The 5 checks to be ready for Prime Day and mistakes to avoid
We are less than a week away from the most important Amazon event of the year and now the strategy must already be ready and set.
This year the situation will be different from the usual, there are new factors to take into account compared to previous years: on one hand the shortage of materials, which makes more difficult to produce high volumes, which are necessary to push a channel in peak season and on the other hand there's inflation, with production costs increasing. If we are talking about an event which is based on increase volumes and reducing prices,it is legitimate to have doubts about the effectiveness of the Prime Day.
So here are 5 last-minute checks that you can do to get ready next week.
1.Inventory Management. Be ready with enough stock of product. It is not enough to have a perfect strategy that creates traffic if the product is then delisted from Amazon for lack of stock. When you go in inventory shortage, there is not the chance to accelerate sales that then will allow to climb the organic sales; therefore, the seller rank of product does not win over the competition and post-prime day you will not benefit as expected. A tip is to do a further check of the sales forecast to understand if you can cover the entire duration of the event.
2.Discount applied to products. Many brands are worried about going too far below the margin due to the costs of production, with the request for the discount that must be at least equal to the previous Prime Day. We recommend to always make control calculations, without using the previous Prime Day as a term of comparison.
3. Budget. Enough budget advertising is essential to cover the increase in traffic that is generated during Prime Day.
A brand can have the best deal in its category, but if it does not push the advertising, the risk is that the product remains invisible on the third page of the results, compared to competitors who instead do advertising. So on the one hand you need to have an adequate stock of products and on the other you need to make your product more visible during a very competitive peak season.
4.Completeness of the product page. The product detail page must be customized for Prime Day, there can also be an adaptation and sophistication that can help to benefit from a higher conversion rate and thus maximize sales. An example would be to add new modules, such as brand stories, which help brands to communicate their values but also what are the categories on which the business is focused; in addition it allows to give more visibility to best-selling products with reference to the store page.
5. Creativity Brands must use all the strategies and creativity they have to create customization strategies; they must therefore be creative and differentiate themselves from competitors. For example, they can add a section of the store page that talks about deals: this tactic will certainly bring users on the deal page but can also attract them to other products that they will consider for future purchases.
Stay tuned for Prime Day analysis and insights these coming weeks!