How to Make the Most of Amazon Prime Day 2020
Ready for Prime Day 2020? After the long wait, Amazon has officially announced that Prime Day is taking place on October 13th and 14th. Although it’s a little too late, delaying Prime Day makes sense to allow for that extra time for the economy and buying habits to start recovering.
What is Amazon Prime Day?
Amazon Prime Day is the annual shopping holiday Amazon throws out exclusively to Prime members. It usually falls mid-July, offering millions of amazing deals for 48 straight hours. In terms of revenue, Prime Day drives even more sales than Black Friday and Cyber Monday combined. Check out some of our previous Amazon Prime Day posts.
When is Amazon Prime Day 2020?
For the first time since its inception, thanks to Covid-19, Amazon Prime Day 2020 will take place on October 13th and 14th – with deals going live at midnight (PDT). It’s no doubt going to be an action-packed Q4 as many shoppers will likely use Prime Day to jump-start their holiday shopping!
How to Make the Most of Amazon Prime Day 2020?
Since Prime Day is held so close to Black Friday, it’s going to kick off the holiday season. Here are some tips on how you can step up your Prime Day game and maximize sales.
Target in-demand and trending categories
With Covid-19 still on the rise and people stuck at home, this year’s Prime Day deals are expected to hit laptops, TVs, headphones, and a range of Echo devices as well.
Additionally, it would be wise to sell on categories that have been getting a steady incline since the outbreak of coronavirus, such as:
- Video games
- Arts, crafts & sewing
- Toys & games
- Musical Instruments
- Patio, Lawn & Garden
Make sure to offer anything that shoppers can use for the fall and winter celebrations.
Be sure your suppliers are ready
Contact your suppliers to ensure that they can get you the products you need, in the time you will need them to meet consumer demand. Crisis or not, make sure they will be able to fulfill your requests, so you’re not left scrambling at the last moment. Remember, the holiday season is just a few months away and people would be buying gifts as early as now.
Revamp your advertising strategies
The competition for ad space during Prime Day is much tougher. Amazon alone has started boosting its ads weeks ago. So, plan your budget and bids in advance and create a campaign-specific for Prime Day. Look into Amazon’s advertising algorithm and consider raising your budget and bids days prior to the event, but make sure to constantly monitor them. Make sure you have the right Amazon advertising software. The last thing you will want to happen is your ads disappearing right in the middle of the event.
You will also want to put your other sponsored ad campaigns on hold and prioritize your best-performing keywords to bring in more traffic. You should also use Prime Day as a test run for Black Friday and Cyber Monday. Test new campaign ideas to identify any weak spots before the holiday season hits!
Prepare for a surge in sales
Year after year, with or without a pandemic, Amazon Prime Day 2020 represents a massive opportunity for selling. Every Prime Day breaks the sales record of the previous year. Make sure you have enough manpower and plenty of stock on hand and restock inventory accordingly. Closely monitor your inventory so you avoid unnecessary headaches related to product shortages.
Price your offers competitively
Make sure to offer your products at an attractive price given the current situation. Just because everybody seems to sell very cheap items, doesn’t mean you also have to do it. Don’t race to the bottom! The trick here is to price competitively. If you can’t slash off your prices, then be sure your product highlights all the qualities that could win a sale.
Use an automated repricing system if needed to win more Buy Box and get more attention and sales on Prime Day.
Take advantage of Lightning Deals
Although they run for 4 hours only, Amazon Prime Day lightning deals are a perfect way to raise your product sales quickly.
Not everyone can join Amazon Lightning Deals. To qualify, you must have
- a professional seller account
- at least 5 seller feedback ratings per month
- overall feedback rating of at least 3.5 stars
Offer Amazon coupons
Since shoppers would be scrambling for the cheapest deals, take advantage of coupons to catch their attention and push them to make a purchase.
Your potential customers can discover coupons:
- on Amazon’s Coupons home page
- in their search results
- on product pages
- in their shopping cart
- on the Offer Listings page
- in your Brand Store
- in your Sponsored Products ads
Run special deals
There’s no denying that people are on the hunt for deals on Prime Day. Sweeten the deal on Prime day by waiving shipping fees or offering expedited shipping – especially at times like these, when Amazon Prime shipping encounter delays! Make sure to publicize any of the deals you have to offer so that consumers are aware of changes to your typical prices and policies.
This also goes without saying that you need to have offer different delivery options or have multiple carriers available so you can change-up carriers quickly if needed. It’s hard to predict how much inventory you’ll be able to get into Amazon fulfillment centers in the fourth quarter.
By planning ahead of time you can win big time come the biggest shopping event on Amazon!
If you need assistance to be prepared for Prime Day 2020, contact us today.