Prime Day is an epic eCommerce event that helps boost summer sales for any Amazon seller. Today, retail media has become essential to driving online and offline business. And we know that orchestrating inventory, product detail pages, forecasting, profitability, promotions, and media optimizations is exhausting. Yet, it is the most measurable way to drive your eCommerce performance.
Here are a few Prime Day strategies and areas to look after when preparing for this year’s Prime Day shopping event.
You must understand your inventory coverage for the Prime Day consumption spike. You’ve probably already taken care of submitting a born-to-run-POs, so factor in your anticipated sales lift, but don’t forget to monitor any PO discrepancies and make sure you’re up to date with inventory supplies for Prime Day’s peak performance. Be sure to use robust analytics solutions to better predict performance or leverage new advanced analytics software solutions with prebuild functionality for this or the next Prime Day event.
Coupons & Promotions
If you haven’t done so already, Amazon vendors can submit coupons for Prime Day through the Vendor Central portal. Coupons are a great way to gain extra visibility for your products as they receive special badging in search results and ad placements.
Item Level Profitability
Understanding item-level profitability is key to ensuring that the business is growing in a healthy way. Amazon has many costs and fees you need to account for to get a holistic view of profitability. Gain insights into all aspects of your item profitability, like trade, coupons, advertising, manufacturing costs, etc., to focus on the essential products for your business. Aggregate this data by downloading available reports from Vendor Central or using a data visualization tool that pulls all these data points into one area.
Ticketing & Buy Box
Owning the Buy Box is essential for any seller. Losing it even for an hour could significantly hurt your sales, especially during peak hours of Prime Day. So be sure to dedicate employees to constantly monitor your products to ensure Buy Box ownership, none of your ASINs are suppressed, and file tickets with Amazon Vendor Support or use software to automate this process.
Another Prime Day strategy is to go a few steps beyond simply monitoring the Buy Box and make sure Media Planners are working closely with Sales Operations and Supply Chain to prevent spending advertising dollars on products with Buy Box lost to a 3P seller, low inventory items, or out-of-stock merchandise. You can set up an email chain, create a slack channel for live team collaboration, or leverage Pacvue’s innovative true ticketing automation paired with a variety of stackable rules for Advertising and Commerce integration. This integration also allows you to prioritize promoting high inventory items with top margins, keeping content scores and review sentiment in mind.
Content teams must go through every ASIN to confirm the most up-to-date content is live for the product detail pages to drive organic and paid performance. Ensure your variations are appropriately structured to allow for product discoverability and remove any unwanted 3P child ASINs to reduce revenue leakage. You can review content scores and update products in bulk—leverage the integration mentioned above to automate and speed up these processes.
Check out Pacvue Commerce to learn how your business can prevent revenue leakage, grow margins, and save hundreds of hours of valuable time. Reach out to see the ROI for your business!