The epic two-day shopping event of the year, Amazon Prime Day, ended last Wednesday and despite concerns to see a decrease in sales amid inflation, this year’s Prime Day broke records. Amazon Prime members worldwide saved over $1.7 billion—more than any other Prime Day event. Amazon Sellers have prepped for this event for months and even though is over, there is no time to rest yet. The momentum is still on. The lead-out, or the two-to-three-week period after the global shopping holiday, is just as important as the two-day event itself. So here are some tactics you need to consider during these post-Prime Day weeks.
1. Retarget Prime Day Shoppers
After Prime Day, sellers should have a plethora of new data collected during this event that can be used to do some retargeting tactics. By using sponsored ads, sellers can target or retarget potential buyers both on and off Amazon. It’s not uncommon for customers who visited Amazon during Prime Day to come back and revisit products they were on the fence about. Some common types of remarketing campaigns after Prime Day are:
- Category or interests. After Prime Day, sellers could set up an ad campaign to reach new audiences who visited similar categories or brands. For example, if the new product is deodorant, a seller could target customers who visited cologne or soap categories on Prime Day.
- Market the best-selling product. After Prime Day, sellers will have a good idea of which product performed well and which didn’t. This is vital information and allows them to remarket their most popular product. Sellers should specifically market to customers who viewed similar items.
- Try to remarket to buyers who viewed your page but didn’t make a purchase. No storefront will ever have a 100% conversion rate. Remarketing to customers who viewed your page and were interested is a tried-and-true way to increase the conversion rate. Customers are clearly interested and could purchase after another touchpoint with the product.
2. Stay in Touch
It’s more than likely that sellers increased their reviews and social media mentions during Prime Day. Therefore, it’s important to continue actively listening on social and responding after Prime Day. Try responding to both positive and negative mentions. The negative ones should be taken care of immediately, but the positive ones can be just as important when building customer trust. All reviews on Amazon should also be addressed. Reviews are important, and often times customers use them to see if they can trust a product. If reviews didn’t come in with sales, try emailing customers and asking them for a review on the product. This builds loyalty and trust in the brand. Finally, try reposting and sharing the positive mentions on social media. This earned media (media that your business didn’t buy or create) is vitally important when new customers are looking for brands to trust. It means a customer was so thrilled about the product they went out of their way to share it on their own social media. Make sure you’re sharing and optimizing the earned media that is being given after Amazon Prime Day.
3. Reevaluate your Pricing Strategy
Take the time to review your prices and reevaluate them. It’s not only a matter to adjust the prices you discounted during Prime Day to the normal price. You should also need to check the performance of the products. If there were products that didn’t sell even when they were discounted, you might want to consider leaving them lower than usual to give them a chance to perform better. Lastly, don’t forget to check your competitor’s prices, in case they decide to bring new prices after Prime Day.
4. Review your Inventory
Amazon seller always expects aftershocks with their inventory. So, make sure you review your inventory as soon as Prime Day is over to avoid extra fees. Based on the performance of your products you can end up with some understock products that you would need to replenish immediately, but also you can end up with an overstock of products that didn’t perform that well. It’s vital you have a strategy to manage the inventory left to either remove it from FBA or sell it fast. Here are some actions you can consider:
- Mark down products
- Negotiate a buyback with your suppliers
- Create an outlet deal
- Remove inventory in bulk
By following these tactics you will make sure to get the most from Prime Day. Until the next one!
For help growing your Amazon sales channel and navigating through your eCommerce challenges, Contact Phelps UNITED.