Amazon Prime day is a massive online sale. The primary reason of hosting a prime day sale is to get more and more number of Amazon prime subscribers, enticed by irresistible prices. Only Amazon prime subscribers can access the benefits of a Prime day sale. In 2019, the Prime day lasted for 48 hours in mid-July. Amazon benefits from this huge day because the sales increase exponentially, consumers provide more data and the lifetime of subscription is improved.
According to a report by Cowen & Co., Amazon has an estimated 63 million Prime subscriptions. Out of these, 44% plan to buy at least one thing on Prime day. In the report, they also estimate that 10% of non-Prime holders will sign up for the subscription.
With this big sale, the veracity of sellers online increases drastically making the competition fierce and price hungry. For the industry giants, brand name makes their selling boat water-tight but it is the small businesses that require a lot of strategic planning and changes in order to make the most out of the prime day.
The 5 benefits that a business will see through this day if they plan skilfully are Boosted sales and revenue, brand building, reduction in surplus inventory, new product launch platform and increased sale velocity. There are a lot of things that one must account for during this big day but let us go through 6 basic strategies that a small business must follow to make the most out this day:
1. Make most out of the Amazon Creative Content development
A well-designed marketing strategy will lead to more customer hits on your page and higher conversion rates. Amazon offers a lot of branding features to help the sellers develop their brands and promote their products.
Amazon store – Amazon store is a functionality which will help the vendors design multiple page catalogues. Vendors can show their multiple brands, products, outline unique value propositions and make an attractive catalogue
Amazon A+ content – This a premium beneficial feature that Amazon offers. Vendors can improve their product pages through a detailed description, better quality images, charts/graphs and a narration. This has resulted in higher relevant consumer traffic and increased trust scale in the brand
Amazon Enhanced brand content
Enhancing the branding, putting out images, text placements and flashy eye-catching narrations through this feature is a great way to develop vendor content. Content is very important when there is fierce competition
2. Have a smartly planned out bid strategy
On the prime day, the number of aggressive players in the game rises to an extent that it becomes very difficult to maintain a position in the ranking. It is best to first test out, before the prime day, what are the advertisements that work best for your product. Testing the ad game during the sale is a big negative mark.
The price on each bid will rise up, so it is necessary that you play it out smartly. It is important that your important products are visible to the right customers. Hence, spend some more on the bids but meticulously attract customers through a pre-tested advertisement strategy.
On the point , targeted advertisements and placements will increase your revenue, traffic and brand building on the sale day
3. Keep a vary out on your budgets
The sale day can not only be lucrative for the customers but also for the sellers. In the jazziness and greediness of more revenue, a lot of small companies end up spending a lot higher than their planned budget. These spikes in spend is often followed through random expenditure which give barely any return in terms of revenue or customer traffic.
Small businesses need to have a budget for the well tested advertisements and make sure that they have extra stock in the inventory to not lose onto the additional sales. Stick to the plan that you devised originally and do not get carried away. A wise check and vary eye on the budgets will make your sale journey smoother.
4. Be a well-prepared player for all circumstances
The day is big and highly unpredictable. The products that you envisaged as a low selling candy might suddenly become the most sold. Make sure all your products are available in good stock. The buy option, discoverable option, view detail option and other related options must be well placed.
All distractions must be avoided, with a hawk eye focus on completing the sales, unparalleled customer service and showing a little extra care for the prospective buyers. Always have alternative plans for the business to make sure the day goes by perfectly. Envisage all possible competitions, chaos and mistakes to be best suited for the day
5. Get your own domain name always
Small business often makes the mistake of being hosted on a subdomain of a larger parent site. The results are horrible in comparison to a business having their own strong domain name. A domain name can be beneficial with the search engine ranking and increases your store visibility. Domain name must be unique and easy to understand and remember.
It is also important that the customers can scroll through different products while being in the same domain name. If they are redirected to the checkout process, the site seems very amateur to the customer. They will get disappointed and leave the brand.
Domain name with a well-built site with simple navigation will increase the retention rate of your customer traffic. Make sure that there are no features hurting your website credibility.
6. Integration with the right payment methods
The customers are generally anxious about payments. With small businesses, people think twice before making the payment because of theft and fraud reports. It is essential that your store is integrated with well known payment gateway options.
Giving more options to the customer while payment will make them feel at bay, reduces the ‘no-sale’ because of specific payment gateway trust issue and improves your sales. It shows professionalism of your site.
Mary Jones is the co-founder & editor-in-chief at TopMyGrades, which focuses on Content Marketing Strategy for clients from the Education industry in the US, Canada & UK. Mary has conducted a series of webinars for AssignmentEssayHelp on Essay Writing. She has extensive content editing experience and has worked with MSNBC, NewsCred & Scripted. She has also authored blogs on Lifehack.org, Wn.com, Medium.com, Minds.com and many more digital publications.