Are You Prepared For Amazon Prime Day 2022?
It’s confirmed! Amazon Prime Day- an unmatched winning opportunity for sellers -is scheduled for July 12 & July 13 this year and is all set to break the records.
Throughout the month of Amazon Prime Day, Prime members keep a constant check on deals, discounts, and offers to grab the best deals across multiple categories. This highly anticipated event is the time when sellers can leverage interested consumers across a global market to make their brand and products discoverable to millions of active international customers and attract high-quality traffic to their listings. Here are a few of the opportunities that Amazon Prime Day 2022 presents to sellers worldwide-
- Achieve Sales Targets
- Improve Profit Margins
- Increase Return On Investment
- Accomplish Business Objectives
- Prime Members Reach
- Better Engagement With New Audience
But, success or failure depends on a seller’s preparation for Amazon Prime Day. So, we present a comprehensive guide on Amazon Prime Day 2022 with the best tips to prepare and ensure maximum sales…..
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Amazon Prime Day 2022: Best Tips To Prepare And Ensure Maximum Sales & Profits
1. Study The Latest Trends
Any preparation starts with learning. The same is the case with Amazon Prime day. Learning about the latest trends and practices is of utmost importance for sellers as it streamlines the entire process.
Thanks to the world’s largest marketplace, identifying the latest trends is no more complicated. On Amazon’s main page, you get an entire list of products that are “Top-Selling,” “New Launch,” and “Biggest Gainers.” Armed with this valuable information, you can navigate into high-searched keywords and product categories to check what’s trending.
Additionally, check if any of your products match the predictions and the latest trends. If they don’t, determine if you have the time to launch a new product range that compliments the current trend. This information helps you get ideas to improve and update your listings for better Prime Day sales.
2. Exceptionally Manage Your Inventory
Inventory optimization ensures a seamless selling process on Prime Day.
Amazon inventory management is a process that includes monitoring your stock level, shipments, and orders generated from your sales channels. It is imperative throughout the month of Prime Day. Besides a smooth selling process, it serves many benefits to businesses like reduced carrying costs, mitigation fees, synchronizing listing stock, etc. Moreover, proper stock management allows for keeping a balance between too much storage (leading to waste and loss) and too little stock (leading to out-of-stock issues)- resulting in a smooth selling flow.
While maintaining inventory, keep note of these things-
- No out-of-stock listings, as it will impact your Prime Day sales and rankings
- No inventory stuffing, as this will cause you extra storage fees
- Order in advance to avoid paying extra shipping charges
3. Price Your Product Right (Keeping Competition In Mind)
From the customers’ perspective, Amazon Prime Day is all about savings. They expect deals and discounts and often make purchasing decisions based on a seller’s asking price. Thus, product pricing has a massive role in customers’ buying decisions.
This applies in particular if you’re selling the same listing against numerous sellers. There’s a 99% chance that customers will pick the lower-cost product when offered a choice amidst different sellers. In this case, the chances that you get conversions because of better seller feedback ratings are pretty less.
That’s why it is imperative to price your products competitively.
Note- Product prices that are too high and too low are lost opportunities for sellers. You must research and analyze the market and competition before setting your products’ prices to get effective results.
4. Optimize Your Amazon Product Listings
Amidst millions of products, how will you make your product stand apart on Amazon Prime Day?
Your product listings will get only one shot at creating an impression, and that one impression will make or break your sales figures. Any relevant keyword you miss in your title/description or a confusing product image without proper editing will result in customers moving to your competitors’ listings. And, suppose they do click on your listings and get confusing or misleading information in the description or find issues navigating the product page. They will be annoyed or frustrated and buy from your competitors instead.
Consistently checking and optimizing your Amazon product listings is a good practice anyway. Here is a list of things you need to check to make your listings rank better-
- Product Title
- Product Descriptions
- Product Images
- Amazon A+ Content
- Backend Search Terms
5. Carefully Consider Your PPC Strategies
Amazon Prime Day is the most trafficked event. It brings millions of customers to the marketplace looking for great deals and offers. But, simultaneously, it gets millions of competitors fighting for customers’ attention.
You’ll have to grab customers’ attention first to win this event. And the best practice for that is Amazon advertisement. Strategizing your PPC campaigns effectively, targeting the right keywords, expanding your ad budget, and managing campaigns tactfully can be the key to Amazon Prime Day’s success.
Undeniably, PPC ads are a powerful tool for Amazon sellers, as they make your product listings appear in top search results, ensuring maximum conversions. But because millions of sellers are vying for ad space during Amazon Prime Day, you can expect high ad fees. Prepare your budget accordingly.
6. Advertise & Promote On External Media Channels
Promoting your brand, deals, and offers through advertisement on external media channels can impact your sales positively. It takes your business to a new audience space and lets you get ahead of your competition on Amazon.
However, external media promotions are different from Amazon PPC. With this practice, you will reach customers who aren’t on Amazon but are still looking for great deals and offers. Additionally, using such advertisements can help you draw users from other channels to your listings, resulting in a better Prime Day sales performance and increased brand exposure.
7. Practice Ethical Strategies
Modern-day shoppers are smarter. Thus it is suggested to practice only ethical strategies during Amazon Prime Day to get the best out of this event without risking your Amazon account reputation.
For example, increasing your listing prices before the event and lowering them to regular prices during the event is not a good idea to showcase that you are offering more discounts when you aren’t. Other such practices that must be avoided include competitor sabotaging by any means or review trashing. Instead, if you find preparing for Prime Day overwhelming, you can seek external help. For assistance in selecting the best prices and offers for your products, you can hire expert Amazon Virtual Assistants – a dedicated resource who can adjust your listing prices against your competition to increase the chance of your products being featured.
8. Add Inserts In Your Packaging- A Free Gift Or Thank You Letter!
Adding Inserts in your product packages is one of the best ways to turn your customers towards your listings even after Prime Day. You can separate yourself from millions of sellers and brands by adding a thank you letter, a gift, or a discount coupon for their next purchase. Also, this practice will help you get more product reviews and feedback.
The Best Practice- Post-Amazon Prime Day
The biggest event of Amazon- Prime Day 2022 will be over, but your drive to get maximum conversions and sales should not be.
It is best to think of Prime Day 2022 not as an event of two days but of a month. Thus, re-engage with your potential customers at scale after the event with the best selling strategies.
Here are a few tips to help you drive conversions post-event.
1. Readjust Your Listing Prices
After Amazon Prime Day 2022 is over, there will be a few things that you’ll need to readjust. The first thing on the list will be product prices that you reduced to attract maximum customers. After the event, all those listing prices will return to their normal levels.
Conversely, products that will not perform great during the event must be priced lower after the event. Regardless, repricing your listings post-Prime Day is vital to avoid a fall in leads and conversions.
2. Revalue Advertising Campaigns
Like product pricing, you must revalue your Amazon ad & PPC campaigns post Prime Day. Many times, you will manage to return your campaigns to their usual standards but it is always best to alter some strategies based on how your campaign performed during the event.
The best tip here is to update your Amazon ad campaigns in ways that reflect your ad budget and the event metrics.
3. Fix Inventory Issues
Inventory health management is of utmost importance after the event. The reason is that overstocked products in the inventory cost massive storage fees and hurt your Inventory Performance Index Score. In contrast, understocked products break your conversion rate as out-of-stock products can’t generate sales.
Thus, keep a tab on how your sales are affected by Amazon Prime Day and manage your inventory accordingly.
Note: Maintaining a good IPI score on Amazon is essential. Else, the marketplace will tag your listings as inactive and, in the worse case, suspend your Amazon seller account.
4. Take Notes For Quarter Four
With the Prime Day database, you can quickly analyze what showed results, and what didn’t, and assess the profit margins on your best-selling products. Also, you can determine which products didn’t perform well during the event. This information will help you prepare for the big Amazon sellers event of the 4th quarter holiday season (Black Friday Sale, Thanksgiving, Christmas, and New Year Sales).
You can accordingly plan your inventory, launch something trendy, decide your ad campaign budget, etc., to ensure maximum results even in the holiday season of 2022.
Get Massive Success On Amazon Prime Day With Experts At Your Disposal
To succeed in Amazon’s huge annual shopping event, sellers must be adept at the whole gamut of Amazon marketplace management activities. It includes product upload, listing optimization, image editing, selecting deals, discounts, offers, and marketing & promotion through Amazon ads and PPC. And, given the platform’s convolutions, extent, and varied requirements, a merchant cannot afford to ignore expert assistance in managing the marketplace for the biggest event of the year- Amazon Prime Day 2022.
Now that you know the best tips to win on Amazon Prime Day, the next step is to pick a dedicated resource that can ensure your eStore is primed and ready to make the most out of this opportunity.
Do you want to make your Amazon store Prime Day ready? Avail SunTec Data’s Prime Day exclusive Amazon marketplace management services and watch our professionals work their magic. Get down to it at the earliest with a Free Trial.