Amazon Prime Day 2024: All that Sellers & Buyers Need to Know
To be successful as an Amazon seller you need to know the times of the year that generate the most sales. Obviously, Black Friday, Cyber Monday, and the weeks leading up to Christmas are extremely busy. But there’s one more day you need to prepare for: Prime Day.
This is when shoppers can find some of the best deals on Amazon for TVs, computers, cell phones, headphones, books, baby accessories, Kindle e-readers, board games, and many other popular items. So naturally, you can expect a lot of traffic on your product pages. If you want to make the most of this opportunity you need to have a solid plan in place.
Table of contents
In this guide, we’ll fill you in on everything you need to know about Amazon Prime Day 2024. Plus we’ll give you a few tips to help you maximize your sales.
What is Amazon Prime Day?
Prime Day is a yearly event where Amazon offers some of its lowest prices of the year. There are a massive amount of sales across all marketplaces (the USA, Europe, Canada, Australia, etc.), allowing shoppers to get their favorite products for a fraction of what they usually would.
There’s just one catch: it’s only available to those with a Prime membership. This is a subscription service offered by Amazon that gives members a number of benefits, like free two-day shipping, access to Amazon Prime Video, and more.
There are currently over 200 million Prime members, so Amazon experiences a huge increase in traffic on this day.
About Amazon Prime Day 2024
This year’s Prime Day is fast approaching. Here’s what you need to know about the 2023 event:
No one knows exactly how long until Prime Day begins (presumably July 11), but Amazon has announced it will take place by the end of the second quarter.
The date will likely be announced two weeks in advance.
While Prime Day usually only happens once a year there may be a second event later this year.
It will take place over two days.
Stats from Prime day 2022
It’s impossible to know exactly how busy Prime Day will be this year, but here are some statistics from 2022 to give you an idea:
Amazon sold $10.4 billion worth of products.
Amazon’s total Prime Day sales were up 45.2% over the previous year.
Third-party sellers made over $3.5 billion in sales.
Third-party sales increased by 60% over the previous year.
Some of the best-selling products were the Alexa-enabled Echo Dot, Fire Stick 4K, iRobot Roomba Robot Vacuum, LifeStraw Personal Water Filter, and LEGO Star Wars Stormtrooper Helmet.
Expect sales to increase once again as Amazon has continued to add new Prime members throughout the year.
Types of Amazon Prime Day Deals
During Prime Day there are two types of deals that are offered:
Prime Exclusive Discounts: These are deals that are available only to Prime members and feature discounts of at least 20%. They last the entire two days.
Lightning Deals: These are special offers that only last a few hours. Like Prime Exclusive Discounts, these deals are at least 20% off.
How to Take Part
If you’re an Amazon seller you’re probably wondering how you can get involved in Prime Day. You can set up a Prime Day Exclusive Discount if you meet to following eligibility requirements:
Your product must be in new condition.
Your product must have a 3.5-star rating.
You must have a 4-star seller feedback rating.
The discounted price must be at least 20% lower than the non-Prime member price.
The price must beat the lowest price for the ASIN in the past 30 days by 5%.
You may also qualify for Lightning Deals. To find out, go to your recommendations in your Lightning Deals dashboard. If any of your products are eligible they’ll be listed here.
However, even if you don’t qualify for one of these deals there’s still plenty you can do to have a successful Prime Day. We’ll go over some tips in the next section.
How to Maximize Sales During Prime Day
The top Prime Day sellers aren’t lucky. They prepare ahead of time and have a solid strategy.
Here are a few things you can do in advance to make as much money as possible during the event:
1. Make Sure You Have Enough Inventory
You can’t make any sales if you don’t have any products to sell. Depending on where you order your inventory from it could take a few weeks, so make sure you get your orders in now so your items arrive before Prime Day.
2. Do Product Research
You might want to consider adding some new products to your store to ensure you have what people are looking for. You can start by going to the Amazon best sellers list to see what’s currently popular. Next, use tools like AMZScout’s PRO Extension to see an item’s average monthly sales. You can also check out the sales history feature to see which products sold the best during the last Prime Day.
3. Optimize Your Listings
People won’t buy your products if they can’t find them. With Prime Day coming up now’s a good time to take another look at your listings to make sure they’re optimized for Amazon search.
Use keyword research tools like AMZScout’s Keyword Search to generate a list of relevant search terms and sort them by search volume to find the most popular ones.
You can also use the Reverse ASIN Lookup tool to see what keywords your competitors are using.
Once you have your keywords make sure to include them in your title, description, and back-end keywords.
This is also a good time to have a look at your reviews. Respond to any negative feedback and start working on your scores to get them as high as possible.
4. Amazon Ads
Optimizing for organic search is important, but if you want to ensure people find you it’s a good idea to invest in an Amazon Ads campaign as well. This makes sure your items show up for the right keywords and will definitely help you get more traffic on Prime Day.
Use the same keywords you included in your product listings to create your Amazon Ads. It’s a good idea to start your campaigns a few weeks before Prime Day, as this will give you time to optimize them.
In the days leading up to the event, try a few different search terms and add negative keywords to improve your results. That way when Prime Day rolls around your ads will be working exactly how you want them to.
5. Lower Your Prices
People visit Amazon during Prime Day looking for good deals, so you want to make sure you’re offering your best price. This event is all about getting the most sales possible, not maximizing your profit margins. If you offer a great deal you could experience your best sales of the year, which means you’ll more than make up for lower margins.
6. Use Coupons
If you don’t qualify for Prime Exclusive Discounts or Lightning Deals then the next best thing is to offer coupons. This adds a box people can check when they’re purchasing your product to save a certain amount of money. When you apply coupons to your items they show up on Amazon’s coupons page and they’ll also get a bright orange coupon label.
Just remember, coupons take two days to activate. So, make sure to create yours in time for Prime Day.
Deals to Expect During This Year’s Prime Day
Want to have an idea about what type of deals will be offered during Prime Day? According to recent news and expert opinions, you can expect the following products to be heavily discounted during the event:
1. Amazon-Owned Brands
Amazon always offers deals on their own brands, including Alexa, Echo, Fire, Kindle, Ring, Blink, and Eufy. So, if you sell items similar to these be prepared to up against some stiff competition.
2. Laptops
One issue Amazon ran into during their last Prime Day is that they couldn’t keep up with the demand for their laptop deals. With this clearly being a hot item expect many more promotions around laptops this year. You should also anticipate that Amazon will have enough inventory this time around.
3. TVs
Televisions are always popular during these events, and this year should be no different. There will likely be steep discounts on many TVs, especially the ones that are Fire-enabled. This is one of the most competitive niches during Prime Day, so be prepared if you’re planning to sell anything TV-related.
4. Apple Products
MacBooks and iPhones are popular year-round, but they’re in especially high demand during Prime Day. Apple products were one of the best selling categories during last year’s event, so you better believe there will be plenty of great deals on these items this year.
Conclusion
Amazon Prime Day is a huge opportunity for Amazon sellers. If you have the right strategy and put in the work you could potentially make a month’s worth of sales in one day. Follow the tips above to prepare yourself and good luck during this year’s event!
