It’s now official, Amazon Prime Day 2020 will take place on Tuesday 13 October and Wednesday 14 October. Amazon has also announced that Prime members who spend £10 ($10) on items sold by selected small businesses on Amazon between now and 12th October will get a free £10 ($10) free credit to use during the Prime Day event.
Now is a good time to get prepared and reprice some of your inventory for what is likely to be the busiest day of the year on the marketplace. With an increase in traffic (consumers) on Amazon Prime Day and the days preceding it, this is a great opportunity for you to grab some sales so be sure you reprice your items competitively to maximise your profits.
What is Amazon Prime Day?
Image credit: Amazon
Amazon Prime Day is a one-day shopping event exclusively for Amazon’s Prime members. It’s a great day for Prime members to save money on a wide range of goods including electronic goods.
If you’re not a Prime member, you may be eligible for a free 30-day trial allowing you to access the Prime Day deals and get one-day delivery plus enjoy other benefits including Prime Video, Prime Music and Prime Reading. If you don’t wish to continue with your subscription, you’ll need to cancel otherwise you’ll be charged £7.99 per month at the end of your trial period.
Seller Preparation for Prime Day
Step 1: Start Bundling Your Products
Your goal on this Prime Day is to move as much inventory as possible, and one of the best ways you can do it is by tossing a bunch of items together and selling it in one go (and it’d save on individual costs associated with selling single items, too). Bonus pro tip: create a unique ASIN for the bundled package as opposed to selling it like a multi-pack.
Another bonus pro tip: comb through your inventory to find old or slow-moving inventory items, then discount it to make it even more attractive.
Related: How to Create Amazon Bundles
Step 2: Use Seller Fulfilled Prime to Help You Out
If you run a brick-and-mortar store, you’d hire extra hands to help out with the Christmas rush, no? Then think of investing in Amazon Seller Fulfilled Prime as the online equivalent. It was just last year that Amazon rolled out Prime privileges to sellers who did this, so definitely take advantage of it for Amazon Prime Day.
Well, you want to be able to offer the ‘Prime’ option to buyers on Amazon Prime Day, for starters. Second, on such an important day, you don’t want to leave anything to chance and using FBA is a guarantee that things will be shipped on time and customer support will be in place. And lastly, sellers who have their own sites and use Amazon fulfilment get to avoid extra tax dings on their entire business.
Hey, if it ends up that you really don’t like it, you can always opt-out after it, but at least give it a trial run before Amazon Prime Day hits and see how it works for you.
Step 3: Avoid Specials Found in Other Places
One of the best ways to top your competitors is to avoid selling the same things they are, as you’re just adding unnecessary wars to wage. Say you’re thinking of moving a six-month-old supply of tablets and Walmart is featuring their same brand on sale the same day as Amazon Prime Day? Why would you risk buyers being divided by the attention? No, skip those items if other stores/merchants are featuring the same or similar products.
Step 4: Obligatory Repricing Advice
You know us well enough by now to know that not only should you be repricing mandatorily, but really paying close attention to it on Amazon Prime Day.
This is one of a handful of days during the year where you want to:
- Make as many sales as possible;
- Bring extra attention to your store/brand/name/whatever;
- Cement relationships with buyers for the long-term.
Step 5: Utilise Advanced Stats and Metrics
This could really be a post unto itself, but to keep things short and simple:
- Look into Sponsored Products and how they can benefit you on Amazon Prime Day.
- Perfect your marketing and advertising strategies.
- Consider splashing out a bit more money on the above two (cost-per-click and general money towards driving up traffic).
- Make an AMS campaign specifically for Amazon Prime Day.
And with these five tips, you should be able to make a really solid dent in this year’s Amazon Prime Day!
Get Ready for Amazon Prime Day 2020
Please pardon us if we sound like a broken record about the whole repricing thing, but it’s just that important to us that you get as razor-sharp of an edge as possible. And with Amazon Prime Day just around the figurative corner, you should get started as soon as possible, which is why we’re covering the first 14 days for free for you. All you have to do is sign up in the time it takes to make your bed.