There are two dates that every Amazon retailer looks forward to every year, Amazon Prime Day and Black Friday.
Amazon Prime Day 2020 will take place between October 13 and October 14. It was delayed from its usual summer start as Amazon prioritised deliveries of essential items related to Covid.
Prime Day is the second largest shopping day of the year after Black Friday (and Cyber Monday), despite being exclusive to Amazon Prime shoppers. That’s never been an issue, however – anybody can take advantage of this special sale day from Amazon.
In 2020, Black Friday is scheduled on the day after Thanksgiving, which is November 27th. Its counterpart, Cyber Monday, is scheduled the Monday shortly thereafter on November 30th.
Get Ready for Amazon Prime Day
Both days represent the most competitive and most active selling days there are in the calendar for both e-tailers and retailers alike – thanks to the number of shoppers all looking to secure great deals for items they have on their wish lists.
It’s easy to get lost in the madness, regardless of whether you consider yourself a novice or an experienced e-tailer. It’s also easy to miss out on maximizing your profits in the frenzy.
It’s harder than it looks; after all, you’re essentially competing with millions of sellers all looking to boost their sales and get a piece of the lucrative Black Friday and Prime Day pie.
Here are eight ways to make the most out of your Prime Day and Black Friday sales and knock your targets out of the ballpark.
1. Prepare in Advance
As Sun Tzu put it so well in The Art of War, “Every battle is won before it’s ever fought.”
The same is true for Black Friday. Double for Cyber Monday, and triple for Amazon Prime Day.
For sellers, half the battle is in the run-up to Black Friday – there’s never enough time to promote your wares. In fact, many major retailers will start their Black Friday/Cyber Monday promotions way before the start of November.
Take it upon yourself to let consumers know that your shop has fantastic products and deals on offer – get the word out on social media. Digital advertising is key: getting your SEO, content, online, and social media campaigns in order goes a long way in raising consumer awareness. The early bird gets the worm, so you should have a well-thought-out plan months prior. The earlier you inform your clientele, the better they will be prepared to take advantage of your offers. Don’t be left behind.
Also, keep your prices competitive and react to competition stock change with automated repricing.
2. Do Your Research
Preparation goes hand in hand with research – you don’t want to source a product you think will sell like hotcakes on Black Friday only to end up with products that don’t sell.
Dome some research on what products are popular just prior to Black Friday (or Prime Day) – there is a wealth of resources out there you can use to get a pulse on what products are selling and what products don’t. Print media, digital media, social media, magazines, TV shows – they’re all there for the taking.
3. Reach Out to Websites with Special Sales Pages
There are many websites that put up special sales pages on high-volume selling days like Black Friday, Valentine’s Day, or Amazon Prime Days, and these aren’t just online stores. In fact, many of these sites are simply affiliated with Amazon via their Associates program, which means that they are always looking for products with strong promotional prices for the big events. Thus, it’s a great idea to do your research and reach out to websites that have special-day pages – you’d be surprised at how many websites will agree if you have a great deal on offer.
To give you an idea, one of the sites we have in mind is All The Stuff. Just check out their selection of product reviews to see if your product is a match – if it is, there’s a good chance they will include your offer.
4. Ensure You Have Enough Inventory
Once you’ve researched and found a source for the product you want to sell, you’ll want to ensure that you have enough of it to fulfil what is certain to be an uptick in demand. Make sure that you have enough stock to last throughout the lucrative holiday season.
As you may very well know, popular items sell like hotcakes as the holidays draw near – it is thus important to track your inventory so you know what you could sell (e.g., your unsold stock) at higher prices after the holiday rush.
5. Track Your Promotional Sales
It pays to take the extra step of accounting for your Black Friday or Prime Day sales properly. Make it a point to take the lower prices of your promotional sales into consideration when you create your sales forecast. You wouldn’t want to overshoot your estimations without taking discounted prices into proper context.
Whenever you run any promotion, you need to consider your Amazon profit margin.
5. Get Your Order Fulfillment in Order
The last thing you want to do if you are a smaller e-tailer who manages your own orders is to not have enough resources to help fulfil them. Don’t make the mistake of thinking you can handle Black Friday or Prime Day volumes by yourself. Ask family or friends to help out. Hire temporary workers if you must. Whatever you do, be sure you have the capability to fulfil your orders. Set a plan, and execute.
6. Check Your Return Policy
It’s easy to overlook this one aspect of Black Friday/Prime Day preparations: your return and refund policy. It’s only natural to expect more returns and refund requests in a time of significantly more volume, so be sure to get your policies in order.
Returns and refunds always matter; this is the reason why many retailers tend to prolong their returns and refunds policy during the holidays. This way, less time is wasted in handling them during the heat of the holiday frenzy. If you plan to extend your policies governing returns and refunds, be sure to keep your shoppers aware. There’s literally no excuse not to, given the countless ways you can communicate with your customers.
8. Be Creative With Your Promotions
Finally, one of the last pieces of advice we can recommend you is to be creative with your promos. It’s hard to differentiate yourself from the competition if you don’t adapt. Big box stores can easily drown you out in the noise and blow you out of the water if you don’t set your offers apart. Offer free shipping. Offer to throw in a gift. Liaise with your friendly neighbourhood influencer. Do something, anything that will make your products stand out.
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