Updated: Jul 4, 2022
With Amazon Prime Day just around the corner, many eCommerce merchants are preparing for the influx of traffic and trying to figure out how to make the most of this sales opportunity. If you're one of them, don't forget about returns management.
Returns can be a major profit killer if not managed correctly, but with the right solution in place, you can minimize their impact on your bottom line. Keep reading to learn more about how returns management can help maximize your profits during Prime Day and beyond.
What is Amazon Prime Day and how can it benefit your business?
Amazon Prime Day is a major shopping event that takes place every year. This year, it will be held from July 12-July 13. During this event, Prime members can enjoy exclusive deals and discounts on millions of items from Amazon and other participating retailers.
For eCommerce businesses, Amazon Prime Day presents a great opportunity to increase sales and reach new customers. However, it's important to be prepared for the potential increase in returns that comes along with this increase in sales. That's where a returns management solution can help.
Tips for preparing for Amazon Prime Day
First of all, the two biggest factors that make or break a Prime Day sale are inventory and pricing, it's critical to check your inventory and make sure you have enough product on hand to meet the expected increase in demand, if you're exporting to other countries, please let Goods have enough time to reach the Amazon FBA warehouse and be delivered at the exact time, if your preset delivery time will be 45 days and it is 60 days, then you will end up with a 15 day out of stock, which will be a very expensive mistake.
Next, another factor to consider carefully is pricing. Trying to offer attractive prices to stimulate sales during Prime Day sales is the norm, but sellers should still think carefully about cost and profit before lowering prices. Prime Day is not a race to offer products at the lowest price, and a common mistake many sellers make is to set prices well below their profit margins, which will lead to lower overall revenue.
Finally, check your shipping and logistics processes to make sure they can handle the increased order volume, and review your return policy to make sure it's up to date. By implementing a returns management solution, you can ensure that all your consumers' unwanted products get properly processed. The system will track where they were shipped from and what country's customs are currently holding them so there are no issues with a delayed delivery or getting lost in translation on international shipments--and this process happens quickly too!
By following these tips, you can be sure you're prepared for anything that comes your way during Amazon Prime Day. And with a returns management solution in place, you can rest assured knowing that any returns will be handled quickly and efficiently.
How to choose the right returns management solution for your business
During the holiday season, when shopping activity is at its peak, a returns management solution can be a lifesaver. It can help you keep track of all your returned items and make sure they are handled most efficiently and profitably possible. It can provide you with access to all kinds of return options, including recycling, repackaging, and reselling, and can save you time and money on manual and operational costs.
When choosing a returns management solution for your business, there are a few things to keep in mind.
First, consider the size of your business and the volume of returns you typically handle. If you have a large eCommerce operation, you'll need a solution that can scale to meet your needs.
Second, think about the types of products you sell and the return options you need. If you sell a lot of high-end items, for example, you'll need a solution that offers recycling, inspection, and reselling options.
Finally, make sure to choose a solution that is compatible with your existing eCommerce platform. This will make it easy to integrate the solution into your existing workflow and start using it right away.
By keeping these things in mind, you can be sure to choose a returns management solution that's right for your business and that will help you maximize your profits during Amazon Prime Day and beyond.
Returns management might not be the first thing on your mind as Amazon Prime Day approaches, but it's important to consider if you want to minimize the impact of returns on your bottom line. With the right solution in place, you can make sure all returns are handled quickly and efficiently, so you can focus on what's important: increasing sales and reaching new customers.
If you're not sure where to start, we've got you covered.
Return Helper - All-in-one Returns Management Solution
As an official partner of Amazon, eBay, Shopify, and OnBuy. We have full integration with all the major marketplaces and eCommerce platforms, enabling a seamless return experience for both seller and buyer.
Our overseas warehouses are set up in more than 10 countries. We provide services such as buyer returns, return label solutions, return inspection, FBA return, FBA restocks, etc. From customer initiation to warehouse processing and resale, we offer a powerful solution for retailers.
We understand the pain points of dealing with FBA protocols and have developed services tailored to Amazon sellers, such as:
FBA return & re-label: When goods in FBA are forcibly removed due to errors in weight/packaging/labeling…etc, sellers can quickly move their goods to our nearest warehouse, we have 13 warehouse locations around the world for your convenience. When goods arrived in the warehouse, sellers can further re-label their products and re-enter into FBA to reduce cost.
Temporary storage space of FBA inventory: When products in the FBA warehouse are low in inventory, they can be replenished from Return Helper’s nearest warehouses to avoid missing any sales opportunities. Stock up before the peak season and you no longer have to worry about the product ranking going down due to lack of inventory.
Improve FBA (IPI): An IPI score measures your efficiency and productivity in managing your Fulfillment by Amazon (FBA) inventory. A variety of factors may affect your IPI score, such as either having too few or too many units. Having too few units of inventory results in out-of-stock items and lost sales. On the other hand, having too many units of inventory results in excess holding and storage costs. To avoid this situation, you can use Return Helper to deposit goods in the FBA warehouse to avoid IPI Score drops and FBA storage fees. And ensure brands have their most popular products in the right amount to meet customer demand and maximize customer satisfaction.
To learn more about how Return Helper can help you manage returns during Amazon Prime Day and beyond, contact us today. We'll be happy to answer any of your questions and get you started on the path to increased profits.
With Return Helper, you can focus on what's important: increasing sales and reaching new customers. Happy selling!
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