Boost Your Sales for Amazon Prime Day With 4 Amazing Pricing Strategies

Amazon Prime Day is coming up, and it’s time to prepare your sales strategy to increase your sales over one of the busiest periods for e-commerce.

We sat down and chatted with our head of Amazon marketing, Bogdan Licareti, about what some of the top strategies are when it comes to selling during the busy Amazon Prime period.

So, whether you’re a seasoned seller, or completely new to the Amazon Prime Marketplace, this Amazon Prime guide will help you stay ahead in order to get the best results in one of this year’s biggest shopping seasons.

Prime Day is a huge annual event that Amazon has created to, essentially, celebrate its Prime members. Since its conception in 2015, Prime Day has become a global shopping phenomenon.

How it works: For just 48 hours, Prime members have exclusive access to thousands of deals across all product categories.

Last year, Amazon Prime Day broke all previous records for sales on Amazon during its first 24 hours. Over 375 million products were purchased during Amazon Prime ’23 with customers redeeming discounts worth over $2.5 billion.

This is a sales period you do not want to miss out on.

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Prime Day is more than just a sales event; it’s an opportunity to capitalize on an audience who are ready and expecting to spend. 

Here’s what you need to know:

Increased Traffic: Millions of Amazon buyers will scour the site for deals, giving your products unparalleled exposure.

Higher Conversion Rates: Shoppers are ready to buy, leading to higher conversion rates and increased sales.

Brand Building Opportunity: Prime Day is the perfect time to build brand awareness and customer loyalty.Pro Tip: It’s critical to make sure your products match the qualifying requirements for Amazon Prime Day to profit from it. Products must be Prime-eligible, which usually entails using Fulfillment by Amazon (FBA) to ensure dependable delivery. Sustaining favorable customer feedback and good product ratings also improves eligibility and desirability.

It’s essential to understand your customers and how they perceive Prime Day. 

So you can have a better understanding of your customers, analyze week-over-week (WoW) Amazon performance. (CAN WE ADD A SCREENSHOT??)

Inventory preparation is key and one of the main issues sellers face during high-selling periods like Prime Day. Make sure you have sufficient stock to avoid any problems during this event that could slow down your sales streak.

Pro Tips:

  1. Ensure retail readiness: Spruce up your products’ bullet points, titles, and A+ content.
  2. Add a compelling a brand story. This will help you make a special connection with your customers.
  1. Refresh your Prime Day Store Front with high-quality, lifestyle photos.
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  1. When it comes to promotions, dedicate a team member to take the lead.
  2. Supercharge your advertising with DSP and AMC to drive product detail page views (DPV) weeks before Prime Day. Then, switch to mid-and bottom-funnel tactics on the big day itself. 
  3. Boost your Sponsored Products (SP) visibility and launch a marketing campaign (preferably two weeks) before Prime Day. Add brand referral links, email lists, and DSP.
  4. Don’t forget ranking your products ahead of Prime Day will be key to getting maximum visibility.
  5. Make it simple! Streamline the checkout process to make it easy for shoppers. Minimize the friction so the shopping experience is not disrupted. Not sure what the checkout experience is like? Test it yourself.

1. Coupons

Coupons are a great tool to grab the attention of customers

With coupons, you’re providing competitive differentiation and flexibility, encouraging customers to try your products. If you fulfill these requirements, you can maximize your sales potential by placing your products prominently during one of the biggest shopping events of the year.

💡Pro Tip: Set your discounts for more than 5%; and schedule the dates to coincide with Prime Day.

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2. Lightning Deals

Lightning deals are the best way to make products visible because they are part of time-limited campaigns. They only last a few hours. 

These offers work well for bringing in new customers – especially if you’re new to the Amazon Prime Marketplace.

Why we love them? They’ll help you fly through excess inventory, and speed up sales (pardon the pun)… ‘as quick as lightning’…😆

💡 Pro Tip: You’ll need to act fast! Our recommendation is to plan ahead by setting up your deals well in advance. Amazon opens their Prime Day window months out in the ‘deals tab’, so keep an eye on this. Due to these deals being limited by time and demand, ensuring early preparation will help you reach your goals.If you need help setting up your deals, contact us today!

3. Proper Product Pricing

Pricing your products correctly involves strategising in order to attract shoppers. It’s a key strategy because it combines competitive pricing and the use of pricing tools in real time.

💡 Pro Tip: To make your listings more appealing, create product bundles + coupons for extra savings.

4. Cross-Selling

Cross-selling is one of our favorite strategies, where sellers recommend additional or complimentary products to customers, based on the products in their current purchase.

This technique can improve the shopping experience by offering other items that can add value to the primary product. Effective cross-selling during Amazon Prime Day can lead to higher sales and Prime Day buyer satisfaction.

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Bonus Tip: Try Going Off-Campus… 👀

Besides these Amazon-specific tips and tricks, you might want to consider advertising beyond Amazon.

Promoting Amazon products and deals on other channels can help to increase your reach, engage your current customers, and improve your sell-through rate.

Take Amazon Publisher Direct (ADP). A tool which can help you reach your customers and draw them to your Amazon store. With this tool, you can access thousands of premium videos, and audio. That would give them the chance to reach audiences of millions. 

Another reason why we love this platform, is because you can access over 2 trillion viewable ad opportunities, creating the perfect scenario for the creation of high quality campaigns.

APD will give you direct access to engage directly with the ideal customers for your brand. You’ll also receive clear information about the visibility of your ads, and how much you’re paying for them!

While you’re here, why not try using a social media campaign?

It’s evident that consumers routinely find new products via Instagram, Facebook, YouTube, and TikTok. Capture their interest with posts, reels, stories, and short-form videos. 

💡 Pro Tip: You can also recycle this content by using it in Amazon posts.

  1. After Prime Day wraps up, it’s time to dive into the data and celebrate your wins! Analyze what worked well and which deals didn’t hit the mark. Always check your spend and profitability, and where there might be room for improvement.
  2. Focus on your new-to-brand (NTB) customers and start to plan how to engage them before the next high-traffic event.
  3. Don’t forget to reset your budgets to the normal levels after Prime Day!

The Cherry on Top 🍒

Always offer a follow-up after purchase. Consider sending offers, discounts, coupons, and other incentives via email flow. 

If you need help setting up a customer service flow, contact us and we will be happy to assist! 

Prime Day presents a distinctive opportunity for vendors to increase their sales, expand brand recognition, and connect with a vast customer base of cashed-up buyers. 

You can maximize this buying event by planning, making your listings as efficient as possible, and utilizing the above promotional techniques.

Ensure your products are Prime-eligible by using FBA, and apply for Lightning Deals and other promotional opportunities through Seller Central.

Significant discounts, BOGO offers, and exclusive bundles are highly effective in attracting buyers.

Analyze competitor pricing and consider using dynamic pricing tools to stay competitive while maintaining profitability.

Use Amazon PPC, social media, and email marketing to create buzz and drive traffic to your listings before and during Prime Day.

Avoid running out of stock by ensuring you have adequate inventory. If you do run out, update your listings as soon as new stock arrives to maintain your rankings.

Participating in Prime Day is still a valuable opportunity to get your brand name out there. However, performance and results can vary based on factors like profitability and product types. Despite these variations, Prime Day generally serves as a great way to increase viewership and expand your customer pool, especially for new sellers.