Onramp Funds Prime Day Playbook can help Amazon Marketplace sellers prepare for this year’s annual sales event.
Amazon Prime Day, which takes place every year in July, is a massive sale event that’s exclusive to Amazon Prime Members. It features deals on a wide range of products. Prime Day is a sales event that consistently surpasses records. It’s estimated to be worth US$12 Billion worldwide by 2023. Onramp Funds gives online sellers ample time to create a strategy with the tools they need by publishing its Prime Day Playbook early in Q2.
Onramp’s e book guides ecommerce vendors through goal setting to help them prepare inventory management campaigns and marketing campaigns. It offers further advice on product selection and pricing, customer engagement as well as inventory planning.
The playbook includes strategies for after Prime Day including financial planning, fulfillment, customer attention and focus, marketing, customer engagement and post-Prime Day analyses.
The playbook was created by the team of Onramp Funds, according to CEO Eric Youngstrom. They have decades of experience in empowering online merchants and helping them scale their business. The playbook provides online merchants with strategies that will help them make Prime Day an effective sales event.
Prime Day Playbook
Onramp is a new name in the world of cellular phones. Prime Day Playbook available as a free download No form is required to fill out.
Prime Day can bring sellers a lot of traffic and increased sales. Amazon is the first place that 59% of online shoppers go to when they are looking for products. This makes it an ideal location to reach new customers.
“Prime Day is an important win for sellers in order to achieve great volume during the slow summer months. Onramp’s mantra is to provide tools and information which help sellers become more successful. Youngstrom, who spoke to the E-Commerce Times, said that their goal was “to see more small business owners succeed and be sustainable”.
Sellers Prepare for Prime Day
Amazon sellers adapt constantly to Amazon’s shifting cost structures and prices. Youngstrom said that Amazon’s Fulfillment By Amazon (FBA), often changes fees related to inbound inventory. Conditions are drastically different from a year ago.
Knowing the subtle changes is one of the most difficult aspects of preparation. It is never the same group of online sellers who are facing their first Prime Day. This tool will be a great help to them, he said.
Youngstrom explained that the high level of inflation this year has caused different macro changes in order to adapt buyer behavior.
Inventory management should be the primary focus. The sellers must not run out of inventory on Prime Day. Amazon’s restocking tools can help you meet deadlines well in advance.
A second tip that is essential to follow is to create targeted marketing campaigns to inform current and prospective customers about the Prime Day discount and your products. You can do this by using email, pay-per click, and social media. In the weeks preceding Prime Day, sellers can encourage their customers to leave positive Amazon reviews.
Choose the Best Product and Pricing
To discount items strategically, select a combination of best sellers and slow moving products. This can be a great way to clear stagnant stock while increasing sales for popular items.
Prime Day’s success is dependent on the pricing strategy you use. The book suggests that you use careful pricing strategies. Which strategy is the best? Which strategy is better?
Youngstrom recommends that you always strive to have competitive pricing. Coupons and discounts are the second strategy. You can keep your MSRP price low and allow people to purchase the lower SRP by using a discount coupon code.
Repricing software can be used by sellers to keep track of competitor prices and stay competitive. Prime Day Guidebook suggests offering different deal types like Lightning Deals and Prime Day Exclusive Deals.
Amazon’s FBA prices have changed. “If you plan and are aware of these details, then you will be able to sell with the best set of metrics for pricing, discounts, and volume,” he said.
Remember Customer Engagement
Most online sellers advertise during Prime Day. Make unique offers, and think about adding benefits such as free expedited shipping or an extended warranty. Optimize your product listings to draw attention with A+ content, keyword-rich description, and high-quality images.
Prime Day offers a perfect opportunity to go the extra mile by offering your website at competitive prices during Prime Day. This will help you capture more sales. Don’t forget to use cart abandonment software during this period of high sales.
Prime Day Financial Planning
How will you pay for the Prime Day stock, and how much will it cost to ship your orders? This is an important part of planning.
Onramp advises sellers to arrange financing for inventory purchases, a surge in advertising costs, and freight expenses. Consider having FBA manage your shipping to ensure faster delivery during sales rush.
Prime Day sellers’ game plans include a focus on retention and customer satisfaction. The benefits of personalization and responding to customers can be huge. Make quick replies to inquiries from customers a priority. Personalize orders by adding notes and packaging specials to make first-time customers loyal.
Post-Prime Day Review
Each major marketing campaign needs to be followed up with analytic data. You can’t know what worked or what didn’t work without one. The same goes for wrapping up your Prime Day experience.
Review performance after Prime Day to identify improvement areas. The key metrics to be analyzed are sales growth, stockouts and customer engagement. Also, ROI for marketing efforts, as well as conversion rates and return on investments (ROI), should all be considered. You can assess which products are performing best, which promotional campaigns were the most successful, and where operational problems occurred.
Get feedback from your customers and understand what they think about their shopping experience. This will provide you with valuable insight for future campaigns, and can help improve customer satisfaction.
These insights can be used to improve strategies, optimize inventory, and increase customer engagement. You can never be too early to start preparing for Prime Day. A comprehensive review will help you achieve even greater success.
Economic Climate Fuels Prime Day Bargain Hunting
Prime Day’s annual growth has been unprecedented since 2015, when the event was created to honor Prime members. Youngstrom said that the biggest sales increase occurred in 2019 with a growth of almost 50%. Since then it has grown slower.
Youngstrom stated that “but we still look at last year’s U.S. $2.9 billion sales, on a growth in global sales of almost a million over the year prior,”
Brand and Retail Finance Platform has released its annual Holiday Shopping Report for June. Salsify Online shoppers this year have high expectations. 65% of holiday shoppers expect to keep their spending at the same level as last year, and an additional 15% are planning on increasing their holiday expenditure.
Dom Scarlett (research director at Salsify) says that the current economic climate confirms that 39% shoppers are looking for budget-friendly alternatives to everyday purchases.
“Prime Day, for these savvy holiday shoppers, is a huge event. It offers significant discounts and special deals to those who search for the best gifts all year long. Brands should capitalize on the major shopping event, and adapt their strategies to grab the attention of early birds shoppers,” she told E-Commerce Times.
Prime Day shopping offers cater to a shopping trend that kick-starts early shopping for holiday events later in the year. Brands must adapt to the changing trends of shoppers and be ready to respond.
“Early bird shopping is on the rise, with 27% of holiday shoppers starting as early as October and a surprising 7% shopping all year long — some as early as the day after Christmas. This group of budget-conscious consumers are looking for the lowest prices no matter what the season is, as the early bird always gets the best deal.
Editor’s note: Prime Day dates for 2024 have not been announced by Amazon as of the time of publication. Check out Prime Day website For updates, please visit our website.
