Need help finalizing your Prime Day Strategy? Or are you an experienced Amazon Seller or Amazon Vendor wanting to ensure your team has a solid strategy? We’ll do whatever it takes to prepare your brand for Amazon Prime Day. Our comprehensive guide covers essential strategies such as promotions, operations, catalog management, and advertising. It provides essential insights to help you optimize your business and enhance your sales and marketing efforts. Why listen to us? Over the past nine years, the Hinge Commerce team has learned valuable tips and tricks for selling successfully on Prime Day.
What We’re Covering
- What is Amazon Prime Day?
- When is Amazon Prime Day in 2024?
- Should Your Brand Participate in Prime Day?
- Important Prime Day Deadlines
- Prime Day Tips for Success
- Wrap-up
What is Amazon Prime Day?
In 2015, Amazon launched Prime Day as a way of celebrating the birthday of Amazon and its Prime members. It is a day when Amazon offers exclusive deals and discounts to its Prime members. Initially, it was a 24-hour event but has evolved into a 48-hour event with promotions running before and after the main event.
When is Amazon Prime Day in 2024?
The specific dates for the sale have not been announced yet, but it is expected to occur in mid-July, as usual. Prime Day is always highly anticipated; it took place on July 11-12 last year. We are excitedly awaiting the dates for 2024 to be revealed.
Should Your Brand Participate in Prime Day?
Only some brands should participate in Prime Day. Consider skipping Prime Day promotions if any of the following relate to your brand:
- You sell products that do not see seasonal bumps.
- Your product category does not see an increase in traffic or sales during key sales events such as Prime Day and Turkey-5/BFCM.
- You are currently dealing with inventory issues and cannot meet increased demand from Prime Day.
- Your brand does not offer coupons or discounts.
Important Prime Day Deadlines
- Prime Day Lightning and Best Deals: submit by May 3rd
- POs and FBA Shipments: must arrive by June 20th
- Prime Exclusive Discounts and Coupons: submit after the announcement of Prime Day deal dates
Prime Day Tips for Success:
Catalog Strategy
Product content optimization is the first place you should check when thinking of Prime Day. Ensure your listings are fully optimized and compelling enough to catch a customer’s interest and drive the sales volume you are looking for. Please look at our blog on retail readiness for listing optimization tips or our blog on boosting sales with seasonal content refreshes.
Operations Strategy
Proper inventory management is vital for Sellers and is a key factor in Prime Day success. Thorough preparation is essential to guarantee that all popular items are available and ready to be shipped without the risk of stockouts. In one of our recent LinkedIn insights posts, we emphasized the significance of stockpiling for Prime Day and predicting the inventory needed.
Promotion Strategy
It is crucial to allocate ample space for your promotions in your promotional calendar and ensure they align with the Prime Day event to maximize their impact. Here are a few important dates and details to consider around building a promotion strategy:
- Prime Day Lightning and Prime Exclusive Best Deals: submit by May 3rd
- Prime Exclusive Best Deal
- Lead Up/Lead Out:
- 4-star ASIN or higher
- 10% off (or higher) of the current published price. The price must be lower than the T30 Day Price.
- Prime Day
- 4-star ASIN or higher
- 15% off (or higher) of the current published price. The price must be lower than the T30 Day Price.
- Lightning Deal
- Lead Up/Lead Out
- 4-star ASIN or higher
- 15% off (or higher) of the current published price. The price must be lower than the T30 Day Price.
- Prime Day
- 4-star ASIN or higher
- 20% off (or higher) of the current published price. The price must be lower than the T30 Day Price.
- Lead Up/Lead Out
- Lead Up/Lead Out:
- Prime Exclusive Best Deal
- Prime Exclusive Discounts
- Lead Up/Lead Out/Prime Day
- 4-star ASIN or higher for Vendors and 3-star ASIN or higher for Sellers
- 5% off (or higher) of the current published price for Vendors and 20% off for Sellers. The price must be lower than the T30 Day Price.
- Self-service in Vendor Central or Seller Central after the announcement of Prime Day deal dates
- Lead Up/Lead Out/Prime Day
- Coupons
- 3-star ASIN or higher
- Self Service in Vendor Central or Seller Central after the announcement of Prime Day deal dates
Advertising Strategy
Lastly, ensure you have a full-funnel advertising strategy in place. Our guide here has detailed a strategy. Here are a few high-level points to consider:
- Depending on your product, consider the customer journey and the time it takes to purchase. If you don’t know this detail, reach out to us. Our team works closely with Amazon to get unavailable data from Brand Analytics.
- Use this to create a reverse funnel timeline for when you should start launching and scaling ad spending in the upper funnel. As you approach the date, you can shift budgets accordingly.
- If your budget supports it, layer in Amazon DSP along with Amazon AMS. For any Sponsored Brands or Sponsored Display ads, ensure custom creatives needing to run near the event are submitted for moderation ahead of the event, as approvals can take 3-5 business days.
How Hinge Can Help
Our Hinge Commerce team is an expert at giving brands a successful Prime Day. Last year, our account management team saw a 104% increase in units sold over the previous Prime Day, while our advertising team saw a 91% increase in total ad-attributed sales. Don’t hesitate to contact us for an audit on how we can make your brand successful.
Rest assured that we will keep you updated with the latest information regarding the date of the upcoming Prime Day. Keep a close eye on this article for more content and details as we learn more. We are dedicated to providing accurate and timely updates so you can plan and take advantage of the best deals during this exciting sale event.
