Are you ready for Amazon Prime Day 2020? Prime Day is one of the biggest days for Amazon Sellers, read these tips to prepare!
The COVID-19 pandemic has delayed, canceled, and complicated many facets of life, and retail shopping is no exception. Traditionally held in July, Amazon Prime Day is one of the most highly anticipated online shopping events of the year. Finally, after numerous pandemic-related delays, Amazon announced its 2020 Prime Day will take place on October 13-14, just two months before the holiday shopping season.
Amazon’s signature event is a win-win for consumers and sellers alike. According to the most recent data from the Bureau of Economic Analysis (BEA), personal income in the United States decreased 2.7 percent in August, while consumer spending increased 1.0 percent. Simply put, Americans are making less money but are increasing their spending.
Not only that, but consumers have been shopping more frequently on Amazon since the beginning of the COVID-19 pandemic for a variety of reasons:
- A safe, contact-free shopping and delivery experience
- Sales and discount prices on highly desired products for consumers trying to save money in tumultuous economic times
- Limited availability of essential products (cleaning, sanitizing, paper products) in brick and mortar stores
Amazon Prime is in its Prime
As of December 2019, 65 percent of Amazon online shopping users were also subscribers to the Amazon Prime service. During the same period, there were an estimated 112 million Amazon Prime members in the United States. Even though Amazon increased Prime Subscription prices from $99 to $119/year back in 2018, Emarketer.com forecasts Prime membership will grow 14.9% to 142.5 million US users in 2020, surpassing 50% of the US population for the first time.
The free and quick shipping, Prime video options, and product availability are all key drivers in consumers adopting an Amazon Prime membership. These benefits are especially important for consumers seeking a no-hassle shopping experience with quick delivery during a worldwide pandemic.
Amazon Sellers, Are You Ready?
Whether you are a seasoned seller, or this is your first Amazon Prime rodeo, there are a few things you can do to make sure you have the most profitable Amazon Prime Day yet. Even if you haven’t put a lot of effort into your Amazon Business for Prime Days in the past, you can be sure Amazon Prime Day 2020 is going to be a whole different seller experience, especially since it unofficially kicks off the holiday shopping season.
1. Search. First thing is first, you have to begin your product search. Upload your search files and determine which products are going to get you the most bang for your buck. You can also use a free Chrome Extension to scout and source products on Amazon and export a handy list of products broken down by list price, retail price, seller feedback, and more.
2. Find. Time is money. Especially with Amazon Prime Day 2020 right around the corner. A lightning fast Profit Finder for Sellers can tap into bulk analysis to match products with those in the Amazon catalog, finding golden products instantly. After all, it is hard to make bad wholesale product decisions when you have the most up-to-date data on your side.
3. Track. Every product has a story and a Product Profit Tracker helps you avoid products with bad stories. Monitor product trends and track Amazon buy box price, sales rank, and profit all in one place, keeping you a few steps ahead of the competition. This will guarantee the best ROI for your Amazon Business on Amazon Prime Day 2020.
4. Sell. You’ve searched, researched, tracked, and purchased your ideal products. Now it is time to sell. As a product in the online retail showcase, it is important to note that appearance matter. You will want to make your product listing as attractive as possible to bring consumers to your product. Make sure your listings are up to date. Low prices alone will not do the trick, you need to optimize your listings for best results.
What About Those Prime Day Lightning Deals?
Lightning deals are products that are sold as a discounted price for a specific period of time. These products are limited in quantity and offer a “you-don’t-want-to-miss-this” feel to the Amazon buying experience. The lightning deal model makes Amazon shopping feel competitive to the consumer. However, all third-party sellers must submit an application to become Amazon Deal eligible.
Putting it All Together
By harnessing the power of Amazon Wholesale Software made by and for Amazon Sellers, you can turn Amazon Prime Day 2020 into a profit-boosting success for your Amazon Business. With this, a tiny bit of optimization on your product listings, and a positive attitude, you can hustle smarter, giving you more time to do what you love and more money in your pocket.