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Preparing for Amazon Prime Day 2022

online-sellerPreparing for Amazon Prime Day 2022
Always a key event on the online seller’s calendar, Amazon Prime Day is fast approaching. So, now is the best time to get prepared.

Here we cover the main details of Prime Day 2022, as well as six steps you can take to get ready and maximise sales.

 

What is Amazon Prime Day?

Every year, Amazon puts on a huge two-day sale for Prime members to celebrate its anniversary.

The event has grown in popularity and scale since it started in 2015, and now it serves as an excellent opportunity to pick up some strong sales during the summer months, which can be quiet for retailers.

 

Why is it important this year?

This year, the event could be an especially important source of revenue for sellers. Consumer spending has taken a hit in recent months as the cost-of-living crisis begins to bite. As such, many retailers have seen a decrease in sales.

Amazon Prime Day offers a chance to attract price-conscious consumers with excellent deals, boosting business at a time when it’s really needed.

 

When is Amazon Prime Day 2022?

Aside from 2020 and 2021, Prime Day has always taken place in July, usually falling between the 10th and the 20th, and Amazon has confirmed that this year the event will return to its normal month.

Some people expect this year’s dates to be 18-19 July, but Amazon won’t announce it officially until a few weeks beforehand. Try to get prepared well ahead of time to make sure you don’t miss out.

 

Six steps to prepare for Amazon Prime Day


1. Ensure you’re eligible

First of all, you need to make sure you’re eligible for Prime Day. It’s particularly important to note that all Prime discounts – whether on Prime Day or not – are only available for Fulfilment by Amazon (FBA) products. Imagine putting in all the legwork only to have your deals rejected. Doesn’t bear thinking about, does it?

 

2. Research, research, research

Without knowing the sales landscape, your ‘strategy’ is just guesswork. Set yourself up for success and focus your research on two areas:
  • Products: what sold well last year? What are the current ecommerce trends?
  • Competitors: what are your competitors doing? What can you learn and how can you do things differently?
 

3. Deals, discounts and bundles

Now it’s time to consider what deals and discounts you’re going to offer on your products.

Your bread and butter will likely be Prime Exclusive Discounts. These are offers that are only available to Prime members.

Another option is to offer Lightning Deals. These limited-time promotions prompt your customers to commit to the deal before it’s too late.

You can also create coupons for particular products. In previous years, there was no cut-off point for submitting Prime Day coupon deals. However, Amazon has now introduced a deadline, so make sure you set up your coupons in advance.

Another good tactic is to bundle products together. By grouping related products, and offering a discount for the lot, you create a sense of value for your customer. Not only are they getting a good deal, but the products you’ve bundled together complement one another, boosting their usefulness.

It’s important to note that the deals you submit to Amazon may not be selected for Prime Day. According to Amazon Seller Central, your deals are more likely to be selected if you make sure they’ll get customers excited and if you have a greater available inventory.

 

4. Manage your inventory

Once you’ve got a good idea of the products you’re going to submit for Prime Day deals, and which ones are likely to be popular, it’s time to evaluate your inventory.

The last thing you want to do is run out of stock. Not only will you miss out on sales, but you’ll potentially damage your Amazon ranking. Ouch.

 

5. Marketing strategy

Next up, you’ll want to generate a bit of buzz. The good news is, Prime Day draws in loads of shoppers so you’ll likely get some new customers.

Nevertheless, it's good to set up your own marketing strategy and leverage your existing presence. Use your social assets to promote the products, deals and discounts.

Make sure you nail your Amazon SEO strategy, too.

 

6. Prepare the team

Finally, get your workforce ready. If you’ve done steps one through five right, you’ll hopefully be in for a busy few days.

Make sure you have enough staff on hand and hire some temps if you need to. The additional cost is worth it to make sure everything runs smoothly and to keep your customers happy.

 

Primed for Prime Day

Hopefully now you know exactly what you need to do to prepare for Prime Day. Amazon’s event can be an important source of sales for ecommerce businesses, so get ready ahead of time and take full advantage of the opportunity.
 
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Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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