Prime Day is around the corner! On July 9, Amazon is hosting its biggest shopping day of the year — and it’s expected to be the most successful one yet. Are you prepared for the inevitable rush?
To help you win big this year, here are five ways to crush it on Prime Day:
1 - Plan Ahead — As in Now
If you haven’t already started thinking about Prime Day, now is the time to do so. Review your selling history from Prime Day last year or — if this is your first year selling on Amazon — look up your product’s Prime Day selling history on an Amazon scanner app or other product research tool.
That’ll give you a good benchmark for how you’ll do saleswise this year, which will help you determine what your Prime Day selling strategy and inventory management will look like.
2 - Stock-up on Inventory
Speaking of inventory management, you want to avoid a stockout at all costs. Running out of inventory is bad enough on an ordinary sales day, but on Prime Day — when some third party sellers see a 1,000% increase in sales — it’s even worse.
To make sure you have enough product on your shelves, you should order at least the same amount that sold last year. Since Prime Day sales have a history of increasing YOY, it’s also a good idea to consider safety stock as well as your own growth trends so you can meet this year’s heightened demand.
And don’t forget that even though Prime Day is just one day, there are sales on Amazon every day so your inventory levels should be where they need to be from July 10th on. In other words, you want to have enough product in stock to keep meeting demand once Prime Day ends.
3 - Win the Buy Box — Now
A surefire way to get the lionshare of sales on Prime Day is to win the coveted Buy Box, so focus on getting there now. Your Buy Box eligibility depends on a number of factors, including but not limited to: a low Order Defect Rate (which factors in your customer feedback, A-to-Z Guarantee claims, and more), your customer shopping experience (do you offer Prime benefits, competitive pricing, etc.), as well as your time and experience as an Amazon seller.
4 - Market Your Listings
Assuming you’ll be running promotions on Prime Day, you should make sure Amazon’s eager shoppers actually find them. To improve your Amazon SEO, triple check your chosen keywords to confirm that they match what customers are actually searching for and consider running a Sponsored Products campaign so your listings are prioritized over your competitors’.
5 - Maximize Cash Flow
To get your storefront Prime Day-ready, you’ll need to, at a minimum, invest in more inventory. But do you have enough cash to cover the increased expense? Chances are, Amazon’s two-week payment delay is hindering your ability to cover a larger order and any other Prime Day expenses you want to make.
Thankfully there’s a solution: Payability, a financing company designed specifically for online marketplace sellers like you. As a Payability customer, you’ll get paid the day after making a sale. Sound too good to be true? Read reviews from real customers on Trustpilot, BBB and Web Retailer.
With Payability, you’ll have enough cash to stock up on inventory for Prime Day and cash out on your Prime Day earnings sooner so you can keep momentum going all summer long. Learn more at Payability.com or get the latest news on the Payability Facebook or Payability Twitter.
This is a guest post from Victoria Sullivan at Payability.