Amazon sellers rejoice!
This year’s Amazon Prime Day just got announced. Aside from the excitement that this event brings, Amazon sellers will be more excited since it will be a 2-day event. It will happen on July 12 and 13, 2022. During these days, Amazon will do everything in their powers to direct traffic to Amazon. This is a great opportunity for arbitrage sellers, or sellers who buy goods and sell them for profit, because more traffic means more sales.
Amazon Prime Day History
Looking back at Amazon’s 20th birthday, Amazon decided to make it a day with tons of sales called Prime Day. Prime customers were promised more deals on Prime Day than Black Friday. Fortunately, that day lived up to its hype as it was reported that there was almost 1 billion in total sales.
Because of it, Amazon has decided to do it yearly, thus calling it Amazon Prime Day. And since starting it back in 2015, every Prime Day has outperformed the previous iteration.
Smartly enough, Amazon started Prime Day as a way to attract customers to sign up for a Prime membership. There are a lot of benefits that you can get if you’re a Prime member that’s why it’s worth considering. Apart from that, it’s also Amazon’s way of retaining old customers, and attracting new ones. They are very much aware that if they provide irresistible deals, then new customers would most likely come back and become loyal patrons.
Make the Most Out of Amazon Prime Day
It goes without saying that Prime Day will definitely be filled with lots of deals to choose from. So, how can you make the most out of this year’’s 2-day Prime Day event? Here are 8 tips you can follow:
On Prime Day, you’ll see a ton of deals, and this might get you thinking, “Hey why not buy some of these deals and sell them?”. Don’t! If you’re not aware, then I’m here to tell you that it is against Amazon’s rules to buy items using Prime Shipping, then resell it on Amazon. There are quite a number of Amazon sellers who are not aware of this, and sadly this could get you in trouble if you break this rule.
In relation to the first point, the good news is, even though you can’t buy using Amazon Prime for your own Amazon inventory, you can still buy using Prime and sell it on other platforms such as eBay, Facebook Marketplace, or else where to make profit.
It is a smart decision to search Prime deals which you can use in your business. You may not be able to sell them on Amazon, but who said you won’t be able to use them for your own biz. Items such as printers, packing tapes, sticker removers, printer papers, etc.
Now, apart from Amazon, there are other stores that also create lots of deals on Prime Day. Think of it as their way of competing with Amazon Prime Day, which is always an advantage to customers. Be sure to check out stores like Tesco, Walmart, etc.
As a seller, you can prepare for Prime Day by repricing some of your inventory. Since there will be a lot of people shopping on Prime Day, as well as the days leading up to it, now is the time for you to strategically reprice your products. Doing this will greatly increase your chances of increased sales.
It’s expected that sales will be huge during Prime Day. Because of this, you want to make sure that you increase your prices while lower-priced competitions sell out theirs.
Apart from repricing your active inventory, you might also want to reprice your excess inventory. These are goods that will be charged Long Term Storage Fee (LTSF). Prime Day is the perfect avenue to offload some of these excess inventory.
Finally, don’t just be blinded with the potential huge profit you will be getting during Prime Day. You have to make sure that you also back it up with actions. Preparation is key. The more you prepare for it, the higher chance of getting an increase in your sales. It is a very common mistake to compare your sales with another seller. You have to realise that not everyone will have that huge leap in sales. All you have to do is to enjoy Prime Day and not be too focused on making a huge profit. Again, Prime Day is not just about buying to sell, but also buying for your own consumption.
As a final word, be sure to check next year’s Prime Day and set a reminder so you can prepare for it as it comes. In time, preparing for Prime Day will just come as second nature to you, just like with other Amazon sellers.
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