Amazon Seller, we've prepared a Guide to help you be prime-ready before, during, and after this two-day shopping event.
Prime Day 2023 Results
Prime members purchased more than 375 million items worldwide and saved more than $2.5 billion on millions of deals across the Amazon store, helping make it the biggest Prime Day event ever. Source: Amazon
The first day of Prime Day was the largest sales day in Amazon’s history, and Prime members saved more this year than any other Prime Day event. Source: Amazon
Across both days, consumers in the U.S. spent $12.7 billion, representing 6.1% growth year-over-year, setting a new record for the sales event. Source: eSeller 365
How Should My Brand Prepare before, during and after?
BEFORE PRIME DAY
Prime Day is the Super Bowl of eCommerce events. Everyone wants a piece of the Prime Day action, so if you want your brand to leverageall of the power and profit that Prime Day can bring, take a look at our step-by-step prep checklist below!
CHECKLIST: Before Prime Day
1. Understand the importance of Amazon Prime Day
2. Logistics Prep
Learn how to bulk ship to FBA (Pallets) to save on fulfillment costs
Ensure you have the necessary inventory to get enough products into FBA forecasted due date for inventory to arrive at US fulfillment centers: June 15th
Know your Inventory Performance Index (IPI) score. You should target 500 IPI for Prime Day
Include product inserts in your packaging. Review Amazon TOS for the latest updates/rules
Check your return policy (Exclusive to FBM) for restocking fees
3. Brand Protection Prep
Secure brand registry if you are not registered yet
Identify and remove unauthorized sellers
Adjust pricing to win the Buy Box at MAP
4. Listing / Content Prep
Audit your listing
Optimize keywords for discoverability
Optimize digital assets and SEO for buyability
Set accurate expectations to mitigate returns and poor reviews
Make sure all listings are active and not stranded or suppressed
Create fallback FBM listings
5. Pricing / Coupons
Schedule your promotions ahead of time
Be creative with your promotions
Create and submit Amazon Lightning Deals. Due Date: April 28th
You’re prepared and now your brand is ready to roll, but the work hasn’t quite stopped yet! You need to do some important things on the day of to ensure your brand makes the most out of Prime Day!
CHECKLIST: During Prime Day
1. Don’t run out of Inventory!
2. Increase ad spend
Increase top-performing keyword bids by another 35%-50%
Add bid multipliers for Top of Search by 25%
Increase daily budget by 100%-200%
Limit sponsored brand ad spend
3. Advertising
Develop an Offensive strategy with Sponsored Display
Share promo codes
Share prime exclusive discounts
4. Develop a Defensive strategy with Sponsored Display
Re-target your own product listings to protect your space
Targeting with different variations / product lines to increase conversions for a low ACOS
Stay on the defensive*
* Many New-to-Brand (NTB) orders are generated from a defensive strategy and targeting your own product pages, especially if you have a large SKU count.
AFTERPRIME DAY
The craziness is over! Hopefully, it was a huge success for your brand. Even more so, you probably learned a lot along the way! Even after the day is over, there are still a few things you want to remember, be aware of and work on to continue to reap the benefits of this eCommerce event.
CHECKLIST: After Prime Day
1. Expect aftershocks
Mark down products
Negotiate a buyback with your suppliers
Create an outlet deal
Remove inventory in bulk
2. Use the data to retarget customers who interacted with your products on Prime Day
3. Reduce your budgets
4. Monitor Key Metrics to use data on upcoming holidays and future prime days
Average Unit Retail (AUR)
Order Defect Rate (ODR)
ACoS and TACoS
Conversion Rates
Buyer-Seller Contact Response Time (CRT)
5. Take notes for the fourth quarter
Want to learn more?
Download our Prime Day guide and deep dive into the following areas, so you are ready for any upcoming Prime Day:
Logistics
Pricing and Couponing
Brand Protection
Advertisement
Listings
Metrics
Average Prime Day order spend
$60.29 per person $197.92 per household
Did you know?
78% of Prime Day shoppers in 2022 were female.
Small Business Revenue
Small businesses made over $3.0 billion from Prime Day in 2022.
With careful planning and smart tactics, you can optimize your Prime Day strategy for an excellent revenue boost.
For expert guidance as you prepare for Prime Day 2023, reach out to our team at Phelps United.
