Amazon has created what amounts to an international retail holiday with Amazon Prime Day. Even other retail giants can't ignore it. For FBA sellers, it is one of the most important times of the year.
Prime Day is also an opportunity to boost brand visibility, acquire new repeat customers, and generate positive reviews. Of course, none of that will happen unless customers can find your products. So, read on to discover how to create a product lineup to help you get the most out of Prime Day 2024.
Understanding Past Amazon Prime Day Successes
Having a best-selling product is great, but it is just a blip on the radar without analysis. To duplicate that success, you need to understand why those top-selling products perform so well.
Start With Your Own Data
Leading into Prime Day, you should already have a wealth of data from the current year's regular sales and past Prime Days. Most FBA sellers will also have developed an overall Prime Day 2024 strategy that can help zero in on a good approach for Prime Day 2024. Regardless of what is happening on Amazon as a whole, your store and categories are where you need to focus.
No one will completely change their FBA business model for Prime Day. If your FBA business is focused on home and kitchen products, you won't suddenly start selling computers in July. However, some trends cross categories, such as how we saw in 2023 that shoppers like practical items and digital accessories.
When reviewing your past Prime Day data, go deep with the analysis. You aren't just looking at the specific products that sold well, but anything that tells you why they sold well. Did you have a price drop right beforehand? Were there any larger trends that made that an in-demand item at the time? How did you advertise and promote that product? The better you understand past success, the more prepared you will be to duplicate it.
Focus on the Deal
Prime Day shoppers are looking for deals, and the most successful FBA sellers use promoted discounts to lead their Prime Day strategies. The "promoted" part of that strategy is key. Bargain hunters need to know your deals exist.
Increased ad spend leading into Prime Day is essential even without accounting for discounts. To be effective, you will want to bump advertising spending by at least 50%. As you consider what to promote and how remember that you are not just looking for Prime Day sales. Think about how your Prime Day strategy fits your overall FBA strategy and how it can build your reputation and customer loyalty for the rest of the year, and hopefully in years to come.
One thing to keep in mind is that “Prime Day Deals today 2023” and “Prime Deals of the Day Today Only” were among some of the top searches for the week. So be sure to optimize your listings with keywords that will attract Prime Day deal shoppers.
Pick the Right Promotions
There are several promotional approaches available to Amazon FBA sellers around Prime Day that can entice shoppers looking for deals. Keep in mind what has worked well for you in the past, but don't ignore the potential of pairing the right product with a new approach.
- Lightning Deals offer time-limited discounts for eligible products with a minimum star rating, and sufficient inventory. You must also meet minimum discount requirements. Discounts should also be significant enough to catch shoppers' attention. To ensure eligibility, you must prepare well ahead of time and typically will need to identify your lightning deals by the end of April to have them in place for Prime Day. These deals can be limited to just a few hours, so timing is key.
- Prime Exclusive Discounts are offered to Amazon Prime members. You need to meet eligibility requirements for sales history, star rating, and a minimum discount of at least 20%. These are a good way to catch regular Prime shoppers and build your following of loyal customers.
- Prime Day Event Discounts provide more flexibility for timing your Prime Day deals. The biggest advantage is that you can set up the promotion to run outside of the actual event. For instance, you can make the deal available to early shoppers to help generate buzz and boost product sales heading into the main event days. You can also extend the discount past the normal 48-hour Prime Day window to keep the momentum going and catch potential customers when you are competing for their attention with fewer alternatives.
- Coupons let you assign a discount to specific products or even a product category. They can be tailored to a broader time period than just Prime Day, and Amazon allows you to target the promotion to specific shoppers based on the products they search for and purchase. Since there is no cost to you until someone makes a purchase with a coupon, coupons can be a good cost-effective option.
Prime Day 2024 Bestselling Categories and Product Trends
Lead with Gadgets and Tech
Tech gadgets and accessories consistently lead in Amazon searches. This often means major brand products like IPads, AirPods, or PS5 accessories. However, technology is integrated into practically every aspect of modern life, and consumers are always looking for tech that will enhance or simplify what they already do.
Tech accessories do not have to involve much tech themselves. Functional items such as phone cases can also help to personalize and enhance a consumer's tech experience. Consumers need lots of items to engage with tech that is not actual tech, from gaming chairs to peripherals. Options for personalization can help to set such products apart.
Apple Airpods were one of the top searched for items during Prime Day 2023. Other tech and tech gadgets include laptops, Amazon Firesticks, Ring doorbells, and the Nintendo Switch.
Solve Everyday Problems Practically
Practical and household products are always in demand and are particularly appealing to bargain hunters. The focus here is still on things that simplify or enhance an existing element of shoppers' lives. Many items you already have in your inventory are likely to meet this need.
Consider items that stand out for their innovative approach to everyday problems, as well as classic or multi-function tools that can help out in the kitchen, bathroom, or elsewhere in the home. Key needs to address include organization, comfort, and wellness. Clever storage solutions, smart lighting, or products that assist with fitness and wellness goals are likely to catch the eye of Prime Day 2024 shoppers.
Some of the top searched-for items in this category include Ari fryers, paper towels, vacuums, office chairs, and coffee makers. These are all household practical items but most likely customers are making these purchases due to the deals they are seeing on the products.
Tap into Seasonality and Gifts
Many Prime Day shoppers are trying to save money on gifts for future events, but the timing of Prime Day still influences what they buy. Falling near the middle of the year in July, Prime Day is a good time to discount summer-themed products and catch people preparing for fall and the start of the school year. This factors into the gift aspect as well, as many Prime Day 2024 shoppers will be looking for items to give to someone just starting college or high school.
It’s summer, and it’s hot! Customers on Amazon are searching for ways to cool down. Some of the top searches were for Portable air conditioners, ice makers, neck fans, luggage, and patio lights.
Don't forget the "treat yourself" aspect of gift-giving, either. Shopping for others is hard work, and you can often sell consumers on the idea of buying something for themselves as a reward for all the great deals they found. From hobby supplies to gourmet treats, the sales pitch often has as much impact on getting consumers' attention as the product itself.
Maximize Your Prime Day Potential
Prime Day is a competitive battlefield. Don’t miss our webinar series Countdown to Prime Day to get industry expert advice on how to win on Prime Day! Episodes feature How to Scale Your FBA with Brand Positioning and Advertising Tactics and Product Selection and Launch Strategies for FBA Growth.
Grow Your Amazon Business With Mayan
If you’re interested in seeing what Mayan can do for your Amazon FBA business, sign up today. We’re excited to show you our platform and run an audit to show you the opportunities our platform can provide. Once we’re aligned on your goals, we can get started bringing your business to the next level. Ready to see how Mayan can help?
