With total sales crossing a whopping $12 billion, Amazon Prime Day 2022 has been the most successful sale season for the retail giant ever. With such numbers comes an opportunity for millions of brands to break into competitive industries and attract motivated shoppers.
Both Anne Harrell, Senior Retail Media Strategist, and Dhara Patel, Product Marketing Manager at Pacvue have years of experience working in eCommerce strategies and they came together to host a powerful webinar recently.
Going through each statistic from Prime Day 2022’s CPC report, the two offered insights on the notable trends, future predictions, and a 5-step formula for gearing up for Q4. This blog offers a recap of some of the most memorable observations from that webinar.
Notable Trends from Prime Day 2022
Social media and email lists became two of the most successful ways that brands were able to attract off-site traffic to Amazon this year. Another interesting statistic was a noted 48% discount seen among Amazon devices, the highest out of all categories.
The top 3 best-selling categories in the U.S. this year were:
- Consumer electronics
- Household essentials
- Home products
These reflect the current state of market inflation, with discounted products being the most sought-after.
CPCs increased 75% week-over-week on Day 2. Sponsored Product ROAS also increased 9.8% YoY and Sponsored Brand ROAS increased 9.7% YoY. On day 1, Ad spend increased dramatically by 281% week/week for Sponsored Products, and by 259% week over week for Sponsored Brands.
Gearing Up for Q4 Events
Specialists predict another huge sales event by Amazon in October 2022 to encourage early holiday buying, and it can be a great opportunity for new brands, products, and product lines to get their foot in the door. By looking at some of the biggest trends of Prime Day this year, Anne Harrell takes the webinar through tips and tricks for this upcoming quarter.
- Leverage Dayparting: This can singlehandedly help you control your ad spend while maximizing your budget throughout the event.
- Target new-to-brand customers: By retargeting the same pool of consumers and potential consumers, you encourage brand loyalty, improve the chance of gaining subscription purchases, and build recall value.
- Automate with rules: Continuous monitoring of all bids is confusing, so utilize automation tools and software to help you adjust efficiently and reach your specific goals.
- Don't forget the lead-in: With the onslaught of purchase-heavy seasons in Q4, a lead-in strategy can help you establish a brand image and work within your margins to profit off of the motivated buying patterns on Amazon.
- Launch DSP advertisements: DSP has well established itself as an absolute necessity for advertising campaigns, and it is key to reaching the customers at the right time.
- Look for areas of underinvestment: By analyzing which tactics are doing well for you and which aren’t, you can invest more in them to drive traffic and get desired sales.
- Weigh the costs versus returns: On the opposite end of it, you should also pinpoint areas where your ad dollars are being wasted to shuffle it and prioritize the channels where you could get more bang for your buck.
- Grow your piece of the pie: Your share of voice relative to that of your competitors is an important metric to always keep an eye on and try to grow.
5 Steps to Get a Head Start for Q4
During the webinar, Anne Harrell broke down the 5 tactical ways that you can start preparing in advance for all the events scheduled for Q4:
- Optimize every element you can: This includes your keyword strategy, audience strategy, and budget sufficiency to stay on top of the game and regularly update them based on your performance.
- Proofread your brand’s digital store now: Reviewing all your product pages in advance can help ensure that overlooked errors in the graphics, titles, and text do not cause you to lose out on sales.
- Assess your ASINs carefully: In both your auto and top manual campaigns, ensure that your promotional ASINs are getting featured to promote maximum visibility before and during sales events.
- Experiment and analyze: Make the most out of each opportunity you have to experiment with your bidding schedules, discounts, messaging, and even keywords. Your advertising and audience response will help you redirect prep to maximize sales during peak season.
- Ramp up retargeting campaigns: Both your Sponsored Display and Amazon DSP are trial-and-error-based campaigns, and you can leverage your retargeting campaigns to encourage potential customers to buy your brand even after the sale has ended.
In less than 30 minutes, the two speakers covered everything about Prime Day 2022 along with tips and tricks for the last quarter of the year. You can learn more fascinating statistics, trends, and predictions by watching the recording of the webinar for free. Check it out here!