Prime day usually runs the 2nd week of July, but given the COVID-19 pandemic it's been pushed back. Although the date hasn't officially been announced, there are whispers of it taking place on 5th October... so if you haven't uploaded your deals yet, GET CRACKING!!
What is PRIME day?
PRIME day is an exclusive sales event for Amazon PRIME customers; simply put a day filled with glorious discounts and deals to delight customers! It's the second biggest sales event of the year on Amazon (behind Black Friday of course), which means the second biggest traffic event of the year. More traffic= more people visiting Amazon= more opportunity for customers to see your product= more sales for you!
How long is PRIME day?
You'd think that the given the event is called PRIME DAY, that it would be a day long, right? Wrong! In recent years it has been extended to 48 hours, which is also what India saw this year on their PRIME day this year on 6-7 August 2020.
What deal types are there and what discounts should I offer?
There's usually 3 main deal types: Lightning Deals (lasting for 6 hours); Best Deals (lasting for the duration of the event) and Deal of the Day (lasting for 24 hours). This however, can vary each year. Discounts are completely up to you as a seller, but Lightning Deals usually require a minimum of 15%, Best Deals a minimum of 20% and Deal of the Day 25%.
How does it affect you as a seller?
Well, Q4 IS GOING TO BE CRAZY!! With PRIME day now likely to be in Q4, it's going to be extra busy along with the usual events you expect to see: Black Friday, Cyber Monday and Boxing Day sales. Not only does this mean you will need a super tight deals strategy, but it also means you need to be extra vigilant with your pricing (both on and off Amazon) to ensure you adhere to the strict deal tenants Amazon enforces, You will also need to make sure your IPI (Inventory Performance Index) is in a strong position so you can minimise the restraints on your FBA inbound. Restraints on stock can mean that you will limit how much you can sell via FBA, which is not a position you want to find yourself in on the biggest deal events of the year!
If you need help preparing for Q4 don't hesitate to reach out on firstname.lastname@example.org or 07422726921 !