Think of Prime Day as Amazon’s version of Black Friday, but instead of November, it takes place during June or July when sales normally sag for product sellers. It’s a great event for Amazon Prime members, with sellers offering huge product discounts.
In 2023, shoppers spent almost $13 billion during Prime Day, a 6.7% increase from 2022.
While it’s a fantastic event for shoppers, it’s also an excellent opportunity for Amazon sellers. Prime Days help small businesses (SMBs) and other product sellers drive traffic, boost sales, and clear out inventory.
So, let’s dive into how to prepare for Amazon Prime Day.
Amazon hosts Prime Day once a year. It started in 2015 to celebrate Amazon’s 20th anniversary and has grown into one of the largest online shopping days of the year.
Amazon Prime Days generally occur in the middle of summer each year, but Amazon doesn’t publish a yearly schedule.
In 2023, Prime Day ran on July 11 and 12, and in 2022, it was live from July 12 to 13. However, in 2021, it took place in June. 2020 was an outlier due to the pandemic and was delayed until October.
Prime Day 2024 is expected to take place in mid-July, and Amazon typically announces the exact dates about a month in advance.
Be among the first to know when Amazon has set a date for Prime Day: Check Amazon’s official website, subscribe to their newsletter, or follow them on social media.
But even without the specific dates, you can start preparing for the sales event now.
Prime Day typically lasts 48 hours, although it originally began as a 24-hour event.
The two-day event is packed with limited-time offers, including Lightning Deals (time-sensitive limited quantity offers available for only a few hours) and long-lasting discounts available throughout the event.
Preparation is vital to maximize sales and attract new customers during Prime Day. We’ll walk you through how to get ready for the upcoming shopping event and set up your small business for Prime Day success.
For repeat sellers
Begin by reviewing what you sold during previous Prime Days. This data can be a goldmine of insights to guide your strategy for the upcoming event.
Look at which products sold the most. These are your proven winners, likely to attract customers again. Consider stocking up on these products and featuring them prominently in your Prime Day promotions unless they were fad items like fidget spinners and selfie sticks.
Look closely at last year’s sales to understand trends in customer preferences. Did specific colors, sizes, or models outperform others? Use that information to tailor your inventory and marketing messages to match what customers want.
You’ll also need to consider how your pricing strategy affected your sales. Were there price points that drove more sales, and what’s your competitor’s current pricing? Understanding this can help you set competitive prices for 2024’s Prime Day.
Promotion types can affect sales as well. Look at which types of promotions drove the most sales or customer engagement. Was it larger discounts or Lightning Deals? Use these insights to craft compelling offers that will likely resonate with your audience.
Last year’s stock also provides valuable information. Were there products you ran out of too quickly or marketing tactics you didn’t fully leverage? Identifying them will help you avoid repeating the same mistakes.
Better still, use Cin7 to quickly capture all of this data and analyze it for trends so you can optimize your inventory and increase sales. You can also manage your stock efficiently to make informed decisions about your entire company that boost revenue year-round.
For first-time sellers
If the upcoming Prime Day event is your first, you may need to tap into the broader market for insights. Look for industry reports that provide data on Prime Day performance across your niche.
Amazon has a report that shows which Home, Fashion, and Beauty products were among the top-selling deal categories during Prime Day 2023. You may focus on these categories within your product offerings, as they’ve proven to attract a significant number of buyers during the event.
Reviewing your competitors’ Prime Day activities can also provide valuable insights. Look at their product listings and note any promotional tactics that worked well for them, such as Lightning Deals or Prime-exclusive discounts.
Check out customer reviews as well. They can reveal specific features that might have influenced their buying decision, which you can highlight in your own products.
A well-written Amazon product listing helps you increase clicks and conversion rates, get discovered via search, and deliver on customer expectations.
To optimize your product listings, ensure your product titles are clear and descriptive and include keywords that potential customers might use to search for your products.
For example, an optimized title for a stainless steel water bottle might appear as follows:
Vacuum-insulated stainless steel water bottle ideal for outdoor sports.
Other optimization tactics include:
Prime Day is all about discounts, and it’s a prime opportunity (pun intended) to drive significant sales through compelling deals.
Review the costs associated with each product you plan to discount. Consider manufacturing, shipping, Amazon fees, and any other expenses. This way, you can offer discounts that won’t eat into your margins.
Likewise, look at competitors’ discounts on similar products during past Prime Days. This will help you get a benchmark for what customers might expect so you can set competitive prices without undervaluing your products.
With your costs and competitive pricing in mind, calculate how much discount you can offer while still making a profit. Since Prime Day can increase your sales, a smaller margin on a higher sales volume might still be worth it.
That said, keep an eye on your sales performance during the shopping event. If certain products aren’t moving as expected, you might need to adjust your discounts to boost their sales.
Amazon offers several types of advertising, including Sponsored Products, Sponsored Brands, and Sponsored Display ads.
Sponsored Products promote individual listings and appear in search results and product pages. In contrast, Sponsored Brands highlight your product portfolio and brand before search results, while Sponsored Display ads target customers on and off Amazon based on their shopping interests.
Regardless of the type of ad you choose, make sure it’s engaging and aligns with Amazon’s advertising guidelines. Use professional product photos, short and clear messaging, and a strong call to action. Your ad content should communicate the value of your products and Prime Day promotions.
Focus on promoting products likely to perform well during the event rather than trying to promote your entire shop. These could be your bestsellers, products with high ratings and reviews, or trendy items.
As you determine your advertising budget, look at your past performance and expected Prime Day sales. Remember that competition for ad space will be higher during Prime Day, so you may need to increase your ad spend to ensure shoppers see your ads. Monitor your campaigns closely and adjust bids to remain competitive.
If you’re a first-time seller, consider testing different ad formats before Prime Day to see what works best for your products. This will make it easier to adjust your campaign so you’re better positioned to capture shoppers’ attention during the event.
Don’t wait until the last minute to begin running your ads. Start your advertising efforts well before Prime Day to build awareness and interest. Early exposure can lead to higher engagement and sales when Prime Day arrives.
Amazon ads can be powerful but don’t overlook other channels. Use your website, social media, and email to drive traffic to your Prime Day deals.
For instance, you can link directly to the Amazon Marketplace from your website to help Prime Day shoppers see specific products on sale.
You can also share product highlights, customer testimonials, and sales countdowns on social media channels like Instagram, Facebook, and X (formerly Twitter).
Similarly, send your email subscribers promotional emails announcing your upcoming Prime Day deals.
Amazon offers several fulfillment options, including Fulfillment by Amazon (FBA) and Seller Fulfilled Prime (SFP).
FBA might be the best choice for Prime Day as it guarantees fast shipping, which makes your products more appealing to Prime members who are accustomed to quick shipping during this event created just for them.
SFP, on the other hand, might be ideal for businesses that sell high-value products, items with variations, and inventory that needs special preparation or handling. However, your operations must meet Amazon’s delivery requirements before you can enroll for SFP.
Regardless of your fulfillment strategy, use historical sales data to forecast product demand so you can determine how much inventory to stock to ensure enough supply for the sale.
As a Cin7 user, you can manage your inventory with real-time data, which makes it much easier to track stock levels and automatically replenish out of stock items.
While Prime Day might increase your sales, it could also lead to more returns. So, have an efficient returns process in place to manage the potential uptick in customer returns and maintain high levels of customer satisfaction.
It’s important that you understand Amazon’s returns policies, are ready to process returns quickly, and clearly communicate how you handle returns with customers.
Also, track your fulfillment performance metrics, such as shipping times, inventory levels, and customer inquiries related to shipping during Prime Day. Quick responses to questions about fulfillment issues help customers feel at ease and significantly enhance their shopping experience.
Cin7 products, Core and Omni, allow you to spend more time growing your business on Amazon and less time managing your inventory.
With Core and Omni, you get Connected Inventory Performance (CIP) that gives you visibility, traceability, and efficiency across the entire inventory lifecycle through integration and automation.
Let’s look at some of Cin7’s key features that help you prepare for Amazon Prime Day.
Cin7 provides real-time inventory tracking across multiple channels, including Amazon. This means you can accurately monitor stock levels, predict demand, and avoid stockouts. That means you’re better prepared to meet the surge in demand that comes with Prime Day.
As mentioned earlier, Prime Day typically means increased demand for your products, and you may run out of stock if unprepared. That would not only lead to lost sales but can also damage your brand’s reputation.
With Cin7, you can set up automated inventory replenishment to restock your best-selling items automatically before they run out.
Prime Day sales might impact demand on your other sales channels like Shopify or Walmart. Cin7 integrates with multiple e-commerce platforms and marketplaces, allowing you to manage and view your inventory from all sales channels in one place.
Cin7’s direct integration with fulfillment solutions like Amazon FBA streamlines the order fulfillment process. As a result, your products get shipped faster, which enhances customer satisfaction.
Our advanced reporting tools and partner integrations give insights into available inventory, cash flow, and cost of goods sold (COGS). This way, you can decide which Amazon deals to promote during Prime Day and how to price them competitively.
Inventory management supporting your sales is at the heart of a successful Amazon Prime Day event. With robust inventory management software, you’ll be miles ahead of most sellers come Prime Day.
Cin7’s Connected Inventory Performance can help you stand out during this big shopping event. It allows you to manage inventory, fulfill orders efficiently, and ensure your products are Prime-ready.
Using Cin7, you can streamline your operations and focus on maximizing sales during one of the most significant shopping events of the year.
Summer is only a few months away, but it’s not too late to supercharge your inventory management before Prime Day 2024. Sign up for a free 14-day trial now and see how Cin7 will make this Prime Day your most successful one yet.
