As Amazon Prime Day approaches, shoppers are gearing up to take advantage of great deals. According to an Adobe Commerce survey of 1,115 consumers, shoppers plan to spend an average of $444 this year during Prime Day. That's a lot of money! So, what should brand owners do to prepare for it?
Few things brand owners can do to make sure you're prepared for Prime Day.
1) Competitive Pricing:
with almost 92% of shoppers comparing prices at some point or the other while shopping online, owners should take a look at their product pricing and make sure they are competitive. Shoppers are looking for deals, so brands need to make sure their prices are attractive. Here are some price comparison websites for your reference:
2) Inventory Management:
brand owners should make sure their inventory is in good shape and that they have enough products to meet demand. Nothing is more frustrating than finding a great deal, only to discover that the product is out of stock.
Here are some tips to manage your seasonal inventory:
Tracking historical data to determine product life cycle and demand at each season.
Automating purchase orders, stock transfers & storage procedures so you can make optimal decisions on when/where products should be stocked – will help reduce costs from overstocking or running low quantities into the next year’s production schedule without enough leftovers!
Calculate what's spent as an expense against revenue generated during these periods - it might surprise people how much they're missing out if all their numbers were just thrown together haphazardly
3) Marketing Plan:
brand owners should think about their marketing strategy and how they can reach shoppers during this key shopping period. A survey SupplyKick conducted indicates that 48% of sellers are most concerned with advertising strategies and costs this Prime Day. Amazon sellers can take these marketing strategies into consideration:
Set up ad campaign
It is a must to advertise during Prime Day. The ads are becoming more expensive, but they’re more necessary now than ever before because on Amazon you pay for the right to play.
It's important that you begin advertising at least two weeks in advance, so Amazon can give preference on its platform and find out where people might be interested most during Prime Day! With all these shoppers coming online looking for deals this year there will surely be some who need extra encouragement in making their purchase decision because they either didn't know what to buy or simply did not see anything worth buying right away.
Omnichannel Amazon Marketing
Taking an omnichannel marketing approach will maximize your campaign's effectiveness.
Paid social – By leveraging paid social media and influencer marketing. You can target ready-to-buy consumers with Instagram posts or Facebook ads that link out directly to your website from their profile pages for TikTok videos which are especially popular during this event
Email campaigns – Internal data from Amazon Prime Day shows that email campaigns are a powerful way to increase revenue and sales. The emails outperformed all other types of advertisements by 2.0x in add-to-cart rate; purchase rate by 2.1x.
PR and Affiliate Marketing – This can help your company tap into new opportunities by connecting you with strategic partners, media organizations, and content creators.
Customized content – Your content should be tailored to the platform you are pursuing. For example, if your goal is Amazon Prime Day sales then it's important that all of the blog posts and landing pages are optimized for this event as well- according to Google SEO might not work in the nearly same way when competing with amazon so having someone who knows what they're doing build custom written material will help tremendously!
Conclusion
Prime Day is a huge opportunity for brand owners to drive sales and increase awareness. By making sure your pricing is competitive, your inventory is in good shape, and you have a marketing strategy in place, you can make the most of this key shopping period.
Have you prepared for Prime Day? If you want to learn how can Return Helper help with your Amazon Prime Returns? Book a free consultation today!