03 Jun Amazon Seller Playbook – Prime Day 2021
It’s official: Amazon Prime Day 2021 is confirmed for June 21 and 22. In anticipation of unprecedented customer traffic, we’re breaking down everything sellers need to know to prepare and maximize profits for Prime Day and beyond.
What We Know About Amazon Prime Day 2021
Although spending grew widely more conservative due to the financial consequences of the pandemic, e-commerce—somewhat paradoxically—continues to thrive. While Walmart.com and Target are gaining traction in online retail, nobody compares to Amazon for overall customer traffic, dominating 73% of the e-commerce market sphere during Q4.
Timed ahead of what some forecast will be a “roaring 20s” summer—coined for the likely uptick of party-related spending following a year+ of gathering restrictions—Prime Day sales are slated for record highs.
While this suggests lofty profit potential for Amazon sellers, it also means dense competition and high-risk of inventory stock-outs. Regardless of if you’ve had Prime Day success in the past, 2021 demands acute preparation for the longevity of your business.
Prepare Your Prime Day Coupons (Even After the Deadline)
As per a recent Jungle Scout survey, 70% of consumers actively search for less expensive products when shopping online, meaning we can expect shoppers will go a step further on Prime Day to narrow down merchants within the marketplace based on price drops.
While Amazon no longer displays highlighted sales prices for marked-down products, sellers can take advantage of coupons that will appear as an orange tag on promotionally priced items. As shoppers will be looking almost exclusively for sales during the event, it’s important that you make a noticeable differentiation for your product.
The deadline for submitting Prime Day-specific coupons has passed (May 28th), but no need to worry if you missed the date; you can still schedule standard Amazon coupons for a similar effect. Learn how to create your coupons here, but don’t stop there. To come out on top, Amazon sellers should begin thinking about Prime Day proactively as a strategic acceleration of their business.
Boost Your Marketing Strategy
Especially for private label sellers, building brand recognition in advance of Prime Day will position you for more long-term success. While the event itself will likely bring at least a small increase in sales, by planting seeds of familiarity with the detail and narrative of your product, you’re in more of a position to draw a targeted search and purchase (i.e., customers with repeat buy potential) over incidental shoppers.
On the flip side, if you make the mistake of relying solely on Prime Day publicity without investing in your own independent strategy, you’re going to fall behind your competitors in the marketplace.
Data suggests that social media is your strongest bet for an ROI (54% of consumers make purchases based on social media exposure or advertisements), so clueing in followers to your Prime Day coupons or posting exclusive deals could be a simple, effective move to build anticipation for the event. That said, if you don’t already have a solid social media presence, there isn’t much time to start racking up followers now.
Instead of scrambling to boost your ads, our partners at Envision Horizons can tailor a fully inclusive marketing campaign for your Amazon business, and Yardline can provide the growth capital to front the investment. Looking at Prime Day as one accelerating step on the way to scale up your business will help you maximize your profits overall.
What’s Your Long Game Goal?
At Yardline, we prioritize the longevity of your Amazon business. Prime Day 2021 will undoubtedly disrupt an already saturated marketplace—for better or worse—and you need to be prepared for how it could affect your long-term profits after the rush of the event.
For example, if Prime Day 2021 maxes out your sales potential, will you have the funding to invest in a healthy re-stock? Thinking proactively about accepting growth capital for your inventory re-up could easily mean the difference between falling victim to your success and outpacing your competitors.
When you choose Yardline as your partner in growth, you can receive approvals in as early as 24 hours for non-dilutive, unrestricted capital to be allocated however you need for your business. You also gain access to our Seller Success Managers who will use their years of e-commerce and entrepreneurial experience to help you maximize every opportunity to grow, assuring you pass through Amazon Prime Day with a leading score and the momentum to keep scaling up.
If you’re in it for the long game, begin your application here for up to $1M in growth capital to accelerate your Prime Day strategy.