On July 1st Amazon released the news about Prime Day –
Step Aside Black Friday – Meet Prime Day
On the eve of Amazon’s 20th birthday, the company introduces Prime Day, a global shopping event, with more deals than Black Friday, exclusively for Prime members
Unfortunately they did not give sellers a lot of time to prepare for this which should be a huge selling day. My friend Shumli Goldberg sent me some tips for making the most of the day.
1. Stock up!
More than anything else, next Wednesday is going to be a day of huge volume sales. This requires having enough stock to cope with the demand, as selling out in the first few hours means that you’re losing out on huge opportunities to make money throughout the day.
2. Know your pricing limits!
With sales galore, price wars will be frequent and devastating. Plummeting prices often drive smaller sellers into the ground, especially when they don’t have a strong grasp on their profit margins, operational costs, and markup. Understanding your full cost, and how low you can drop your prices, is critical before deciding on a sales day strategy.
3. Make sure your listings are up to date!
Sales generate traffic, and traffic means more eyeballs on pages. With a higher volume of customers seeing your selection, the performance of each page is more critical than ever before. Low quality images, poor product descriptions, and missing information could really hurt you, as the lost opportunities begin to move to your competition. If ever there was a time to make sure all your listings were in order, it’s now!
4. Rid yourself of stale inventory!
Customers will roving for the best deals they can find. Take the opportunity to clear out your leftover inventory that you just can’t seem to get rid of. Offer it for discounted prices or do whatever you need to do to get it noticed by the hordes of shoppers coming your way.
Shmuli Goldberg, Director of Marketing
Shmuli Goldberg is the Director of Marketing at Feedvisor and an experienced marketer, who has worked with online sellers of all sizes to improve their online performance. An analytics geek at heart, Shmuli has spent hundreds of hours delving into the intricacies of the Amazon and eBay marketplaces. Previously, Shmuli has acted as Senior Technology Evangelist and Director of Marketing at ClickTale, and has been a featured speaker at industry conferences all over the world.
Learn how to sell on Amazon with the Complete Amazon Marketing System – a two volume printed training course for setting up and running a profitable Amazon business working from your own home.