Amazon Prime Day 2023 is on the horizon, offering a golden opportunity for Amazon sellers like you to significantly boost your sales.
In 2022, Prime Day saw an impressive $11.9 billion in U.S. online spending over two days, even outperforming Cyber Monday. With an 8.5% spending growth year over year, Prime Day's influence is on a steady rise.
With such high stakes, sellers need to be well-prepared and leverage effective strategies to maximize sales during this event.
Here are some key tips to consider for Prime Day 2023:
1. Start Planning Early
Preparation is key to success. Notably, there are a couple of deadlines to keep in mind:
- April 28, 2023: Deadline to submit recommended deals for Prime Day week.
- June 15, 2023: Deadline to get inventory to U.S. fulfillment centers.
Keep an eye on Amazon's seller news for any other important deadlines or restrictions that may be announced prior to Prime Day.
2. Plan and Diversify Your Sales
Prime Day attracts a massive influx of shoppers, presenting multiple opportunities to increase sales. Start by overhauling your product listings and increasing your ad spend. Be sure to keep your product visible in search results and price it competitively. Remember, it doesn't have to be a part of Lightning Deals or other Prime Day promotions to sell well.
Here are some strategies you can employ:
- Straightforward Price Cuts: Offering simple discounts on your products can attract bargain hunters. However, make sure to keep your profit margins and Amazon's FBA costs in mind when pricing items
- Coupons: Coupons prominently displayed in search results can draw attention to your products. You can also create coupon codes to share on social media or via your mailing lists. This provides extra incentives for your best customers to check out your products on Prime Day.
- Prime Exclusive Discounts: These offer lower prices exclusively to Amazon's Prime subscribers and are available outside Prime Day as well. Be aware that restrictions for these deals become stricter for Prime Day sales. .
- Discounts on Other Platforms: Prime Day shoppers don't limit themselves to Amazon. Extending your promotions to other sites or your own website can give you more chances to get shoppers' attention
3. Automate Your Pricing to Stay Competitive
Amazon's automated pricing tool can help you stay competitive and win the Featured Offer box. The tool adjusts your prices based on rules you set. If you're planning to change your prices throughout the event to stay competitive, setting up automated pricing can make it easier
4. Increase Your Ad Budget Wisely
With more shoppers flocking to Amazon during Prime Day, you need to get their attention to make sales. Cutting prices and offering coupons is a first step, but advertising is what brings in shoppers in the first place.
Expect to pay more for Prime Day advertising, particularly cost-per-click ads like Amazon Sponsored Products. While these ads can drive high conversion rates, more sellers competing for ad space can cause costs to skyrocket. How much you increase your ad spend by will depend on your budget and goals. However, a common practice is to increase budget campaign caps by 50% on Prime Day.
5. Advertise on Other Platforms
While Amazon offers potent advertising options, consider placing ads on social media and on other websites as well. Promoting your products off Amazon can bring in additional shoppers who may not have bothered checking in on Prime Day.
The key to succeeding on Prime Day is early preparation, strategic planning, competitive pricing, smart advertising, and taking advantage of the high traffic both on and off Amazon.
These strategies can help you make the most of Amazon Prime Day 2023 and beyond.