This guest post is from our friends at Payability
Have you started preparing for Prime Day yet? Amazon’s flagship sales day is on Monday, July 9 and, given that it’s one of the biggest shopping days of the year, you should expect — and be prepared for — a rush in sales.
To put things in perspective, some third-party Amazon sellers saw their sales increase by more than 1,000% on Prime Day last year. Needless to say, you should start getting ready now for this year’s event so you can see your sales soar by an equally impressive percentage.
If you haven’t already begun your Prime Day prep, here are four ways to get your business ready for what will hopefully be your best sales day to date.
Stock up on inventory
Making sure you have enough inventory for Prime Day is key. After all, if there’s one thing you want to avoid on July 9, it’s an Amazon stockout. So get on the phone with your suppliers now to place your Prime Day order.
To figure out how much to order, look at your numbers over the past year, paying particular attention to your sales velocity, inventory reports, and overall sales growth — these figures will give you a sense for how much inventory, at a minimum, you should have on hand at a particular time. Then, consider Prime Day’s influence on that number:
- If you participated in Prime Day last year, how much did you sell?
- If this will be your first year, look up your product’s Prime Day history for reference.
- According to data from last year, tens of millions of Prime members shopped on Prime Day 2017, Amazon saw a 60% increase in sales compared to Prime Day 2016, and — as mentioned above — some third party sellers saw a 1,000+ percent increase in sales.
After crunching your own numbers and taking these impressive Prime Day 2017 stats into account, you should have a good idea of how much to order.
Promote, promote, promote
Since shoppers are expecting great deals on July 9, it may be worthwhile to run your own Prime Day promotion. Regardless, you should consider a marketing campaign — that way, your listings will have a better chance than your competitors’ of getting traffic and, ultimately, making sales. A good place to start is with an Amazon Sponsored Product campaign, which lets you promote individual listings so they appear at the top of search results.
Another way to get to the top of search is by improving your Amazon SEO, so make sure you do a quick audit of the keywords you’re currently using — i.e. do they match what customers are actually using in their searches?
Lastly, if you have a robust social media presence, make sure to share your Prime Day deals with your followers so they can take advantage.
Win the Buy Box
If you don’t already own the Buy Box for your product, now is the time to try to win it. That way, YOU will get the lionshare of your product’s sales on Prime Day. Your Buy Box eligibility depends on a number of factors — most of which come down to your overall reputation as a seller:
- Low Order Defect Rate (ODR): Your ODR is based on customer feedback, A-to-z Guarantee claims, and chargebacks — and it should be low if you want to win the Buy Box.
- Your Customer Shopping Experience: Do you offer a shopping experience that’s in line with what a typical shopper expects from Amazon? In other words, a variety of shipping options, quick delivery, competitive prices, great customer service, Prime benefits, etc.
- Your seller status & experience: Your time and experience as an Amazon seller, and your status as a Professional seller.
These are just a few of Amazon’s Buy Box eligibility requirements. Click here for the full list.
Increase cash flow
Having a reliable source of cash is key for your Prime Day prep. That way, you’ll be able to cover things like increased inventory purchases and advertising campaigns. Moreover, it’ll let you keep momentum going long after Prime Day, assuming you’ll need to turn inventory more quickly than usual.
To get over the cash flow issues associated with Amazon’s two week payment delay, consider Payability — a financing company that pays you your Amazon income one business day after making a sale. It’s not a loan or a cash advance — it’s your income as you earn it.
About the Author
Victoria Sullivan is a Marketing Manager at Payability. She has over eight years of social media, copywriting and marketing experience. Prior to joining the Payability team, Victoria developed social media content and strategies for top technology brands such as Skype and Samsung. She holds a degree in Advertising from Syracuse University’s S.I. Newhouse School of Public Communications. She can often be found in a yoga class or working on her fashion blog.
See how Payability helped this Amazon seller triple her business, then visit Payability.com to learn how you can grow your business on Prime Day and beyond. To see how it’s working for even more sellers, you can read real reviews from real customers on TrustPilot, Tamebay and FinancesOnline. Sellers with $50,000+/month in Amazon sales may qualify for reduced rates.