It’s official. Amazon has announced that Prime Day will take place June of 2021.
Last year’s event hit $10B in global sales, and grew Amazon sellers sales by up to 60%. This is huge for the ecommerce industry and for sellers who are looking for ways to increase sales. This catch-all guide will show exactly how to prepare your Amazon store for an influx of customers, and why it’s worth getting involved.
The scoop on tactics for Prime Day
- Prepare your inventory
- Get in touch with your vendors
- Price your items to sell
- Plan out marketing campaigns
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Prepare Your Inventory
Amazon Prime Day encourages buyers during the traditionally slower months. It’s a chance to clear out inventory, and possibly have a jump in sales. Now, let’s assess what you have to sell and what you’re planning to have ready for the big day. Putting a focus on existing inventory you have ready to ship is ideal. With only a month to get prepared, the less you have to wait on, the better. Maybe you stocked up on some items you thought would sell out, and didn’t. These are perfect for Prime Day. You might have to take a cut on the initial price you had in mind, but you can still sell these items and get rid of that extra inventory. This will make space for new items, and help to earn some profit on items that might otherwise be considered a loss.
If you’re ordering new inventory, get planning, today. Decide on the items that will be big sellers and make sure that you can get them ordered in time to be able to ship out on Prime Day. Consider what other products are hot right now and what might be competitive on a day filled with deals. Think about what would stand out as something that has value and not just a dime a dozen product.
Get in Touch with Vendors
Need to order inventory in time for the big day? Get started ASAP. Once you have determined the product or products you will be selling, get in touch with those vendors. Ensure that they have enough stock and will be able to meet the tight deadline. If any delays occur, it could interfere with your ability to sell over Prime Day, which could lead to a loss rather than an ROI.
Make sure that you’re using vetted vendors. Now is not the time to test the waters with a new order. With products shipping from all over the world, not only could there be delays with an untrusted vendor, but you don’t know the quality of the product either. Typically, you want to do some test orders with vendors well in advance to ensure it is as advertised. With Prime Day around the corner, that’s just not an option.
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Price Your Items to Sell
Once you have your products in place, consider pricing for the big day. Research and review other similar products on Amazon and what those are currently being sold for. Then, consider what deals or promotions would entice a buyer and keep your prices competitive. Also, understanding what price would help your product sell quickly, and also allow you to profit is extremely important. You don’t want to sell your inventory fast but soon realize you sold it for too little.
While Prime Day does have the ability to turn a large profit, keep your goals realistic. Don’t price items too low thinking you’ll immediately sell out. If you have a small amount of stock you want to sell quickly, it’s good to keep your prices in line with what other competitors are offering. Too low might insinuate poor quality which won’t drive sales. On the other hand, be aware if you’re pricing things higher than your competitors too. That can drive you out of the race if it comes down to you and another lower priced offering. It’s all about the balance of pricing things just right.
Plan out Marketing Campaigns
Products are ready, pricing is set, next is marketing. This is a crucial step in the plan because without it, no one will find your product. Utilize your social media to promote your upcoming deals. You can do some brand awareness with just promoting your store’s participation in Prime Day, but leaving out specifics on prices. Just getting the product in front of your potential customers and peaking their interest is the goal. New to social media marketing? Check out our blog, “Instagram 101, Prepping your Social Media for Launch” for tips and tricks on how to position your store for product launch.
There are several marketing tactics that can work, but some of the top ones are:
- Email newsletters
- Email existing customers to make them aware of the deals you have in sight for the big day.
- Offer up additional promotions for referring someone to the newsletter and/or following your store on social media.
- Have a website or blog?
- Be sure to share your offerings on the website.
- Promote your newsletter and social media channels there as well.
- Digital ads
- Now is the time to put your marketing $$$ to work.
- The more you spend up front, the more you’ll return later.
- Google ads to drive SEO are key for not only brand awareness, but ability to get customers to your store.
- Consider social ads on Facebook, Instagram, and Twitter to drive impressions.
Amazon Prime Day is only growing with each year, and sellers are reaping the benefits of the growing digital world. If participating in this year’s Prime Day is worth it for your business, then following these tactics are a sure fire way to see a return on the big day. Not sure if it’s worth it for you to participate? Check out our blog on the “Pros and Cons of Amazon Prime Day”.
Need to stock up on inventory for the big day? SellersFunding is offering $500 towards your Prime Day costs.
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