Amazon Prime Day is weeks away, so I wanted to share some guidance on how you and your teams can prepare based on our data at CommerceIQ.
👀 𝐖𝐇𝐀𝐓 𝐖𝐄 𝐒𝐀𝐖 𝐎𝐍 𝐏𝐑𝐈𝐌𝐄 𝐃𝐀𝐘 2023 👀
The first day (or really the first few hours) of Prime Day are crucial for most brands. Brands who prepared, were setup with leadership alignment and the technology to make decisions on an hourly basis were the ones that succeeded.
Here are 3 examples of why hourly decision making could make or break your Prime Day based on what happened in 2023.
1️⃣ Peak glance views and revenues happen by 9AM PST on Day 1 of Prime Day, missing this window could mean losing SoV to the competition.
2️⃣ ROAS is also 25% to 43% higher on Day 1 compared to Day 2, so ensuring budgets are allocated accordingly will maximize your profitability.
3️⃣ Categories like Electronics sold through the fastest, generating 50% of their total Prime Day sales in just 18 hours.
✅ 5 𝐓𝐈𝐏𝐒 𝐇𝐎𝐖 𝐓𝐎 𝐏𝐑𝐄𝐏𝐀𝐑𝐄 𝐅𝐎𝐑 𝐏𝐑𝐈𝐌𝐄 𝐃𝐀𝐘 2024 ✅
Winning on Prime Day relies heavily on your preparation in the weeks leading up to Prime Day. Here are 5 ways to succeed in 2024.
𝐑𝐮𝐧 𝐚 𝐃𝐞𝐚𝐥!
Overall, we saw a 4x to 10x traffic boost and a 3.5x to 9x revenue boost on Prime Day, with elevated traffic levels sustaining up to 10 days after Prime Day.
Running just a 5% to 10% discount grew traffic by 300%+ and revenue by 200%+
Regardless of your stance on Prime Day's importance... I insist you run at least some kind of deal on your core ASINs.
𝐃𝐨𝐧’𝐭 𝐠𝐨 𝐨𝐮𝐭 𝐨𝐟 𝐬𝐭𝐨𝐜𝐤
Specifically for Stock Levels, consider implementing direct fulfillment as a back-up option in case inventory in Amazon’s FC runs out on Prime Day.
𝐅𝐢𝐱 𝐲𝐨𝐮𝐫 𝐏𝐃𝐏𝐬
Specifically for PDPs, consider updating your PIM to a daily sync starting NOW leading up to Prime Day. Download keyword trends for your category and map it 1:1 to each PDP to ensure the most relevant terms are captured before Prime Day.
𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 𝐏𝐥𝐚𝐧
Specifically for discount levels, use price elasticity models and promo simulations to estimate the combination of ad spend and discounts to sell through your target units of available inventory.
𝐄𝐧𝐬𝐮𝐫𝐞 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐀𝐥𝐢𝐠𝐧𝐦𝐞𝐧𝐭
For brands that rely on Prime Day as a key selling day, ensure leadership is aligned on the day of to approve by-the-hour changes to your budget and deals to take advantage of changes in consumer behavior throughout the day.