Amazon Prime Day 2019: Strategies for Success (Webinar Recap)
Payoneer recently hosted a live webinar from India on the topic of how to approach Amazon Prime Day and key strategies you need to succeed.
Payoneer’s Anupriya Bhavsar along with Shikha Priyadarshni, Customer Success Manager from SellerApp, discussed the different activities that can help you to prepare for this year’s Amazon Prime Day. Anupriya opened the webinar with a brief introduction on Payoneer and how we help sellers both in India and globally to expand, as well as a discussion on our India Partner Network.
Shikha describes why Prime Day matters to sellers and the significant impact it’s made on their business over the recent years. In 2018, Prime Day sales amounted to almost $4.19 billion – a 74% increase from 2017 Prime Day, which is expected to remain the same for this year.
Since Amazon runs a massive amount of advertisements for Prime Day, it’s highly important for sellers to push efforts and make it as successful as possible. In fact, Prime Day sales can be a launchpad for sellers for the entire Q4.
Let’s take a look at the 7 strategies to apply towards your Prime Day preparation…
- Stock up on inventory – What you think might be enough for Prime Day is not always enough. This year make sure to double your inventory, as you can’t afford to go out of stock during the Prime Day sales.
- Increase visibility – Check your quality listing score and perhaps create an aggressive PPC campaign and enhance your content to increase your products’ online visibility.
- Optimize your listings – If you’re listing quality is low, you need to optimize by adding high-definition images, compiling a list of keywords that have high search volumes and including a clear and readable description on your product. Remember, be specific regarding your product.
- Go social – Create a defined social media strategy and run as many campaigns you can through Facebook, Instagram or YouTube and offer special discounts and coupons. Search where your buyers are from and determine which regions are interested in your products, and geo-target your campaigns.
- Offer promotions – Consumers like scarcity. Amazon offers you the ability to create coupons in your Amazon seller central and promote discounts, lightning deals, free shipping and more. However, discounts under 50% are not recommended as it can seem suspicious.
- Understand your past sales – Last year’s sales can certainly make an impact on this year’s so it’s highly important to understand and review your sales data from the previous year to make this Prime Day even better. Determine which tactics did and didn’t work and which specific products sold the most.
- Offer exclusive products – For larger and more experienced sellers, Amazon suggests offering exclusive or “limited-edition” products. Compile a list of about 4-5 unique products (ones that are not offered by most sellers) and end the sale of them 2 weeks prior to Prime Day. Sell these products only on Prime Day and then remove them afterwards.
To learn more about which strategies help you succeed on Prime Day, watch our webinar today!