08 May
Prime Day is almost here, and now is the perfect opportunity for brands to prepare their inventory for what’s sure to be a busy sales season.
While Black Friday sales happen in November, Amazon Prime Day often falls during June or July. Despite the event being weeks away, it’s crucial that eCommerce brands prepare in advance. After all, you don’t want logistical hiccups to get in the way of quality sales.
Prime Day is not only great for Amazon sellers but also a great way for small businesses to boost sales and increase traffic. So, let’s look at ways to help you prepare your inventory for Prime Day 2024.
When Is Amazon Prime Day in 2024?
Prime Day is one of the biggest eCommerce events of the year, generating high shopping activity on Amazon and other eCommerce sites. This event usually occurs during the middle of summer, and judging by the previous Prime Day, it doesn’t seem like it would shift to other months.
In 2023, Prime Day occurred on July 11-12, while in 2022, it ran through July 12-13. With that in mind, it’s possible that Amazon Prime Day 2024 will occur in mid-July. Amazon Prime Day events typically last 48 hours, although it did begin as a 24-hour event in its early days.
What Can We Expect From Prime Day 2024?
Since its beginning, Amazon Prime Day has become a crucial period for high-quality sales. Even in 2020, when online sales dropped, Prime Day saw record-breaking consumer activity.
Looking at last year’s sales figures, you can see how impactful this season is for online retailers and small business owners. In 2023, Prime Day sales reached 12.7 billion USD in the US alone, showing a 6.7% increase from last year.
Small businesses looking to make their mark should use this opportunity to generate a bigger customer base and enjoy high sales. eCommerce stores can also greatly benefit from Prime Day by advertising their products and meeting customer demand.
How To Prepare Your Inventory For Prime Day?
While the official dates for Amazon Prime Day are still not available, businesses should take this time to prepare themselves. A well-organised sales strategy will help you navigate this season and maximise consumer activity. Let’s take a look at some ways to help you prepare for Amazon Prime Day.
1. Study The Market
For first-time sellers, studying the market and analysing previous years’ sales is crucial. This research will help you understand consumer behaviour, identify trends, and create a strategy that aligns with market demands.
You can start your research by looking at industry reports that provide data on Prime Day performance according to your industry. This factual data will paint a good picture of what you can expect during this year’s Prime shopping season.
You can even check Amazon’s own market insight for a closer look at how some brands perform during Prime Day.
If we look at last year’s reports, it seems fashion, beauty, and home products were among the top-selling categories. Focus on these categories within your offered products as they are proven to attract consumers.
Another great way to study market trends is to research your competitors. You can examine their marketing tactics and product listings to gain significant insights into your strategy. Use this data as inspiration for building your unique Prime Day marketing campaign.
Last but not least, check out customer reviews for similar products. This tactic will give you direct insight into customers’ buying behaviour, which you can use in your products.
Doing in-depth research beforehand will ensure you suffer no logistical problems. If you’re a returning seller, our next tip is just for you.
2. Review Your Sales Data
As a repeat seller, you’re already in a great position to start your Prime Day strategy. You can review last year’s data and gather a goldmine of information to help you build a plan.
Check your data and see which items sold the most. These are proven to attract customers, so consider stocking them up. Unless they were fad objects, you should also feature them prominently in your Prime Day promotions.
Take a closer look at last year’s sales report and see what you can learn about your customers’ preferences. Is there a specific model that outperforms others, or do they prefer a certain colour? All these points will help you tailor your marketing message and inventory to match the customer’s needs.
A good pricing strategy can make or break your sales plan. In your previous data, was there a price level that drove more sales? Understanding this aspect can help you set competitive prices this Prime Day.
An excellent promotional campaign can boost your sales sky-high and help you reach more customers. Look at what promotional materials worked well for you last year. Use this data to fine-tune your current marketing campaign and create compelling offers to reel in your audience.
Apart from your sales data, review your stock management from last year. A good marketing campaign can drive more customers, but you need inventory to keep up with customer demand.
Consider partnering with a 3PL, like Meteor Space, to store all your inventory in one place. This way, you can manage your stock and meet customer demands.
3. Provide Customers With Attractive Deals
Prime Day is all about mega sales and big discounts. To entice new customers, it’s crucial that you create multiple discounts, deals, and promotions on your product listing. That said, you should still review the costs before setting up a discount.
Consider manufacturing and shipping costs, plus Amazon fees and other expenses. This way, you can offer sales that won’t ruin your margins.
Once you’ve got the price sorted, here are four ways to create compelling deals for your customers.
- Prime Exclusive Discounts: this is a special deal offered to Amazon Prime members. Once you set up the deal, Prime members will see the percentage saved on your products.
- Create A Promotion: Your Amazon seller tab offers multiple ways to create promotions. These include “buy one, get one free” or “buy one, get one half-off.” You can also create custom social media promo codes for your clients.
- Coupons: Coupons are a tried and tested promotion tool, and you can use them for Prime Day as well. Once you create a coupon on your Amazon store, customers will see a green tag next to the listed price. This way, they won’t have to go around hunting for deals.
- Lightning Deals: Prime Day Lightning deals are only available for a few hours, so customers will be eager to purchase your products. Such flash deals can increase conversion rates.
4. Refine Your Product Listing
Imagine you find an interesting product, but the description is confusing, and you’re not sure how the product will help you. Any customer reading such a listing will immediately click off to something else.
If you want to make the most of Prime Day, ensure your listings are optimised for customer convenience. A well-written listing will help you get discovered through search and increase clicks and conversions.
For example, a good title for a camping tent can be “waterproof camping tent perfect for 4 people.”
Additionally, providing a short user guide on certain products can boost customer expectations. Some more ways to optimise your listing include:
- More Details: Create rich product descriptions with clear information, such as features and benefits.
- Use Images: Provide high-quality pictures from multiple angles. Think about adding photos or videos that explain how to use the product.
- Keywords: Pepper relevant keywords throughout your listing so customers can easily discover your products.
- Amazon A+ Content: Use this Amazon selling tool to create appealing visuals and other content that complements your products.
5. Take Advantage of Amazon Advertising
Amazon offers various types of advertising opportunities, including sponsored brands, sponsored products and sponsored display ads. Here’s how they work:
- Sponsored brands advertise your product portfolio and the brand story.
- Sponsored products promote individual items that appear in search results.
- Sponsored display ads target consumers based on their shopping interests. Customers can find these ads on or off Amazon.
No matter what ad you choose, make sure it’s compelling and fits within Amazon’s advertising guidelines. You should add professional photos, neat and clear descriptions, and a strong call to action.
Ultimately, your ad should highlight the value of your product and the Prime Day promotion it offers.
Remember, don’t focus on your entire shop; only promote products that are likely to do well during Prime Day. These could be items with high ratings/reviews, trendy products, or your bestsellers.
Another great tip for returning and new sellers is creating your campaign well before Prime Day.
Don’t wait until the last minute to start your campaign. Start ramping up promotional activities well before prime day to attract customers.
6. Streamline Your Fulfilment
Before you start your Prime Day campaign, you must optimise your fulfilment strategy. You might have a great advertising campaign, but any hiccups in logistics can put all that effort to waste.
Meteor Space can help you create a solid fulfilment strategy. You can manage your inventory with real-time tracking and ensure products ship out on time.
Fulfilment services like Meteor Space will handle all product logistics so you can focus on your Prime Day campaigns.
7. Go Beyond Amazon
Amazon ads are powerful but don’t forget other marketing channels as well. If you have a social media profile, you can post about your upcoming deals to attract more customers. Running targeted ads on social profiles will help you find new clients and boost sales.
Other potential channels include emails, websites, and more. Always provide direct links to your Amazon store so that when the Prime Day event starts, customers can easily find your products.
Additionally, you can share customer testimonials, product stories and sales information on social media platforms like Facebook, Instagram, X, or TikTok.
If you’re going with the email route, you can send subscribers promotional emails announcing your upcoming Prime Day sales and discounts.
How Meteor Space Can Help You Get Your Inventory Ready for Prime Day
Meteor Space is your solution for a smooth Prime Day order fulfilment. We offer many features designed to help eCommerce stores through all packaging and shipping needs.
With our tools, you can spend more time growing your Amazon business without worrying about inventory management.
We will keep your inventory on track during the busy Prime Day season. Our technology-based services provide excellent management and organisation programs.
We understand the importance of exceeding customer expectations and meeting demands. Let’s dive into some benefits of choosing Meteor Space as your fulfilment partner.
Flexible Storage Space
Flexibility is key during peak sales seasons. Meteor’s storage space offering can be scaled down or up depending on your order volume. Our warehouse boasts over 200,000 square feet of storage space to ensure ample room for any inventory.
No matter the size of your eCommerce stores, Meteor Space’s 3PL can provide enough space for any client. We can adjust and adapt to your specific requirements, help you grow overall sales, and offer your customers a great shopping experience.
Better Inventory Logistics
Successful order fulfilment relies heavily on inventory management and logistics. With a technology-based 3PL like Meteor Space, we provide accurate data and management software that helps you stay organised.
With our state-of-the-art warehouse management system, you can keep track of all your inventory and ensure it goes out on time. You can also access precise inventory projections based on the type of order you’re sending out.
We also handle all deliveries and shipments, refilling your inventory and more. With Meteor Space as your 3PL partner, you never have to worry about delays in fulfilment services.
Multi-Channel Integration
In today’s growing eCommerce world, multichannel integration is crucial. Our WMS seamlessly connects to your Amazon store so you can quickly set up for Prime Day.
Our state-of-the-art WMS system lets you connect to multiple eCommerce channels such as Shopify, WooCommerce, and Magneto.
Apart from stock management, our WMS provides multiple courier options for shipping. You’ll have the choice of reviewing multiple options before choosing the right delivery partner.
Knowledgable and Friendly Experts
Our team members provide quality order fulfilment services and expert advice to help navigate retail packing and shipping. Our highly trained and knowledgeable team is always available to offer a helping hand with logistics and inventory.
At Meteor, you will find transparency and complete knowledge of everything that goes behind the scenes to get your order processed. Our experts are available 24/7 to help you manage packaging fulfilment for business growth while maintaining customer satisfaction.
Meteor Space Will Help You Conquer Prime Day
Amazon’s Prime Day is a fantastic opportunity for businesses, and the best way to make the most of it is with a fantastic inventory management system. Meteor Space will provide a helping hand with our state-of-the-art WMS so everything runs smoothly.
Prime Day is only a few weeks away, and you don’t want to wait too long to start prepping. Get in touch with us today so we can help you conquer Prime Day.
