Amazon Prime Day 2024: eSeller Tips and Insights

Amazon Prime Day is back on July 16-17, celebrating its tenth year with a 48-hour bonanza of steep discounts for Prime members. Last year, over 375 million items were sold globally, and this year promises to be even bigger.

Prime Day isn’t just about Amazon’s own deals. It’s a golden opportunity for both big and small suppliers to clean out inventory and prepare for the end-of-year rush. For small businesses, especially Currenxie Global Account holders, it’s a prime time to boost visibility and move stock.

Make the Most of Prime Day

While Prime Day offers immense sales potential, there are key strategies your business can focus on to make the most of this high-traffic event.

• Prepare your storefront: Build and save an event-specific version of your store at least two weeks in advance. Highlight your best deals and ensure your store is mobile-friendly to capture the attention of shoppers browsing on their devices.
• Enhance product listings: Use high-quality images, detailed descriptions, and relevant keywords to make your products stand out. Utilise Amazon’s A+ Content to add rich media and storytelling elements that convey your brand’s value.
• Offer attractive discounts: Set up coupons and Lightning Deals to grab customer attention. Ensure your discounts are significant enough to stand out, typically more than 5%. You can also provide Prime exclusive discounts (deals that are only available to Prime members and can help your products stand out in search results and product pages).
• Leverage Amazon’s Advertising Tools: Use a mix of Sponsored Products, Sponsored Brands, and Sponsored Display ads to increase visibility. Start your campaigns early to build sales history and authority on Amazon’s platform.
• Prepare Your Inventory: Ensure you have enough inventory to meet the increased demand. Analyse past sales data to predict the required stock levels and avoid running out of popular items.
• Get Ready to Ship: Consumers have high expectations on delivery. Be sure your fulfilment is prepared for the influx. Look into fulfilment outsourcing if you’re concerned, and sign up for Fulfilment by Amazon (FBA) if you haven’t already.

In closing, don’t forget that there are numerous opportunities to advertise for free with this event. Numerous online sources scour sources for the best deals to feature on their sites, in their newsletters, and more.

If you know what your prospective customers read, get in touch with these sources and let them know the deals you’re offering - they’ll be grateful you’ve done the research for them.

Amazon also provides evergreen marketing tips here, which has some advice that can help smaller businesses stand out on their platform.

Qualifying for Prime Day

If your business is not already onboard for Prime Day 2024, there may be time to line your business up for the second annual event, which is typically held in October.

To get started, Amazon has an informative webinar on how to optimise your selling account for Prime Day here. To make sure you and your products qualify, you can take a look at the criteria here.

To be eligible, you must meet all of the following:

• You must have no seller feedback ratings or at least four stars
• Products you sell must have no ratings or at least four stars
• Products you sell must have at least one review plus an average rating of at least four stars
• The discount you offer must be at least 20% as compared to the non-member, non-promotional price
• The Prime Exclusive Discount price must be 15% lower than the reference price. (More info on this can be found here and here)
• The Prime Exclusive Discount price must be at least 5% lower than the previous price
• The Prime Exclusive Discount price must be better than the lowest price a customer paid for that product on Amazon in the preceding 30 days

Further criteria for Prime Exclusive Discounts can be found here.

Simplify Your Prime Day Payments

As part of the Amazon Payment Service Provider (PSP) Program, Currenxie specialises in helping global businesses, especially eSellers, simplify the complexity of collecting and making payments around the world.

Currenxie Global Account holders can easily exchange 20+ currencies and send payments to 130+ countries - all while ensuring they get the best FX rate.

Sign up for your Currenxie Global Account now and let us help you take your business to the next level this Amazon Prime Day.

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Amazon Prime Day 2024 will take place in: Australia, Austria, Belgium, Brazil, Canada, Egypt, France, Germany, India, Italy, Japan, Luxembourg, Mexico, the Netherlands, Poland, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Turkey, the UAE, the US, and the UK.