If you missed
out last year, here is your chance to cash in on a monster promotion Amazon’s Prime Day. Prime day is
scheduled for this July the exact day has not yet been announced. In 2015 to celebrate Amazon’s 20th
anniversary they launched their first Prime day on July 15th. While there were some thumbs down reviews, on
some of the lighting deal items the stats were quite impressive. Overall sales
increased by 93% for the event, surpassing the previous year’s black Friday
sales and a massive 300% increase in unit sales growth for FBA sellers. Amazon is not blind to the fact that last
year’s lightning deals were somewhat lackluster and according to reports they
are being far more selective about the product mix, meaning better deals and
better mix of products. Combine this with the millions in ad dollars that will
go into promoting this sale and this should translate into a Christmas in July
scenario for marketplace sellers. So what should you be doing to prepare for
the event here’s a few pointers.
1.Stock up– Since Prime day fell in the middle of
the month last year expect them to run it at roughly the same time. This means
we are approximately 3 weeks out from the promotion so if your inventory is low
stock up now.
2.Load, load, load- Don’t procrastinate on processing
that last order you got in from fox liquidation you can’t sell it if it’s not
listed and ready to ship.
3.Create your own sale– Did not get an invite from amazon to
participate? Don’t worry create your own consider doing a promo of free
shipping or discount to draw in those deal shoppers.
4.Clean out– In case you missed our recent
article on Amazons FBA storage fees rates are going up in November and December.
Now would be a great time to push those lagging sku’s out before the cost of
storing them goes sky high for the holiday season.
5.Don’t lose the profit war on the price
temptation can be great at a time like this to race to the bottom on pricing so
be aware of your actual costs remember sale and actual profit are the goal.
Don’t look a
gift horse in the mouth here promotions like this do not happen often and we
are still months away from the busy holiday season so gear up and get ready for
some prime day sales.