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Simple seller tips for Amazon Prime Day success

online-sellerSimple seller tips for Amazon Prime Day success
With Amazon Prime Day looming, we’ve put together some top tips for any online business looking to capitalise on the annual sales bonanza.

 

But first, what is Amazon Prime Day?


Amazon Prime Day was established in 2015 to celebrate the anniversary of the founding of Jeff Bezos’s online retailing behemoth. It started life as a 24-hour window of not-to-be-missed deals for all Amazon users with Prime accounts and has developed into a key opportunity to grow the list of Prime account holders, which offers an increasingly wide array of related services.

This year Amazon is offering a number of deals for Prime members in the run up to the day itself, such as half-price streaming on Prime Video, four months of Amazon Music for 99p and free subscriptions for Prime Video Channels. Amazon Prime Day is also going to be available in a total of 17 countries this year, including the UK, US, Spain, Germany, France, Austria, Belgium, Italy, Mexico, Japan, Canada, Australia, Singapore, the Netherlands and Luxembourg.

When the extravaganza begins, a barrage of deals and savings will be on offer, many of them time-limited, but customers will need to be Amazon Prime members to take advantage.

This is only the fourth time Amazon has hosted the annual event, but online sellers are becoming savvier about the opportunities it creates.

 

When is it?


Amazon Prime ‘Day’ officially starts at midday on Monday 16 July, and it lasts for a full 36 hours, ending on 17 July at midnight. But deals are already on offer in the run-up, so consumers will be hurrying to take advantage of them.

 

How can you make the most of it?

 
  • Run a Promotion
Everyone loves a good BOGOF or two-for-one offer, and if people think they’re getting great value they’ll be more likely to keep adding things to their basket. Set up a promotion on Seller Central and run a Prime Day-only deal to boost upsell opportunities.
 
  • Cut Prices for Lightning Deals
People expect products to be in the sale on Prime Day and are apt to ignore items which aren’t reduced. If you want to make sure you’re one of the sellers enjoying double their usual amount of sales on Prime Day, lower your prices to make them as competitive as possible and sign up to sell your product in a Lightning Deal.

Lightning Deals offer customers discounts of 20% or more for a limited time only, and they are relatively expensive to take part in (typically up to £500 for the merchant). But the benefits are that your products will be aggressively marketed during the Lightning Deal window, meaning huge sales volumes if you’ve got stock to shift.
 
  • Stock Prime-able Products and use FBA
You won’t be able to benefit from the uptick in sales Amazon Prime Day inspires if you don’t stock products that are eligible for Prime. To do so you MUST use Fulfilment by Amazon (FBA) which ensures products are dispatched with 1-2 day shipping, manages customer service and handles returns.
 
  • Stay Well Stocked
Failure to fulfil orders could result in negative reviews and significantly damage your reputation as an Amazon seller. Prepare for a potential influx in sales ahead of time by making sure you have plenty of stock to meet demand.
 
  • Attract Non-Prime Shoppers
While Prime Day is pushed at people with Prime accounts, other shoppers will still be trawling Amazon looking for a bargain. Make sure they shop with you by offering a special incentive for them, like free shipping for one day only.
 
  • Use a multi-currency collection account
To maximise your potential profits from Amazon Prime Day, and with more countries than ever now taking part, make sure you’re taking advantage of the foreign currency collection accounts offered by leading currency brokers like Currencies Direct. These overseas bank accounts let you collect and manage multiple currencies through one easy-to-use online service, so there’s no longer any need for you to set up a bank account in every country you’re selling in.

A currency collection account gives you complete control over when you convert your funds and can save you money by ensuring your revenue is transferred at a better exchange rate than it would be when using Amazon’s currency converter.

You can also benefit from services like Rate Alerts, which inform you when a target exchange rate’s been met and help you get the best return for your transfer.

If you’re getting ready for Amazon Prime Day, follow these simple tips and brace yourself for a busy one!

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