Amazon Prime Day 2018: What Merchants Need to Know to Win

Erika Jolly BrookesAmazon has made Christmas in July a real thing. The annual Amazon Prime Day is a full day and a half of great deals exclusively available for Prime members. Many participating merchants and deal-seeking consumers consider this day a sacred retail holiday. Even retailers who aren’t a part of the “official” program can benefit from the excitement. Below are some tips to prepare your store to drive online sales and acquire new customers on Amazon Prime Day and beyond.

What you need to know:

First things first: Amazon Prime Day 2018 will take place from July 16-17. One of the most widely known ways to prepare your store for Prime Day success is to apply for Amazon Prime Day promotions, like Lightning Deals. Although the deadline to apply for these this year has already passed, there are still plenty of opportunities for you to help your eCommerce store win next week.

While it’s great to have the chance to offer these special promotions during Prime Day, it can cost between $300 and $500 per deal just for the privilege of participating in these exclusive discounts, which offer potential buyers at least 20 percent off.

Now that there are over 100 million Prime subscribers globally, 80 million of whom are here in the U.S., sellers should be excited to get in front of these potential customers since they are more than twice as likely to shop online daily than non-Prime customers. This will help you reach profitable customers in your target audience even beyond Prime Day. 

The stats around Prime Day are impressive and potentially overwhelming for SMBs competing against big-box retailers, but don’t let them stop you from taking advantage of this global shopping event! Here are a few tricks of the trade to conquer Prime Day like a pro:

1. Follow the 80/20 rule

Twenty percent of your selling items should be generating 80 percent of your sales. This means you shouldn’t use Prime Day as an opportunity to debut a new product. Instead, optimize the most popular items in your store to drive higher sales.

2. Focus ad budgets on the days and weeks after Prime Day

Amazon Prime Day may only last for a short day and a half, but product searches and sales volumes will continue to soar for days and even weeks past this epic day of deals. Instead of spending a large ad budget on Prime Day, shift those campaigns to begin immediately after the holiday to keep your products top-of-mind for the customer.

3. Whether your store is participating in a Prime Day promotion or not, adjust your inventory

“Most sellers we worked with last year during Prime Day saw a boost in total volume even if they didn’t have a Lightning Deal or other type of promo going on at the time due to the massive bump in overall Amazon traffic.” – David Cooley, Marketplace Channel Analyst at CPC Strategy

The takeaway here is if you price your products accordingly, your store will reap the benefits of Prime Day even if you were not selected to be a part of the official Lightning Deals program.

New this year:

Sellers should keep their eyes out for three new features that Amazon will be debuting for Prime Day 2018:

1. Product ASIN Showcase

The product ASIN Showcase widget is a new tile that highlights one or more specific products prominently. The tile will show the details about an ASIN including:Amazon Prime Day

  • Image carousel of all product images
  • Deal and coupon badges
  • Features (desktop view only)
  • Review stars
  • Price
  • Prime Badge
  • Fast track deliver promise
  • Fulfilment
  • Merchant info

2. Featured DealsAmazon Prime Day 2

According to CPC Strategy, Amazon will be releasing a grid that shows all deals and coupons available for a specific brand. The widget supports badges and messages for many different types of deals, such as:

  • Lightning deals
  • Deal of the day
  • Prime Early Access
  • Prime Exclusive Deals
  • ASIN Best Deals

3. Prime Day Badge Support

Amazon Prime Day 2018 will give customers an exclusive “Prime Day Deal” that replaces the Deal of The Day, Lighting Deal/Limited Time Deal, Prime Early Access Deal and ASIN Best Deal.

That’s a wrap on our top takeaways for merchants for Prime Day 2018! By implementing just a few of these action items, even a smaller retailer in the Amazon marketplace can benefit from the building hype and engagement around this highly anticipated mid-summer shopping event.

 

Erika Jolly Brookes is the Chief Marketing Officer at Springbot where she leads all brand, product, marketing campaigns and communications. Before joining Springbot, Erika was the vice president of product strategy for Oracle, the vice president of marketing and communications at Vitrue, and other executive-level marketing positions at leading technology companies like MindSpring, Earthlink and Rackspace.

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