Amazon Prime Day, like the Super Bowl, only happens once a year. This day is one of the most important shopping events in the year: last year made Amazon more than 175 million. However, Amazon Prime Day 2020, like everything else in 2020, will be affected by COVID-19.
The shopping “holiday” has been pushed back from its usual date in July, but is still going ahead. Prime Day 2020 is set for October 13-14. So, you need to prepare! Seller’s Choice has plenty of tips and strategies to help you. But before we get into the bulk of it, let’s go over the basics.
What is Amazon Prime Day?
Amazon Prime Day has been a staple for online shoppers since Amazon created its own global holiday in 2015 to celebrate its 20th anniversary.
For those we don’t know, the day is an opportunity for consumers who pay for an Amazon Prime membership to take advantage of exclusive deals offered by retailers that sell on the Amazon platform. It is 48 hours that can help your company take off in the global market.
Amazon Prime Day is a dynamic two days filled with products that are discounted throughout the made-up holiday, as well as sporadic lightning deals that only last for a short period of time.
To help you prepare for Amazon Prime Day 2020, we have collected 10 of the best Amazon Prime Day marketing tips and strategies we could find. But first, we must address the elephant in the room.
How will COVID-19 affect Amazon Prime Day 2020?
COVID-19 will affect Amazon Prime Day 2020 (but not so badly that it will be cancelled). However, you will need to consider that:
- Consumers will have less money to spend because of layoffs, however, this does mean that people will be more attracted to the deals of the Amazon Prime Day Sale.
- More people are shopping online, especially on Amazon.
- Supply chains have been affected, leading to shortages in some areas.
Tip #1 - Have ample inventory
There are very few times where we recommend you carry a surplus of inventory. Amazon Prime Day is one of them. While it may be too late to up your inventory this year, it's never too early to prepare for one of the biggest days in online sales. Take notes this year, so that when the next prime day rolls around in July 2021, you'll have a better idea of inventory requirements/supply chain expectations. Having enough inventory is particularly important for Lightning Deals: Amazon will penalize you if you run a Lightning Deal and do not have enough inventory to fulfill your orders.
However, due to COVID affecting supply chains, it might be harder to source some of your inventory. (While China has opened up, other parts of the supply chain are still experiencing problems). Therefore, it is more important than ever to have planned ahead to have enough (or extra) stock (after all, Black Friday’s just around the corner).
A quick trick for how much to stock for Amazon Prime Day is stocking an extra’s week’s worth of what you normally sell, but if you want to be more thorough, you can estimate how much product you will need by looking at your sales from previous Amazon Prime Days. There are a lot of metrics available, so be sure you start by assembling your data and understand the story it is telling you. Be careful to standardize your metrics to take into account the increasing length of Amazon Prime Day (which went for only 24 hours in 2015, its first year, and has increased to its current 48 hours since then). If you missed the mark with inventory for Prime Day, start focusing on how you can prepare your inventory for Black Friday and Cyber Monday to start getting ahead.
Tip #2 - Plan for shipping problems
As is always the case with Amazon Prime Day, you have to offer Amazon Prime. However, COVID-19 will affect you shipping out your inventory as it affected your inventory being shipped out to you. Usually we would recommend you use Fulfillment by Amazon (FBA) because it’s simpler, but as Amazon temporarily froze shipment of non-essential goods in April, shipping via Seller Fulfilled Prime (SFP) is a safer bet.
However, SFP does mean you need to be more organized, having all your products packed and ready to be shipped.
Tip #3 - Request reviews
Fully taking advantage of the increase in traffic generated by Amazon Prime Day gives retailers a once a year opportunity to spike the quantity and quality of their ratings. And, just like making a sale, a review only happens when you ask for it.
In late 2019, Amazon introduced their “Request a Review” button to replace requests via email (and prevent confusion when communicating with customers). This means you can no longer run an automated email campaign for Amazon Prime Day. However, you can still automate the button using tools such as Feedback Five.
Don’t wait until Amazon Prime Day to request reviews though. If you do it now, you can give your listings rankings and seller ratings a boost before Amazon Prime Day.
Tip #4 - Optimize everything
If you want to be found easily on Amazon Prime Day, you need to optimize your listings so they appear higher on Amazon’s search pages. This can be done by using relevant keywords and proper Amazon SEO (Search Engine Optimization).
You also need to optimize your PPC ads. However, this is easy with Amazon Sponsored Products as you can use automatic targeting to suggest relevant keywords.
Tip #5 - Check your listings
As well as optimizing your listings for SEO, you also need to audit them to see that they are 100% accurate and up-to-date. Check your titles, images, product descriptions and A+ content. (If you are not using A+ content, make sure you are).
Tip #6 - Create coupons
Amazon Prime Day is a digital sensory overload for shoppers and it is easy for your products to get lost in the glaze of backlight excitement. Releasing a coupon leading up to Amazon Prime Day helps cut through the noise and create anticipation with your customers.
Regardless of whether you are offering a Deal of the Day, a discount code, or a Lightning Deal, making a mobile-friendly coupon that you can distribute via your email marketing and social media channels will help improve your exposure on Amazon Prime Day.
Tip #7 - Advertise
Developing an ad budget that builds up to Amazon Prime Day is a highly effective tool to maximize your conversion rate. In fact, you should try and do as much advertising as you can afford running up to Amazon Prime Day. There are several different types of advertising that you should try:
- Social media sponsored ads can help you connect with your target market segment and boost your search engine optimization at the same time.
- Influencer advertising is good for brand awareness.
- Amazon Sponsored Products are perfect for Amazon Prime Day because they advertise your Lightning Deals and Coupons.
Tip #8 - Look out for competition
Identify your competitors both on and off Amazon before Amazon Prime Day. There are several ways to deal with competition:
- Improve your listings relative to theirs.
- Target their ASINs with sponsored advertising.
- Offer cheaper products.
Tip #9 - Price your products to give the best deals
The best way to beat your competitors is to offer better deals. And Amazon Prime Day is all about deals.
Use an app like Sellery to check your prices, so that you can offer the top Amazon Prime Day deals for Amazon Prime Day 2020 while still turning a profit. Lightning Deals are particularly good at shifting stock, however you do need to apply to participate in them and check the eligibility criteria.
Tip #10 - Offer product bundles
Amazon Prime Day is the perfect time to offer product bundles to maximize your sales, and get rid of old stock. A product bundle is a collection of complimentary items sold together (preferably with a single ASIN). Creating product bundles is easy: Amazon can recommend combinations for product bundles via its Virtual Product Bundles Tool.
The Bottom Line
If you have not started planning for Amazon Prime Day 2020, it’s time to get moving! COVID-19 is an extra factor this year, but it won’t stop you if you are adequately prepared. There is still time to craft an effective, last-minute strategy, especially by maximizing on these Amazon Prime Day marketing tips and strategies. Launching into Amazon Prime Day 2020 can help grow your sales and your brand forward into the next year.
Good luck to you, and we wish you all the earnings during this “holiday season.”