Amazon has announced that Prime Day 2022 will take place on 12th – 13th July, returning for its eighth successive year. This day is reserved for Amazon Prime customers only, but that number has now reached 15m shoppers in the UK (source: Mintel) and 75% of people are likely or highly likely to purchase a product through Prime Day (source: Kantar), presenting a big ‘moment’ opportunity to generate additional sales for brands that currently sell through Amazon.
According to Kantar, 12% of shoppers have no idea what they plan to buy, and 64% have an idea about what they plan to buy but need more inspiration. This means a large number of people are in a buying mindset, and hence brands can reach and disrupt shoppers in a compressed timeframe. Furthermore, 53% of shoppers are likely to repurchase again after Prime Day, presenting an additional case for the time, effort and budget investment to acquire new customers at this time.
How to get the most out of Prime Day
To get the most of this ‘2-day moment’ means engaging potential customers in the lead-up to Prime Day, during the event itself and nurturing customers afterwards. So, here is a five-point plan to help brands stand out amongst a barrage of messaging, promotions and great deals.
1.Prepare your Store: Before spending any money on media, ensure that your store and content are up to date and relevant to Prime day. Use the versioning feature to temporarily create a Prime Day version of your store, with the relevant content and featured products that can enhance the shopper experience. This will help to increase conversion rates by ensuring users have a consistent journey from paid promotion through to purchase.
2.Amplify your Products: According to Amazon, brands who promote their products during Prime Day with sponsored ads gained a 190% increase in consideration and 140% increase in sales. By using a combination of sponsored ads, DSP and even streaming TV ads together, brands can see an uplift in sales of up to 20%. Think of it as a balanced combination of delivering both saliency and sales in a short timeframe.
3.Choose the Right Promotions: Leveraging the right promotional tactics can nudge shoppers from simply browsing to buying. Whilst it’s too late to run specific Prime Day deals (Lightning deals, prime exclusive discounts, Prime member promotions), it doesn’t stop you from running standard discount promotions.
4.Plan for Presence: Consider using the full range of sponsored formats to provide the best chance of non-restricted coverage (reach) and the opportunity to deliver performance (sales). A strong video asset, in particular, can ensure that you really stand out in search results amongst the competition and conquest competitors who aren’t protecting their brand terms with paid media.
5.Analyse, Optimise, Measure and Learn: As Prime Day takes hold, make sure bids and budgets are ready. Monitor performance to understand real-time opportunities to optimise in-flight and maximise the opportunity. Using the reporting API to ensure real-time reporting can help you make quicker optimisations and increase sales.