7 Lessons from Prime Day 2024 that you can apply to any Amazon Event
What an event Prime Day 2024 was! Here at Venture Forge, we’ve been celebrating client results that beat the market by a long way – and we hope the Event was similarly kind to you.
As always, the aftermath has left lots of data to ponder over, and lots of lessons to learn; some of which can be usefully applied to any Amazon Event (Black Friday, we’re looking at you…).
So, what are these lessons?
Lesson 1 – You don’t win Prime Day on Prime Day
Success in any Amazon Event is down to the quality of your forward planning and pre-event execution.
Done right, you’ll of course be busy on the day optimising where needed based on incoming data and, for the Amazon Ads people among you, maximising ROI and adjusting budgets to get the best performance.
But even the planning for that work should be in place well in advance.
So lesson one is that, if you put the right work in upfront, you’ll be perfectly positioned to reap the rewards on the day.
Lesson 2 – Data is King/ Queen
Having the best and most accurate data right at your fingertips is key to making the right moves.
The clarity of the data we have at our disposal is a big part of how we achieved such great results for our clients throughout the 2024 Event, our whole team accessing and acting on it to trade in the most effective way for every one of our participating clients.
Lesson 3 – Know your “Why”
Our CEO Andrew Banks has said this many times before, and Prime Day is no different – when it comes to anything Amazon, you must know your “why” before you begin.
That’s why we work to gain a deep understanding of what our client is looking to achieve from the very start of planning our strategy – so we know how to best use Prime Day to their advantage.
Lesson 4 – Know your numbers
And, with your “why” firmly in place, bring your P&L into the mix.
Our team pores over detailed client P&Ls before we start strategizing, so we know their exact margins and can use that information to design a strategy that drives the outcome they want.
Lesson 5 – Look to the past
Yes, things change from Event to Event – but plenty stays the same.
Leveraging data from previous Events, and looking specifically at how your category and competitors traded, can throw up plenty of invaluable insights that you can use to shape a powerful strategy for your brand.
Lesson 6 – Be smart with your discounting
Do you even need to discount on Prime Day?
Not everyone does, and you can still win big through the Event with a smart strategy that takes advantage of the increased traffic – as we proved again this year.
Some of our clients discounted, some didn’t – all of them won.
Lesson 7 – It’s just retail
Some people try to get too clever with Amazon – but the reality is that there are no secret sauces or little-known Agency hacks that bring Prime Day success.
In the end?
It might not be as seductive as the idea of an easy method that guarantees a win, but success in Amazon Events for your brand comes down to one thing.
It’s just good, old-fashioned retailing.
Our award-winning team has years of experience in getting the right results for our clients through Amazon Events (and beyond).
Want us in your corner next time? Just drop us a line today.
Useful Links
- This snippet was adapted from a LinkedIn post by our CEO Andrew Banks. For more like this, follow him here.
- Planning for Black Friday/ Cyber Monday success? Watch our key takeaways from last year here.
- Learn more about our Services here.
The reports of Prime Day’s demise have been greatly exaggerated…
Every year it seems people are keen to downplay the success of Amazon Prime Day, pointing to low figures in 2018, the extension from 24 to 48 hours and the expansion of its international reach to say that growth figures are disingenuous – but the stats show that’s just not true…
After the 2024 event, Channel X published a chart showing the staggering growth of Prime Day over the last 10 years, which sees sales spike from a modest 34.4 million items sold in 2015 to an estimated 400 million items in 2024 (projected figures after Amazon India’s Prime Day later in the summer).
While it’s true that Prime Day has evolved – a lot – can it really be that such growth is just the result of more countries taking part, or extended hours?
Channel X says not. Taking a deeper dive into the data, they’ve analysed the total sales for the 10 Prime Days, and adjusted the figures to account for the number of participating countries and the duration of the Event – right down to calculating sales per second!
What’s the truth about Prime Day’s growth?
In a nutshell, the stats prove the Event’s stratospheric success.
In 2015, each country site averaged 44 sales per second; in 2024, that rises to a record-breaking 96 sales per second – and that’s with no China, and before figures from the India event.
Yes, figures dipped in 2018 (back to 45 sales per second), but growth has accelerated YOY ever since and shows no signs of slowing.
And better still?
It’s not just good news for the big boys – in 2024, small and medium-sized Amazon brands sold more than 200 million items during the Event; accounting for half of the total sales made.
So should you participate next time round?
We would say that’s an emphatic yes – but that doesn’t mean we’d always recommend you discount!
As we say above, exactly how you participate in Amazon Events comes down to your own unique circumstances and objectives.
But, with the stats showing such clear potential for sales, having some skin in the game is a no brainer for us.
It’s time to start working on your next Event strategy – click here to get the guidance you need from our Experts.
Is Flexible Customer Financing (FCF) for you? Ask yourself these 4 questions…
For brands selling products on Amazon with a higher RRP, offering Flexible Customer Financing (FCF) could entice more sales from customers looking to spread the cost. But is it for you? Here are the questions you need to ask…
How does Flexible Customer Financing work?
- Amazon’s FCF offering gives shoppers three financing options ranging from Short Term (3 months) to Long Term (48 months)
- It’s available on products costing from £80-£3,000
- Shoppers pay no interest or hidden charges (0% only for purchases over £100)
- No credit check or application is required
- Fees to the Seller vary, depending on the length of finance chosen
Should you offer Flexible Customer Financing?
It might seem like just another way for Amazon to charge you a fee, but FCF could be a useful tool to make your products more accessible and drive sales – if your offering fits certain criteria.
To determine if it does, ask…
- Are you selling on other channels where financing is available? If yes, what are you offering your Amazon customers as a differentiator?
- Should you be offering your Amazon customers an easier way to pay? Finance offerings from the likes of Klarna, Clearpay and Paypal are on the rise across the e-comm space and we are in a cost of living crisis – now’s the time to consider your customer’s situation and journey from click to conversion.
- Are your competitors offering FCF? If yes, are they taking some of your market share?
- Do you have the margin to offer FCF? Short Term options come with relatively low fees, but customers opting for Longer Term financing? That’s higher fees plus a good chunk of revenue spread over up to 4 years.
Want our team’s expert take on whether Flexible Customer Financing is a good fit for your brand? Get in touch today.
Useful Links
More insights just like this? Follow our brilliant Account Director, Becca Woollin, on LinkedIn.
Coming in August – our Expert webinar will help you master Retail Readiness and nail Seasonal Success
From blockbuster events like Prime Day and Black Friday to seasonal opportunities like Back to School, Easter and Mother’s Day, seasonal success on Amazon requires meticulous planning and execution – so our experts are here to help you master the Retail Readiness you need to drive your profits up in these peak periods.
On August 29th at 10am, our Expert panel is getting together to share invaluable insights and strategies to ensure your brand thrives on Amazon year-round – helping you up your Amazon game and drive unparalleled growth during peak seasons.
As we say above, you don’t win Prime Day on Prime Day – and that goes for every Amazon event going.
So we’ll be covering every element of being properly prepared, from your data analysis and strategy planning through to your listings and logistics.
And yes, we’ll be covering Amazon Ads too, thanks to our PPC maestro Jake Browett!
This is a must-attend event for any brand serious about seasonal growth – sign up today to save your seat and take the first step to turning peak periods into peak profits!