How to Prepare for Amazon Prime Day 2023?
Amazon's annual ecommerce sales revenue will reach $746.22 billion in 2023, and the upcoming Amazon Prime Day in 2023 is expected to rank among the year's greatest online shopping events. Experts also anticipate that Prime Day 2023 will continue to set records and rule the e-commerce sector given the success of the previous years.
What started out as a celebration of Amazon’s 20th anniversary in 2015 has now transformed into one of the most awaited and successful global retail occasions. The mega online event is all set to run between July 11-12 this year. According to Andrew Lipsman of Insider Intelligence, "Mid-July used to be one of the sleepiest times for retailers, and Prime Day has really reshaped the dynamics." Though Amazon Shoppers still have some time left to get into their buying shoes, it’s the right time for Amazon Sellers to start their preparation for Amazon Prime Day 2023.
In this blog, we will deep dive into the best practices that sellers need to follow to make it big this year. Our checklist will help sellers prepare for days before, during, and after Amazon Prime Day 2023.
Let’s dive in!
Note: Also read our detailed blog on "Turbocharging Your Black Friday Sales on Amazon & Walmart with Data-Driven Strategies" to make the most out of your holiday season sale.
How to make it big with Amazon Prime Day this year?
Everyone knows that Amazon offers Pre-Prime day deals and one of the best ways for sellers to prepare for these deals is to identify your best-selling products and customize listings accordingly. From lucrative ad copy and graphics to limited-duration coupons, sellers can use multiple ways to engage shoppers on the retail platform. It is important to note that effective marketing can help sellers drive traffic to your Amazon storefront but data is the key that can help you manage and traffic & track your marketing efforts. Here’s How DataChannel can help you to get ready for Amazon Prime Day by leveraging the kind of data that drives conversions and sales.
- Review past performance: `By looking back at how well your previous year's sales went, you should be able to determine your best-selling items. Monitoring that performance requires careful attention to key indicators like ACoS, click-through rate, impressions, and clicks, among others. When it comes to the previous year’s data, you need a single source of truth that enables you to streamline data from multiple customer touch points and advertising products while also remaining flexible and adaptable with it.
- Optimize product listings: Make sure your product titles, descriptions, and photos are current and optimized for search rankings when creating product listings. Use relevant keywords and eye-catching imagery to draw in more customers. By leveraging Amazon ads strategically and optimizing the look and feel of your different products you can drive meaningful traffic to Amazon store and even your website. Head over to our detailed guide on Amazon Ads to learn how to maximize their true potential.
- Leverage Off-Amazon Sales Channels: When managing product prices on Amazon, it's also a good idea to compare them with other prevalent e-commerce sites like Walmart and Shopify. If the price difference is huge between these platforms you might lose out on your customers on these platforms. DataChannel can help you get a complete picture of your data coming in from Walmart, Shopify, and Amazon as well, furthermore, you can also identify your best-selling products on other platforms so that you can invest your advertising budget into promoting the same products on Amazon as well.
- Keyword & ASIN Targeting: Amazon’s Search-term report can help you big time with keyword targeting. You can identify your high-performing keywords with a fine level of granularity for any number of days with DataChannel. Interestingly, you can also target your competitor's product detail pages (PDP) by targeting specific ASINs. If running ads on competitor’s PDPs turns out fruitful for you in the days before the sale then you can also use a mix of both Keyword and ASIN targeting on the big day as well.
- Manage Inventory Level: Now that you have identified your best-selling products, it’s mission-critical that you don’t stock out on these products. You need to keep track of your inventory levels and restock popular items when demand increases. Getting near real-time inventory-level data is possible with DataChannel, simply set up & schedule your data pipeline and you can closely monitor your inventory feed easily to avoid any discrepancies.
- Monitor performance: Throughout the Prime Day event, monitor your sales, traffic, and cost-per-click to spot any problems or areas for improvement. Generally, the CPC tends to remain somewhat higher during the Prime Day Sales event, so you can manage your advertising budget and promotional offers accordingly.
- Sales Data Analysis: Even though the Prime Day event only lasts for 30 hours, vendors can still anticipate purchases in the days that follow. Sellers can get a complete picture of their retail analytics by determining the new-to-brand customers, if the ASINs or keywords they targeted performed as per expectations or not, and by comparing their sales and traffic report before, during, and after the sales.
Amazon Prime Day is a mainstream retail event, and shoppers wait for it eagerly. It provides sellers the best opportunity to increase their foothold among customers. But all of this would mean nothing if you don’t have your data ready, it is as crucial to measure and evaluate your marketing techniques so that your money doesn’t go down the drain. By incorporating our above-mentioned techniques, sellers can leverage the sales event and Amazon platform to its fullest potential.
Now that you have gone through our important tips and techniques, Get Set, and Sell! Schedule a demo call with us to discover how DataChannel can help you capitalize on your Amazon data for Amazon Prime Day, and Black Friday Sale.