That is official, Amazon has just confirmed the date of second Prime Day. It will take place on October 11th until October 12th. This second Prime Day will start the Holiday Season earlier with special deals.
In case you are wondering why Amazon is organizing a second Prime Day this year, it is probably due to the global economic situation. Amazon expects this Second Prime Day will enable customers to buy more despise the inflation. For Amazon sellers, this second Prime Day means that customers will seek for the best discounts. Get ready to submit special deals to Amazon now.
In this article we will provide you some tips to help you to prepare your business for that Fall Prime Day. Before, let us remind you some key data about the main Prime Day 2022 and help you to determine which products you can source this fall.
How Was Prime Day 2022 (Key Data)?
We provide you some data about Prime Day 2022 and the bestselling products of the last Amazon Prime Day.
The data come from Amazon official website:
Worldwide and U.S. shopping trends around Amazon’s Prime Day event.
Worldwide Prime Day Trends:
- Some of the best-selling categories worldwide this Prime Day were Amazon Devices, Consumer Electronics, and Home.
- Some of the best-selling items worldwide this Prime Day were from premium beauty brands, including LANEIGE and NuFACE;
- Apple Watch Series 7
- diapers and wipes from Pampers and The Honest Company
- kitchen essentials from Rachael Ray, Le Creuset, and Hamilton Beach;
- VTech and LeapFrog toys
- Vital Proteins Collagen Whey
- Levi’s apparel and accessories
- Chemical Guys car wash products
- pet products from NUTRO, TEMPTATIONS and GREENIES.
About Small Businesses:
- Customers supported small businesses in the three-week lead-up to Prime Day, generating more than $3 billion in sales for small businesses included in the Support Small Businesses to Win Big sweepstakes.
- Customers purchased more than 100 million small business items in the three weeks leading up to Prime Day.
What We Know So Far about Second Prime Day?
Amazon has just released the news of that upcoming event and what we can tell you right now is that event would be an opportunity for you to make more money, and it will enable you to get rid off your old inventory and make some space for seasonal products for Black Friday and Cyber Monday.
As the main Prime Day, Prime Early Access Sale 2022 will offer many super deals. According to the information we have, that fall prime day will be very similar to the main Prime Day. You can start to submit lightning deals and 7-day deals for your items.
Some Tips to Prepare your Business
📌Optimize Your Listing
This is something you always need to do, especially for big sales event like Prime Day. Make sure to optimize your listing by checking your product title, bullet points, description, and product pictures to make sure they are appealing, clear, and up to date.
📌Use social media to Promote Your Special Deals
Many customers, now spend a lot of time online checking latest information on the social media platforms such as Instagram, Facebook or Tik Tok. Because there are many users on social media, it means also they could become potential customers. Do not miss out that great opportunity to create some campaigns to promote your online store and your special deals for the Second Prime Day of the year. If you want some tips to know how to use Tik Tok to advertise your online business, check out that article.
📌Learn from the Previous Prime Day Events
Even if we cannot predict the future and we do not know which products are going to be bestselling this holiday season, we suggest you check which products have been trendy during the previous Prime Days and have an idea of the products you can sell this Q4.
📌Choose the Right Inventory Strategy
Like a regular shopping event you need to check if you have enough stock. Make sure you do not run out of your best-selling products and clear out your old inventory to make room for this holiday season and the seasonal products you can eventually sell.
If you have a stagnant inventory or slow-moving product, we suggest you take advantage of this second prime day to liquidate it. First, you can consider offering 50% to 80% discounts on the inventory that runs very slowly within six months. This approach can help stimulate your sales but also reduce the risk of having to pay the storage fees significantly.
Another strategy is to offer bulk discount packages or a combination of old stock with more current products at a discount to clear out your inventory faster.
Finally, we also suggest you use Conditional Repricer to help you dealing with your inventory. With Conditional Repricer, you can set up your repricing strategy based on different metrics such as inventory level, profitability, sell through rate, units sold etc.
We already mentioned Conditional Repricer in other article related to the official Prime Day. Take a look here for more details about Conditional Repricer and inventory management.
📌Win the Buy Box
Winning the Buy Box can help you to stand out from competitors during this holiday season. To win the buy box, keep in mind that you need to meet specific performance requirements, including being a featured merchant, product condition, available stock, shipping options, overall seller performance.
Once Amazon has considered these factors to determine the Buy Box owner, you need to be careful about your products price. Indeed, if you set your prices too low, you will lose your profit but if you price too high, you will not attract shoppers to buy. To make sure your products’ prices are always optimized, we recommend you use an Amazon Repricer to help you get the buy box and stay in there.
We know you have a lot of things to prepare for this Q4 and this Fall Prime Day probably adds more workload, but it is also an opportunity for you to boost your sales and make more profit. We suggest you make a checklist to be sure you will tick all the boxes. Finally, do not forget to use our Repricer to help you dealing with inventory management and pricing.
If you want to have more tips about inventory management you can read that article.