As Amazon Prime Day is about to start, did your weekend sales dry up?
Amazon Prime Day is becoming one the largest global shopping events. The first year it was a bit of a novelty event, but since then it is surpassing Black Friday sales on Amazon.
However, what about your sales? How is the only 3-year-old event changing shopping behavior in the middle of summer?
Traditionally retailers expected the weekend before Black Friday to be a slow weekend. Consumers are waiting for the big deals, so they keep their cash in the pocket.
We have heard reports today from a few sellers that saw a slower than typical summer weekend. So that begs the question, why?
LAST YEAR PRIME DAY SALES BY INCREASED BY 60%
Just in one year, Amazon increased their transaction volume over 60%, and they are expecting to mimic a similar increase this year. Some due to the larger audience paying attention, others due to a longer “day” (30 hours in markets).
With more consumers looking for super early Christmas presents or a great deal on a product they had their eye on, the natural reaction is to slow purchases before such a major shopping day.
ARE WE GOING TO SEE PRE-PRIME DAY DEALS NEXT YEAR?
Amazon already this year offered some early deals, especially if you used an Alexa powered device for voice shopping. In essence, Amazon already broke their own “day.”
However, what about next year? Is there a possibility to see a new trend similar to how Black Friday is no longer a single day event?
That is possible because other retailers are jumping on the Prime Day bandwagon by offering their sales this week. For example, Google teamed up with eBay to offer Google Home at a discount.
So with Amazon Prime Day become a major global shopping event, expect major competitors to try to take some thunder away next year by aggressively offering discounts before Amazon Prime Day.
SMALL BUSINESSES NEED TO PAY ATTENTION
Amazon Prime Day is a big deal for every size business.
There is absolutely nothing wrong with jumping on the coat tails of Amazon marketing to grab your share of consumer spending.
If you encountered unexpected slower weekend sales, or maybe even unexpected slower sales the last two weeks, you need to take early advantage of Amazon Prime Day next year.
You can start promoting deals in June even before Amazon announces the exact date for Prime Day.
As you look at your promotions calendar for the next 12 months, it is imperative you consider the Prime Day effect.
June/July are good months to turn some old inventory into deals and make room for new products for the holiday season.