Amazon has announced the official days for this years Prime Day as July 15th and 16th.
Prime Day is the second largest selling holiday after Black Friday/Cyber Monday, and customer's are going to be showing up in hoards to take advantage of great deals.
With this influx in traffic, it is crucial for sellers on Amazon to have a strategy in place for how they are going to take advantage of this traffic. It is important to note that at the end of the day, what you want on Prime Day is your product in front of the customer. This can be done in a number of ways. Yes, it can be done by discounting your product, but it can also be done through digital advertising. So in order to take full advantage of this influx in traffic, a two-pronged approach consisting of discounted product and digital advertising is crucial for success on Prime Day.
As a brand, you should be advertising 90-120 days out from Prime Day to build relevance within Amazon's advertising algorithm with a crescendo in spend leading up to Prime Day itself. This pattern helps to ensure that your ad will show up among the slew of other brands dumping money into digital ads on Prime Day.
You'll definitely want to up your inventory levels in preparation for the influx in sales. If you are FBA, you'll want your inventory into Amazon by no later than 6/27 to ensure proper placement. Depending on your advertising strategy leading up to Prime Day and your expected sell-through will determine just how much you want to ramp up your inventory, so this will vary from seller to seller, but create projections to anticipate your sell-through and adjust your inventory levels accordingly.
Prime Day is a great way to get rid of slow moving product. Since shoppers will be on the hunt for discounts, provide your slow moving products at steep discounts to recoup your dollars.
If you are in need of consultation around Prime Day or your Amazon account in general, please feel free to contact us and we would be glad to help out.