In 5 days, the entire Amazonverse will be bustling and hustling—with shoppers hunting for the best offers and sellers (a.k.a. you) convincing them to take yours.
So, before the ecommerce storm that is Prime Day 2024, let us give you a “blast from the past” moment to set your expectations and guide your decisions in the upcoming sales bonanza.
- Prime Day 2023 review 🔙
- Your best product research partner
- Top brands’ winning Prime Day strategies 🏅
- Ad tactics to dominate Prime Day 2024 ⚡
P.S. You can request specific strategies—pricing, marketing, anything—as we approach the big day by shooting us a message. ✉️
BIG IDEA
Every July, Amazon treats its Prime members to two days of epic deals. It’s like Christmas, but in summer—everyone is looking forward to saving (and spending!) during this time.
And each year, Amazon records impressive sales numbers and an unforgettable shopping frenzy. The 2023 event was no exception, and many are hoping this year won't disappoint either.
⏪ Getida summarized the record-breaking achievements last year, and here's how it went.
Prime Day 2023 highlights
- 375 million items: That’s how many products Prime members snapped up worldwide.
- $2.5 billion in savings: Prime members saved big, more than any previous Prime Day.
- Small businesses: More deals than ever were offered to small businesses, making it a banner year for new and modest-sized sellers.
- Third-party sellers: Their sales outpaced Amazon’s own retail business, a major win for entrepreneurs.
- Record-breaking day: The first day of Prime Day 2023 was Amazon’s single biggest sales day EVER.
- Fashion, Beauty, and Home: These were the top-selling categories.
In conclusion: Prime Day 2023 was one for the books! 📜
In the past…
Customers were pumped for Prime Day 2023, and it looks like they're down for another in Prime Day 2024. A survey from last year found that:
- About 68% of customers plan to shop on this year's Prime Day.
- Prime membership is on the rise, jumping from 27% in 2022 to 52% in 2023.
People certainly love the perks of being Prime members, and it shows.
Looking ahead
This year's event promises to be bigger and better, with more opportunities to earn your biggest sales yet. Now's the time to apply all the lessons learned from Prime Day 2023.
And don’t forget, mark your calendars for July 16 and 17. 📅
TOGETHER WITH SMARTSCOUT
The partner you need to find winning products
Picture this: You're diving into a sea of data, but instead of feeling overwhelmed, you're exploring with ease. With SmartScout's Subcategories feature, you can have all the information you need, intuitively organized and right at your fingertips.
Step 1: Browse the categories and subcategories.
After selecting a category and subcategory, you’ll see in-depth data, including monthly revenue estimates, seller counts, average product prices, and exclusive insights.
Step 2: Choose what you want to research.
To delve deeper into a subcategory, you can use either of the following:
- Brand: Use this option to analyze subcategory-specific brand details, including estimated monthly revenue, percentage share, and average seller counts, ASINs, or units sold.
- Product: Use this option to explore a wide array of products within any subcategory. Access information such as monthly revenue, rank, number of FBA sellers, Buy Box price, review rating, and more for each product.
- Subcategory: Use this option to focus on a single subcategory or open several, each in its tab, and switch between them.
Step 3: Filter as much as you want!
Every brand, product, and subcategory table has columns with powerful filters. Just set your target parameters, and SmartScout adjusts instantly. Here are some filter ideas to get you started:
- Monthly revenue estimate: Adjust this according to the size of your target brand.
- Average number of FBA sellers: Use this to find products with lower competition.
- Average selling price: Use this to strategize your pricing, product selection, and competitive positioning.
- Brand/product score: Know which brand or product offers extensive content on their product pages.
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BITES OF THE WEEK
- Prime PPC: Make sure your advertising strategies are on point this Prime Day.
- Prime Facts: Here are Prime Day facts and stats you can use as a guide for this year’s event.
- Primed Pages: Brands are making sure their product detail pages are primed and ready.
TRENDING TOPIC
How top brands are preparing to drive serious Prime Day sales
Amazon Prime Day is a sales event to take seriously. With last year's all-time high sales of $12.7 billion in the U.S., businesses are now gearing up for even more action this year.
🏆 Inc. shared a glimpse of how top companies are planning to make the most out of Prime Day 2024.
Strategy 1: Driving traffic to Amazon
Ceramic cookware brand Caraway is focusing efforts on its Amazon storefront rather than its website. Last year, they experienced 300% sales growth, with daily sales increasing more than 18 times on the first day of Prime Day!
This year, they plan to:
- Offer a 20% discount on all products, alongside Prime Day-specific bundles and flash deals; 💥
- Launch 10 to 20 new bundles on Amazon; and
- Provide exclusive flash deals to their SMS subscribers during the event.
Tip: If you're looking to use this strategy, consider focusing your promotions on a single platform.
Strategy 2: Leaning into AI
Like last year, Thread, a Utah-based accessories brand, will adopt AI-driven marketing tools. The brand emphasizes that its focus is on personalized SMS and email campaigns.
This year, they plan to:
- Offer Amazon discounts ranging from 20% to 50%. This move aims to boost competitiveness and streamline inventory turnover. 🔻
Tip: If you’ll use AI-driven tools to personalize marketing campaigns, data-driven insights can improve targeting and increase conversion rates.
Strategy 3: Leveraging traffic with inclusive discounts
Cleanlogic, a bath and skincare company, saw a 162% increase in sales and traffic during Prime Day 2023. For 2024, they're adopting an inclusive Prime Day strategy.
This year, they plan to:
- Use Amazon's "click to save" coupons for discounts of $1 to $5 available to all shoppers; and
- Follow up with a post-Prime Day promotion targeting cart abandoners and non-purchasing visitors. 🛒
Tip: Once you've attracted a wider audience with your inclusive coupons, use your brand story to foster customer loyalty beyond Prime Day.
Sales never stop
Prime Day also presents an opportunity to attract new customers. Use social proof to secure their trust and turn them into loyal patrons.
Sustaining strong sales shouldn't end with Prime Day, so capitalize on the momentum.
ACTIONABLE ADVICE
5 advertising strategies to dominate Prime Day 2024
As Amazon amps up the hype with millions in promotions, your advertising game needs to be on point to stand out amidst the frenzy. Brand Builder University listed 5 advertising tips to navigate Prime Day 2024:
- Manage expectations. Amazon pumps millions into promoting this event. You can expect:
- Increased traffic: Impressions skyrocket as shoppers hunt for deals.
- Decreased click-through rates: More looks, fewer clicks—it’s window shopping on steroids.
- Increased conversion rates: When buyers bite, they usually bite hard.
- Manage bids. Amazon's "friendly suggestions" to up your bids might not align with your profit goals. Instead:
- Stay smart: Resist bid hikes unless you've tested the waters.
- Proceed with caution: More traffic often means you'll catch sales even without maxing bids. ⚠️
- Manage budgets. Dial up your budget if you’re playing aggressively with bids, but:
- Stay balanced: Match budget boosts with bid strategies.
- Don’t miss out: Keep high-performing campaigns funded throughout the day.
- Manage keywords. Prime Day is the prime time to fine-tune your keyword game.
- Trim the fat: Weed out underperforming keywords.
- Optimize: Ensure every click counts towards profit.
- Manage placements. Strategize where your ads land for maximum impact. You can:
- Go big: Sponsored Brands ads can spike sales significantly.
- Optimize placement bids: Nail down top spots where your products shine.
🌟 All the best!
Prime Day 2024 is happening a few days from today. Make this your chance to shine on Amazon's biggest stage. Stay agile, stay focused, and make this Prime Day your most profitable yet!
