day, took a detour this year due to COVID-19.
Not to worry. As per Amazon, it’s still happening. The company previously hinted at a projected first week of October date; however, it’s now been pushed indefinitely.
But, in 2019, sellers saw sales increase by 300%!
Meaning, if Amazon does land on an October date, you’ve got less than three months to prepare like it’s your job – BECAUSE IT IS!
Uh, duh, amirite?
But this is one of the biggest mistakes sellers make when approaching Prime Day – not planning ahead. NOW IS THE TIME. We’re less than three months out from the projected date.
Where to start:
1. Track Inventory
When you don’t keep track of your inventory, you risk running out of it. This results in the obvious: lack of sales. You also lose brand loyalists who seek out your brand specifically.
2. Stocking Do’s And Don’ts
- Avoid “out of stock” listings at all cost
- Don’t stock up on non-moving inventory, it’s a waste of money!
3. Evaluate Sales
This will help you with inventory concerns! Plan all of this BEFORE stocking up for Amazon Prime Day.
- Utilize inventory management software
- Know your metrics
- How many more units do you need?
- What inventory do you not really need?
- What products do you need?
- How long with your current inventory last?
- Don’t overstock
- Don’t understock
Sales will inevitably spike during Prime Day. Prepare for this! Running out of stock causes loss in sales, but it also can cause a loss in rankings that are difficult to recover from.
KEEP UP WITH TRENDS
Mark our words: Amazon sellers who neglect trends REGRET. IT. LATER! Especially now, when the market is seeing daily changes due to COVID-19 and consumer habits.
Where to start: You’ll definitely be on the right track if you start with a little investigation in these three areas:
1. Changes due to COVID-19 – Product demands continue to change. In Q1, groceries saw a huge spike in sales; however, conversion rates for groceries have begun to decrease in Q2.
2. Conversion Changes – The way people are buying items has changed. This causes a shift in conversion rates. Do your due diligence to stay up to date with how consumers are converting.
3. Keyword Changes – Keywords matter. We repeat, KEYWORDS MATTER! What are the new keywords that are popping up? Test some of them. Optimize for your business. Practice makes perfect.
Still with us? Good. So far, we know:
Keeping track of industry trends is AS IMPORTANT as inventory planning.
TOP TRENDING ITEMS FROM OVER THE YEARS
Prime Day 2019 was bigger than 2018. And even during a pandemic, Amazon subscribers and sales increase every day. Every day.
In 2018, computers and electronics took the cake for top trending items. (close to 40.6% of people purchased electronics).
In 2019, electronics, jewelry, footwear, apparel, and home and kitchen appliances dominated the highest sales.
In 2020, we can expect electronics to top the list once again; however, additional trending products are likely to compete. Keep an eye on companies like SellerApp, who release projections for these trends.
1. Ad Spend
Review all parts of the sales funnel. Some consumers are searching for specific characteristics in the products they’re seeking. Some may be first time buyers. Keywords change accordingly. You can gain more sales connecting with buyers in different stages of the sales funnel.
- Get best ROI on spend with current trends and keywords, change with experiences
- Consider all parts of the funnel
- Long-tail keywords perform well
- understand where the trends are moving
- Incorporate into PPC campaigns
- Incorporate into listing/advertising
2. Build a solid campaign structure: build a road map
- Pinpoint where you get most sales
- Remove all negative/non-converting keywords
KEEP IN MIND
TIP 1: Product Visibility: All of your products need to be visible
TIP 2: Make changes in ways that your products and business are equally impacted
3. Define Your Metrics:
- Where is your ROI?
- What are your Targeting Costs?
- Where do you break even?
DEALS + PROMOTIONS + PRODUCT BUNDLES
When it comes to offering deals and promotions during and before Amazon Prime Day, there is more homework to be done. Test things out. You have a couple of months! So, try and test! Play with price points, and consider these other factors:
- What are the best price points for your products?
- Establish which products to offer deals for.
- When should you offer deals? Determine if this is during Amazon Prime Day or a week before the Prime day. Once you’ve tested, is it still working a week later?
- What sort of products should you offer? Sometimes you test and a product doesn’t work. This could be due to the category
- Product Bundles – Use Amazon’s tool to allow shoppers to bundle your products, A bundled package that costs $50 may sell more popularly with shoppers than a single item within the bundle at $9.
LEVERAGE SOCIAL MEDIA AND OTHER MARKETING CHANNELS
Statistically, every person with a smartphone spends a minimum of 40 minutes per day scanning the web!!
- Proactively Reach out to Social Influencers
- Promoting your deals
- Spread your brand’s awareness
- Social Channels: RUN PROMOTIONS ON ALL OF YOUR SOCIAL CHANNELS
- Your website: link products back to your Amazon deals
- Insta stories: Show and explain your deal within the first 30 seconds; provide a link to your website or to the Amazon deal itself
- Drive traffic to your product pages
- Do What Amazon Does
- Noticing that Amazon is announcing Prime Day going live in 2 days? DO IT FOR YOUR BUSINESS TOO
Have any questions about any of these tips? Leave a comment below. And don’t forget to watch the PingPong hosted webinar packed with how-tos, tips, dos, and don’ts for Amazon sellers selling on Prime Day.