The world of ecommerce is constantly expanding, and it’s more important than ever to make your mark as an online seller. The Covid-19 pandemic has caused online shopping’s popularity to increase even further as global ecommerce sales grew by 27.6% in 2020 and are expected to have risen further throughout 2021.
But first, what is Amazon Prime Day?
Amazon Prime Day was established in 2015 to celebrate the anniversary of the founding of Jeff Bezos’s online retailing behemoth. It started life as a 24-hour window of not-to-be-missed deals for all Amazon users with Prime accounts and has developed into a key opportunity to grow the list of Prime account holders, which offers an increasingly wide array of related services.
This year Amazon is offering a number of deals for Prime members in the run up to the day itself, such as half-price streaming on Prime Video, four months of Amazon Music for 99p and free subscriptions for Prime Video Channels. Amazon Prime Day is also going to be available in a total of 17 countries this year, including the UK, US, Spain, Germany, France, Austria, Belgium, Italy, Mexico, Japan, Canada, Australia, Singapore, the Netherlands and Luxembourg.
When the extravaganza begins, a barrage of deals and savings will be on offer, many of them time-limited, but customers will need to be Amazon Prime members to take advantage.
This is only the fourth time Amazon has hosted the annual event, but online sellers are becoming savvier about the opportunities it creates.
When is it?
Amazon Prime ‘Day’ officially starts at midday on Monday 16 July, and it lasts for a full 36 hours, ending on 17 July at midnight. But deals are already on offer in the run-up, so consumers will be hurrying to take advantage of them.
How can you make the most of it?
- Run a Promotion
- Cut Prices for Lightning Deals
Lightning Deals offer customers discounts of 20% or more for a limited time only, and they are relatively expensive to take part in (typically up to £500 for the merchant). But the benefits are that your products will be aggressively marketed during the Lightning Deal window, meaning huge sales volumes if you’ve got stock to shift.
- Stock Prime-able Products and use FBA
- Stay Well Stocked
- Attract Non-Prime Shoppers
- Use a multi-currency collection account
A currency collection account gives you complete control over when you convert your funds and can save you money by ensuring your revenue is transferred at a better exchange rate than it would be when using Amazon’s currency converter.
You can also benefit from services like Rate Alerts, which inform you when a target exchange rate’s been met and help you get the best return for your transfer.
If you’re getting ready for Amazon Prime Day, follow these simple tips and brace yourself for a busy one!