5 Steps: How To Smash Amazon Prime Day as an FBA Seller 2019
Updated: Jul 8, 2019
There are two dates that every Amazon seller should be looking forward to each year; Amazon Prime Day and Black Friday. This article will walk you through the 5 key steps that you need to consider in order to SMASH Amazon Prime Day and maximise your profits!
Amazon Prime Day is scheduled to take place on Tuesday 16th July 2019, and as the second largest shopping day of the year (just behind Black Friday/Cyber Monday), it's safe to say that it's pretty high-priority for Amazon sellers.
Just to keep you on your toes, Black Friday will be on November 29th for 2019, and Cyber Monday on December 2nd.
As one of the most competitive selling days in the calendar for e-commerce stores and FBA sellers, it's easy to get lost in the madness and overlook lucrative opportunities for potential revenue (regardless of experience!) After all, you're competing with millions of sellers looking to capitalize on the same event.
So here it is, 5 ways to take advantage of an incredibly-heightened demand within Amazon's already-bustling marketplace. Let's get this bread!
In all honesty, you can never have too much time for preparation. The early bird gets the worm, right?
Treat it as your responsibility to let your established customer-base know about your amazing products and offers. Leverage social media and email lists to build up their anticipation for the big day! The earlier you can inform your customers and get the word out, the better-prepared they will be to reap the benefits of your fantastic offers!
Here are some ideas to help you prepare:
Produce and distribute content for previous customers.
Optimise listing SEO for product pages.
Request product reviews from prior sales to increase listing visability and social proof.
Manage customer feedback to increase seller ranking (this will also help with getting on the Buy Button, and improve your conversion rate).
Bonus Tip: If you're not already, consider using automated repricing software to keep your prices competitve and react to your competition's pricing changes.
Research is the partner-in-crime of preparation.
Whether it's a case of working through the Amazon Best Sellers list, or leveraging third-party product finder tools, research is the key to finding those winning products! You want to make an informed decision on your stocked products and Amazon strategy.
It's safe to say that you don't want to be left with thousands of units of a product that you thought would sell. Need an example? Think back to the great Fidget Spinner crash of June 2017!
Bonus Tip: Research high-ranking product pages to find relevant keywords to use in your own Amazon listings. Consider alternative search terms (e.g. sunblock/sunscreen).
Providing that you have already researched and decided on what products you want to sell, you'll need to make sure that you have enough stock for the increased demand of Amazon Prime Day.
So how much additional inventory do I need?
In terms of exactly how much stock you should hold, I'm afraid only you can answer that. Previous experience from prior Amazon Prime Days will play a big part in this decision, however this is a great opportunity to use research as a trusted advisor!
As an indicator, Amazon Prime Day 2018 generated $4.2 billion in revenue within the 36-hour window (source). To put that into perspective, Amazon's annual revenue for 2018 was an impressive $232.887 billion (source).
Amazon average revenue per hour (2018): $26.58m
Prime Day average revenue per hour (2018): $116.66m
On average, Amazon Prime Day generated approximately 339% more revenue than a standard Amazon day in the office. Whilst I'm not going to tell you to stock over four times the amount of inventory you hold, these statistics should give you some indication of sales increase across the platform.
4. RETURNS POLICY
Whether you're expecting to recieve physical stock back or not, it's essential to ensure that your policies are updated to accommodate the increase of trade.
Whatever service you decide to offer through your policies, be sure to be transparent with your customers. For example, there's absolutely nothing wrong with increasing the length of time it takes to address a refund request for Prime Day, as long as you've updated your refund policy accordingly.
These small nuggets of transparency could save you an awful lot of time (and hassle) for customer service!
Remember, promotional creativity is key! Finding new ways to differentiate yourself from the competition can indeed get you a sale, however finding ways to show that you value your clients can earn you a loyal customer!
Selling to a niche market? Reach out to niche influencers with a hyper relevant offer: many of these Influencers will be accustom to promoting Amazon affiliate links!
Offer a free gift! At little cost to you, a free gift can go a long way to remind your customers about your great service!
Ultimately, find ways to provide consistent value to your customers to ensure that they keep on coming back to you!
Squeeze the last bit of juice out of the big Prime Day lemon by capitalizing on seller feedback and product reviews! In short, more sales means more opportunites to collect these valuable assets.
Positive product reviews help increase conversion rates of product pages, whilst a high Amazon seller rating can actually play a big part in getting on the buy button! It's within Amazon's interest to promote sellers that provide a great service, as this increases the likelihood of returning customers to Amazon's platform.
Top Tip: Use third-party software to automate your feedback process and to save you time!