What is Amazon Prime Day?
Amazon Prime Day is a highly anticipated sales event where Amazon and its third-party sellers offer big discounts, deals and promotions to Prime members.
Started in 2015 to celebrate 20 years of Amazon, Amazon have announced a second Prime Day will take place this year on 10-11 October 2023.
With over 200 million consumers taking advantage of deals, 2022’s event saw record sales of over $11.2 billion worldwide. In addition, last year was the third year in a row that marketplace sales grew faster than the sales of Amazon’s own goods.
The good news is that most Amazon sellers will naturally benefit from the increased traffic over the sale period, but to really increase your sales, here’s five tips you could consider for your business for Prime Day 2023.
Five tips to prepare your business for Prime Day 2023
- Offer discounts
Obviously you will want to create discounts and deals during the Prime Day event. You can do this in a few ways:
- Set Automated Pricing to stay competitive
- Use Amazon Coupons
- Make manual price adjustments
- Apply Lightning Deals
Some coupons will need to be submitted to Amazon in advance, they will give you a deadline.
2. Stock enough inventory
The last thing you want to happen is to run out of items in demand. If you’ve been selling for a while you will have a sense of how much your sales spiked on previous Prime Days. If you’re an FBA seller then Amazon will have given you a deadline to get your stock to them by. More on optimising your inventory.
3. Increase your advertising spend
Make sure customers can find your listings on Prime Day by boosting your brand’s visibility, both on and off Amazon. There’s more competition for clicks and conversions during this event, so you could consider promoting your offers on social media.
4. Consider your product lines
Obviously some products will be more in demand than others, if you’ve thought about extending your product lines it’s useful to know that last Prime Day the top categories US consumers purchased were household essentials, health and beauty and electronics.
5. Optimise your product listings & boost reviews
Make sure your product listings are accurate and descriptive, and that they include images and the right keywords, as this will increase the chances of conversion. Product ratings and reviews do a lot to convert your listings, don’t underestimate how much customers rely on what other buyers have to say about your products.
Marketplace sales overtake the sales of Amazon’s own goods during Prime Day
Keep up with demand and never lose a sale
Most of these tips, having enough inventory, increasing marketing spend and expanding product lines all have something in common; they require capital. Which, if you are waiting on Amazon payouts for your sales, can be squeezed.
At Storfund we have the capacity to provide $5B of financing per year to our clients. As we approach one of the biggest sales days of the year, our high funding power will ensure you get paid as soon as you sell and don’t run out of cash.
Storfund pays you for your Amazon marketplace sales as soon as you sell, therefore shortening your cash cycle and providing you faster cash flow to quickly reinvest it in stock, marketing etc.
Good cash flow is key to the growth of a business, particularly during busy sales periods. Whether that’s growing your profits, product lines, or customer base.
