Since its introduction in 2015, Prime Day has proven to be a highly profitable event for brands across various industries. As one of the most significant online shopping events worldwide, Amazon Prime Day 2023 presents an excellent opportunity for sellers to boost their sales and attract new customers. In this blog, we’ll provide ample details about the significance of Amazon Prime Day and how to get your business ready for this global shopping phenomenon. Let’s dive in.
A brief history
The event has a relatively short history, having first been held in 2015, it has quickly become one of the biggest shopping events of the year. Here’s a brief history of Amazon Prime Day:
- The first Prime Day was held on July 15, 2015, to celebrate Amazon’s 20th anniversary. The event was a one-day sale exclusively for Amazon Prime members, featuring thousands of deals across a wide range of product categories.
- Prime Day 2016 was even bigger than the first, with the event spanning two days instead of one. It also featured more deals and discounts than the previous year, with Amazon reporting that customers ordered over 3.5 million items during the event.
- In 2017, Amazon held its third Prime Day, which lasted for 30 hours and featured even more deals and discounts than the previous year. The event was extended to several other countries, including the UK, Spain, and Japan.
- Prime Day 2018 was the biggest yet, with the event lasting for a full 36 hours and featuring more than one million deals exclusively for Prime members. It also marked the first time that Amazon partnered with other retailers to offer deals and discounts during the event.
- Prime Day 2019 was even bigger than the previous year, with the event lasting for a full 48 hours and featuring more than one million deals across a wide range of product categories. Amazon also introduced several new features, such as a live concert and a celebrity charity auction.
- In 2020, Prime Day was postponed due to the COVID-19 pandemic and was held in October instead of July. The event lasted for two days and featured over one million deals exclusively for Prime members. Amazon also introduced several new features, such as virtual experiences and a “Buy One, Get One” promotion.
- Prime Day 2021 and 2022 were both highly successful events for Amazon, with record-breaking sales numbers and participation from a large number of sellers. Both events were exclusive to Amazon Prime members and offered deals and discounts across various categories, including Amazon’s products and those from third-party sellers. While Prime Day 2021 was a 2-day event, Prime Day 2022 returned to its usual 1-day format. The events highlighted the importance of online shopping and the power of Amazon as a major e-commerce platform.
The numbers speak for themselves
Prime Day 2022 sales hit a new record high, reaching a staggering $12 billion. Prime members from around the world purchased over 300 million items, which amounts to over 100,000 items sold per minute.
However, Prime Day is more than just a day of discounted prices. Beyond the time-limited deals, the event provides brands with extraordinary benefits. It gives sellers a reason to engage with shoppers before, during, and after the event. This can be achieved through various means, such as promotions and marketing campaigns. Brands can interact with customers and build relationships with them, which could lead to long-term loyalty and increased sales.
Prime Day can drive sales beyond the Amazon platform, increasing orders across all of your sales channels. Customers who are drawn to a brand’s Prime Day deals may be interested in other products the brand has to offer, leading to an uptick in sales.
The shopping event helps to attract new customers to a brand, leading to an increase in new-to-brand shoppers across a variety of product categories. This provides a valuable opportunity for brands to showcase their products to a wider audience and potentially convert them into loyal customers.
Prime Day 2023 Timeline
To prepare for Amazon Prime Day 2023, it’s important to know the deadlines for submitting Prime Exclusive Top Deals, Lightning Deals, and Best Deals. The deadlines differ based on the region. We may have missed some of the deadlines, but here is the complete timeline for submitting deals:
Prime Exclusive Top Deals
- Mid-May: Deadline to submit Prime Exclusive Top Deals in Japan
- Mid-May: Deadline to submit Prime Exclusive Top Deals in the United Kingdom, France, Germany, Italy, Spain, Netherlands, Poland, Sweden, and Belgium
Prime Exclusive Top Deals are limited-quantity deals that sellers and vendors run for several hours on the event page and allow you to set a maximum quantity of units. Customers recognize Prime Exclusive Top Deals as Amazon’s most exciting products offered at spectacular discounts during Prime Day.
Prime Exclusive Lightning Deals
- Mid-May: Deadline to submit Prime Exclusive Lightning Deals in Japan
- Mid-May: Deadline to submit Prime Exclusive Lightning Deals in the United Kingdom, France, Germany, Italy, Spain, Netherlands, Poland, Sweden, and Belgium
Prime Exclusive Lightning Deals are time-sensitive deals that are available for a few hours or until the deal runs out.
Prime Exclusive Best Deals
- Mid-May: Deadline to submit Prime Exclusive Best Deal in Japan
- Mid-May: Deadline to submit Prime Exclusive Best Deal in the United Kingdom, France, Germany, Italy, Spain, Netherlands, Poland, Sweden, and Belgium
Prime Exclusive Best Deals offer great products at a discount and perform optimally with best-selling products.
* Definitions of early, mid, and late month: Early: 1st to 10th, mid: 11th to 20th, Late: 21st to the end of month
Getting your business ready for Amazon Prime Day 2023
Prime Day is one of the biggest shopping events of the year, and you can greatly benefit from the increased traffic and sales that it brings. Here are some tips to prepare your business for Prime Day 2023:
1) Plan ahead:
To make the most out of Prime Day, start planning well in advance. Review the performance of your products from previous Prime Days to determine what worked and what didn’t, and use that information to set goals and create a marketing plan. Consider which products will be featured during the event and how you will promote them.
2) Optimize your listings:
To improve your chances of appearing in relevant search results, optimize your product listings for Amazon’s search algorithm. Use relevant and targeted keywords in your product titles, descriptions, and bullet points. Include high-quality Amazon infographic images and videos that showcase your products, and provide detailed information about their features and benefits. Amazon product listing optimization is one of the most crucial tactics to push your products to the top.
3) Offer discounts and promotions:
Customers expect to find deals and discounts during Prime Day, so make sure that you’re offering competitive prices that will attract shoppers to your products. Consider offering bundle deals, free shipping, or other promotions that will help differentiate your products from the competition.
4) Boost your advertising:
In addition to optimizing your listings, consider using Amazon’s advertising options to drive more traffic to your product pages. Sponsored Products and Sponsored Brands are great tools to increase visibility and drive sales during Prime Day. For effective Amazon Sponsored Ads Management, use these options to showcase your products to shoppers who are actively searching for items related to your product category.
5) Ensure inventory is sufficient:
Make sure that you have enough inventory to meet the increased demand during Prime Day. You don’t want to miss out on potential sales due to running out of stock. Consider using Amazon’s inventory planning tools to help you manage your inventory levels and avoid stockouts.
6) Enhance customer service:
During Prime Day, customers will have a lot of questions and concerns about their purchases. Make sure that you’re available to answer their inquiries and provide support promptly. Consider hiring additional staff or engaging an expert Amazon consulting agency to handle the increased volume of inquiries during the event.
7) Monitor your performance:
Use Amazon’s performance metrics to track your sales and conversions during Prime Day. Analyze your data to see which products are performing well and which need improvement. Use this information to optimize your listings and advertising campaigns for future sales events.
Prime Day has certainly been a profitable event for brands since its inception. The huge sales figures are just the tip of the iceberg, with the event providing sellers with valuable opportunities to engage with customers, drive sales across all channels, and attract new customers to their brands.
Prepping your inventory for Amazon Prime Day
Preparing your inventory for Amazon Prime Day is crucial to ensure that you have sufficient stock to meet the increased demand during the event. Here are some tips to help you prepare your inventory:
- Review your past sales data: Take a look at your past sales data from previous Prime Days and other major sales events. Use this data to determine which products were popular and which ones didn’t sell as well. This will help you prioritize which products to stock up on for Prime Day.
- Forecast your sales: Use your sales data to forecast how much inventory you will need for Prime Day. Consider factors like how much inventory you sold during previous sales events, the anticipated increase in traffic and sales, and any new products you plan to launch.
- Order inventory early: Make sure to order your inventory early to avoid any potential shipping delays or stockouts. Order from suppliers with a good track record of delivering on time, and consider ordering extra stock in case sales exceed your expectations.
- Manage your inventory levels: Use Amazon’s inventory management tools to monitor your inventory levels and avoid stockouts during Prime Day. Keep track of your inventory levels in real-time and reorder products as needed to avoid running out of stock.
- Create product bundles: Consider creating product bundles to help drive sales during Prime Day. Bundling complementary products together can increase the value of the purchase and encourage customers to buy more from you.
- Use Amazon’s FBA service: If you’re a seller using Amazon’s Fulfillment by Amazon (FBA) service, make sure to send your inventory to Amazon’s fulfillment centers well in advance of Prime Day. By utilizing our specialized Amazon FBA consulting services, you can ensure that your products are available for purchase during the event and that they’re eligible for Prime shipping.
- Monitor your inventory levels during Prime Day: Keep a close check on your inventory levels during Prime Day to ensure that you don’t run out of stock. Use Amazon’s inventory reports to monitor your inventory levels and adjust replenishment orders as needed.
You can follow these tips to ensure that you have sufficient inventory to meet the increased demand during Amazon Prime Day and capitalize on the sales opportunities that it brings.
Key benefits of Amazon Prime Day
While Prime Day is primarily marketed toward consumers, it also provides many benefits for businesses that sell on Amazon. Here are some of the primary benefits of Amazon Prime Day for businesses:
- Increased sales: Amazon Prime Day is a massive sales event, with millions of shoppers browsing and purchasing products over 48 hours. For businesses that participate in Prime Day, this can result in a significant increase in sales, helping to boost revenue and profitability.
- Improved visibility: Prime Day is a great opportunity for businesses to get their products in front of a wider audience. Amazon heavily promotes Prime Day, both in the weeks leading up to the event and during the event itself. This increased promotion can help businesses to increase their visibility and attract new customers.
- Enhanced brand recognition: Participating in Prime Day can help businesses enhance their brand recognition and build trust with customers. By offering competitive deals and promotions, businesses can establish themselves as reputable sellers and gain a loyal customer base.
- Increased inventory turnover: By offering discounts and promotions during Prime Day, businesses can help to increase their inventory turnover. This can be particularly beneficial for businesses that have excess inventory or slow-moving products, as it can help to free up valuable warehouse space and improve cash flow.
- Competitive advantage: By participating in Prime Day, businesses can gain a competitive advantage over their rivals. By offering competitive deals and promotions, businesses can attract shoppers away from their competitors and establish themselves as a preferred seller.
- Access to Amazon’s marketing tools: Amazon provides a range of marketing tools and resources to help businesses promote their products during Prime Day. These include sponsored product ads, lightning deals, and other promotional opportunities that can help businesses increase their visibility and sales.
Amazon Prime Day provides amazing benefits for your Amazon business. By participating in Prime Day and taking advantage of the promotional opportunities that it offers, you can increase sales, improve your visibility, and gain a competitive advantage over your rivals. With our efficient Amazon marketing services, you can enhance brand discoverability and drive demand for your products on Amazon Prime Day and beyond.
In conclusion, Amazon Prime Day is a highly anticipated event for both customers and sellers. To make the most of the event, it’s important to prepare in advance. By following the tips and guidelines outlined in the blog, you can set your business up for success on Amazon Prime Day 2023. Remember to take the time to plan strategize, and stay up-to-date on any changes or updates from Amazon regarding the event. You can get in touch with our Amazon consulting experts to seek guidance and further leverage your business to achieve your Prime Day goals this year. Happy selling!