Amazon Prime Day 2018 is Here!
Get in on the action.
Amazon Prime Day is a dedicated shopping day that usually occurs in the early weeks of July to celebrate the company's founding in 1994. This year, Prime Day will begin at 12pm PDT / 3pm EDT on July 16th and last through the 17th. Aside from observing the United States' most valued retailer*, the significance of this day is tremendous:
1. 2017 Prime Day sales became the company's top grossing sales day✝︎, ahead of any prior Black Friday or Cyber Monday. Beating out traditionally large Q4 sales days at $2.3 billion in GMV is notable, and even more so when you consider retail and e-commerce sales slow in the summer when consumers are away on vacation and spending their extra income elsewhere.
2. Only Amazon Prime Members are eligible to shop the deals on Prime Day. While you may think that's limiting, Amazon mentions in its 2017 Annual Report that over 100 million customers globally are Prime Members‡, making Prime Day available to an equivalent of more than 64% of the US population.
3. Driving home the significance of the sales impact Amazon Prime Day has, its estimated sales of $2.3 billion represents .5% of the year's total GMV§. That's right: 1 platform, 30 hours, $1.28 million GMV per minute. 5% of total US e-commerce sales.
With so many consumers shopping on this Prime Day with their credit cards at the ready, smart sellers should be preparing to get in on the action. The first Prime Day was 24 hours. In 2017 it was extended to 30 hours. This year Prime Day will be boosted to 36 hours (feeling more inline with how Macy's treats One Day Sales with a Preview Day). If Amazon has extended the timeframe, that can only mean one thing: more time means more opportunity to transact sales. With such high order volumes happening in just a 36 - hour period, follow these recommendations to make the most out of this shopping phenomenon.
Part of selling on Amazon is getting found on Amazon. With over half a billion products selling on the e-commerce platform (with more loaded by the day), your products being easily found is the first critical step to selling on-line and especially on Amazon. Ahead of Prime Day, optimize your listings with keywords and detailed product descriptions.
Get Low. Get Low. Get Low.
Let's not kid ourselves about Prime Day. Customers are shopping because there are deals. Which means you may get increased orders and better conversion, but at a lower margin. Is it worth it? Likely so, as long as profit margins are kept in check as you drop prices. Even if your products weren't selected as Lightning Deals, you can and should still play the price drop game. Consumers are accustomed to shopping around and Prime Day is no different. Tools like Zentail's Promotional Pricing tool can get your shop set up for limited time deals easily across your product line.
Get your inventory accessed for stock levels. Make sure you have enough packing supplies. After all, nothing's worse than making a sale only to find out you've run short on shipping labels or boxes.
About Amazon Prime Day
2017's event beat 2016 sales by 60%. Will this year's Prime Day - extending six hours longer - grow just as much? Or blow last year out of the water even further? Check out this up-to-the-minute prediction of Prime Day GMV Sales to find out. This prediction is based on a sophisticated data model taking in last year's estimated $2.3 billion total sales, and our unique view of Amazon sales trend data||.
See live-tracked sales as Prime Day (and a half) rolls out!
Get the Buy Box.
Speaking of lower prices and margin, part of your Prime Day sales strategy should involve how you approach Repricing to win the coveted Buy Box on Amazon. You may need to lower the minimum on your items during Prime Day (or Hours as it were) to remain competitive for the prime-time real estate on product listings.
To see sales tracked in 15-minute segments throughout Prime Day, visit us on your desktop or tablet at zentail.com/primeday.
Zentail is an approved Amazon partner and one of the first members on their Developer Council. Zentail's goal is to help make all aspects of e-commerce simple for multi-channel sellers.