What’s better than Prime Day? Prime Days—plural.
Amazon announced that it’s hosting a second Prime Day event this year on October 10 and 11. The retailer’s October “Prime Big Deal Days” sale means people will start buying holiday gifts even earlier than Black Friday, which should be music to your ears as an Amazon seller.
During the first day of summer Prime Day, July 11, 2023, customers purchased more than 375 million items worldwide, making it the biggest Prime Day event for independent sellers. Amazon reports some small businesses increased their average daily sales by over 18x.
With another retail extravaganza fast approaching, Amazon sellers need to get smart about how they craft their deals and offer strategies. In this guide, we’ll walk you through seven steps to prepare your business for success during Amazon’s October Prime Days.
- Review your current sales velocity and inventory
- Review your previous Prime Day results
- Optimize your product listings
- Price competitively
- Create value-add bundles
- Leverage lightning deals and coupons
- Promote deals elsewhere
1. Review Your Current Sales Velocity and Inventory
It’s hard to level up if you don’t know where you’re starting. Before Amazon’s October Prime Day, take a moment to measure how much revenue your business is generating daily. We’ve mapped out different steps depending on your unique situation to help you understand how to best prepare for Amazon Prime Day as a seller.
If you have low sales velocity and high saturated inventory, sweeten the deal for customers with buy-one-get-one (BOGO) offerings or, if applicable, a discounted subscription offer.
Suppose you have a medium sales velocity and medium saturated inventory. In that case, your strategy should be to focus on coupons and promotions via social media — maybe enlisting influencers’ help.
Lastly, if you’re already doing well with high sales velocity and your inventory is adequately stocked, take advantage of Amazon’s “lightning deals” to help entice consumers to act quickly.
2. Review Previous Prime Day Results
If this isn’t your first rodeo selling on Amazon Prime Day, it’s time to learn from your past experience. Analyze your sales data, including the performance of specific products, deals, and advertising campaigns. What worked well? What could have been improved? Understanding your previous Prime Day results will provide valuable insights for planning this year’s strategy. Build on your successes and learn from any shortcomings to fine-tune your approach.
3. Optimize Your Product Listings
Your product listings are your virtual storefront on Amazon. To capture the attention of Prime Day shoppers, ensure that you optimize your product listings for maximum visibility and conversion. Start by updating product titles, descriptions, and images with relevant keywords and compelling content. High-quality images and clear, concise descriptions can make a significant difference in attracting and retaining customers.
4. Price Competitively
Everyone knows that Prime Day comes with deals and discounts, so pricing is critical to your success as an Amazon seller. Research your competitors and adjust your pricing strategy accordingly. You want to offer competitive prices while still maintaining profitability. Consider dynamic pricing tools to help you stay competitive throughout the October Prime Day event while still protecting your margins.
5. Create Value-Add Bundles
Creating value-added bundles is one way to attract customers and increase your average order value. Bundle complementary products together at a discounted price, emphasizing the cost savings and convenience of buying them as a package. Well-crafted bundles can make your listings more appealing and encourage customers to purchase more from your store.
6. Leverage Lightning Deals and Coupons
Amazon offers sellers the opportunity to run Lightning Deals and coupons during Prime Day — both can significantly boost your visibility and sales.
Lightning Deals are time-limited offers that feature prominently on the Amazon Deals page, while customers can apply coupons at checkout. Craft compelling discounts and promotions that align with your overall Prime Day strategy to attract bargain-hunting shoppers.
7. Promote Deals Elsewhere
While Amazon has many tools to help promote your products, you shouldn’t rely solely on their platform to promote your Prime Day deals. Utilize other marketing channels, like social media, email lists, and your website, to generate buzz and drive traffic to your Amazon listings. Tease your Prime Day deals in advance to build anticipation among your audience. You can also consider investing in Amazon Sponsored Products and targeted advertising to increase the visibility of your deals on the platform.
Final Thoughts On Amazon Prime Day Deals and Offer Strategies
Amazon’s October Prime Day offers a second golden opportunity for sellers to boost their sales and expand their customer base. You can maximize your success on this retail giant’s special day by reviewing your sales data, optimizing your listings, pricing competitively, and strategically using promotions (like Lightning Deals and coupons). Remember to promote your deals across various channels to reach a broader audience.
Need help executing your Amazon Prime Day strategy? We’d love to help. Our team of SEO and advertising specialists can help you build an all-star advertising campaign for optimal success this October Prime Day.
