Originally published on August 26, 2020, updated February 11, 2021
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Now is the time for Amazon sellers and brands to prepare for Prime Day 2020 and make this the most lucrative shopping holiday yet. In this round table discussion hosted by Tinuiti, seven industry experts share advice for Prime Day. Learn key success factors for advertising, managing inventory, and driving optimal performance.
Topics covered in the webinar include:
You can watch the webinar above or check out the show notes below for the recap and a full transcript.
Is your Amazon business ready for Prime Day 2020? To make this the most lucrative shopping holiday yet, brands and sellers need to start preparing right now. This informative and engaging round table discussion hosted by Tinuiti features Prime Day tips and guidance from seven industry experts.
While we normally expect Prime Day some time in July, things are a little different this year. Amazon Prime Day 2020 will take place in October. Watch this webinar to learn more about advertising, inventory management, and building customer trust. You’ll definitely want to take notes, but in the meantime, here are some highlights.
As Tinuiti’s Andy Taylor explained, “This stands to be a holiday season unlike any we've seen before...A big part of that is the introduction of Prime Day into Q4 and how that's going to play with big days like Black Friday and Cyber Monday.” There are other factors that will impact consumer shopping this year.
Citing The Knot, Taylor shared that 25% of weddings were pushed later into 2020. Rescheduled gatherings are starting to take place again, which means that demand for items related to weddings and events could be very strong this Q4. Look at your inventory and consider new ways you could market your products to meet this need.
“This is probably going to cause some weird convergences of demand,” Taylor says. Not only will people be shopping for personal buys (which is typical for Prime Day), but they’ll also be looking for wedding gifts and pre-Black Friday deals.
This year, we’ve seen a few announcements and changes from Amazon, including restock limits for FBA sellers. As Tinuiti’s Mark Russo noted, sellers who “are concerned about running through your inventory quicker than you can restock it, [should] plan to send smaller, but more frequent shipments now through Q4.”
This strategy is effective because it allows you to better utilize the maximum inventory level and stay closer to the 100% utilization level. You’ll need to keep a close eye on your excess inventory percentages, though.” Carrying too much inventory, of course, decreases your profitability due to storage fees and holding costs,” Russo warned.
Another potential problem? Stranded inventory. This is inventory that doesn’t have an associated active offer and is not available for purchase due to a listing problem. This can happen for a number of reasons. According to Russo, this most commonly occurs when sellers are deleting, closing, or changing a listing.
As more shoppers have had to rely on online retailers during the COVID-19 pandemic, we’ve seen an increase in reports of people getting scammed. As such, buyers are more wary than ever, which is why it’s so important to work on building your brand’s reputation and consumer trust.
You definitely want to make sure that your product listings are accurate and fully representative of what you’re selling. Use every available space to provide potential customers with the details they need to make an informed purchase decision. Break up large blocks of text into bullet points to make it easier for buyers to scan for what they need.
Another strategy is to include high-quality photography in product listings. Be sure to provide an accurate, visual representation of the item you are selling. If possible, incorporating a video of your product will give shoppers a clear and realistic expectation of what they’ll receive if they order from you.
Finally, as eComEngine’s Becky Trowbridge explained, “another thing that you can do right now to prepare for a successful Prime Day and Q4 is get more reviews...shoppers trust other shoppers. Reviews are really essential to your Amazon business. They help your ads perform better, converting more clicks to sales. You can get ideas for improving your products, and measure customer satisfaction. There are all kinds of benefits to getting reviews.”
This webinar is chock full of great tips to prepare your Amazon business for this late and unusual Prime Day 2020. In a year that’s been so unpredictable, advice from industry experts can help you make the most of Q4 and still finish strong. You don’t want to miss it!
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Originally published on August 26, 2020, updated February 11, 2021
This post is accurate as of the date of publication. Some features and information may have changed due to product updates or Amazon policy changes.
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