Prime Day 2023 has been officially announced by Amazon. This year, Prime Day will be a 48-hour event that will take place on July 11th and 12th, 2023. It will be two days where Amazon will pull out all the stops to drive tons of traffic to Amazon to shop. Many third-party sellers will benefit, as the increased traffic on Prime Day will translate into more sales for us.
Prime Day 2023
Amazon promises even more sales than last year. In fact, they are likely to have sales not only on Prime Day, but throughout the week. With these deals before and after Prime Day, I think Amazon is “priming” its customers to do even more Prime Day shopping.
Prime Day is a day that Amazon strategically created for several reasons. One of them is to get more people to sign up for Prime. I love being a Prime member and taking advantage of all the perks. If you’re not already a Prime member, you should consider signing up. As a Prime member, I can better sell to Prime customers because I understand their mindset.
Another reason Amazon created Prime Day is to attract millions of customers, new and old, to Amazon. They know that if they offer good deals, customers will come. This large number of customers shopping on Amazon gives them an incredible opportunity to make a big jump in sales. Customers come for Amazon’s great deals and stay to buy other products they want to buy.
Maximize your profits this Prime Day
Prime Day is going to be full of amazing deals. If you prepare, you can make the most of Prime Day. Here are some timely tips to make the most of Amazon Prime Day:
Follow the rules
You may be tempted to buy some of the Prime Day deals to resell on Amazon. Keep in mind that Amazon’s rules prohibit you from buying items with Prime shipping that you want to resell on Amazon. This is a rule that many new Amazon sellers are not aware of, but breaking it can get you into big trouble.
Get some good deals
Even if you can’t use Prime to buy items for Amazon, you can use it to buy items for sale on other platforms like eBay, Craigslist or anywhere else that can benefit you.
Look for reward offers that you can use in your business, such as shipping supplies, office supplies, a new laptop to process, or anything else you can deduct as a business expense.
Every year, other stores respond to Amazon Prime Day with their own special sales. Check other online stores to see if they have any special offers on that day. I know Walmart has a big sale every year in response to Prime Day. I’m sure they (and other stores) will do the same this year.
Remain Competitive
To prepare, it is a good time to change the prices of some of your products. Since more people shop on Amazon on Prime Day (and the days leading up to it), you have a better chance of increasing your sales. Be sure to price your items competitively to maximize your profits. Here’s an article on how to manually price items, as well as another article outlining some manual pricing strategies.
Use Amazon Tools (like a Repricer)
With so many sales expected on Prime Day, you want to make sure your prices go up while your competitors sell at lower prices. This can be done automatically by using a repricer, and here we analyzed the best ones. With the right set of repricing rules, your price and profit can automatically go up.
Keep An Eye On Costs
Not only do you have to change the prices of your items to increase sales, but also the items for which you have to pay a long-term storage fee (LTSF). Don’t forget that Amazon charges you on the 15th of every month for the right to cancel items you keep in FBA storage for 12 months. Prime Day is a good opportunity to try to get rid of some of your items that may be subject to the right of withdrawal if they are still in your stock on the 15th.
Dream Big But Keep Focused
Have realistic expectations about Prime Day sales. The more you prepare, the better the results will be. Expect an increase in sales, but overall it will probably be a good increase in sales. While some people may have a day with tons of great sales, this probably won’t be the norm., and don’t fall into the trap of comparing your sales to other people posting online. Remember that comparisons are a joy stealer. Just enjoy the good sales growth, and then get back on track with your overall business goals on Amazon.
The Success Of Prime Day
In 2015, Amazon decided to celebrate its 20th anniversary with a big sale day called Prime Day. Amazon promised that customers would see even more deals on Prime Day than on Black Friday. In the end, sales lived up to expectations – Amazon reported 398 items sold per second on that day and nearly 1 billion sales.
Since then, Amazon has brought back Prime Day every year… and each year, Prime Day has been even more successful than the year before. In 2018, Amazon sold 771 items per second on Prime Day, generating more than 4 billion in sales. In 2020, Prime Day was the most successful, with more than 10.4 billion items sold in two days (with a “b”). Each year, Prime Day is expected to surpass the previous year’s results.
Prime Day: Mark your calendar
Mark your calendar and make sure you’re ready for Prime Day this year. You need to make sure and be prepared to take advantage of this opportunity every year.