Do you really *need* to do Prime Day?
With all the hype surrounding Prime Day, it can be easy for brands to feel like participation is a must – but is it really? We asked our experts…
The simple answer? It’s great for some – but it’s not for everyone.
And just because you’ve done it before? It doesn’t necessarily follow that you should do it again.
Like all things Amazon, whether your brand should take part in Prime Day is like any other trading decision – it depends on your individual situation at that particular time; your category, strategy, position and objectives.
Control your own sales destiny
In fact Becca Woollin, our brilliant Account Director, is firmly of the view that Prime Day isn’t as much of a big deal to consumers as brands might believe.
For Becca, those seeking peak periods to drive sales uplift should look to Q4 – “it’s all about Black Friday,” she explains.
But actually, she’d prefer brands to seize their own destiny.
“Rather than relying on big seasonal peaks from Amazon, understand how you can make the most out of what’s happening in your category.
“Be aware of what’s happening around your competitors – how often are they discounting, what levels are they dropping to – and then you can start to create your own peak periods.
“They might not be as intense from an influx of traffic perspective but you will start to be able to track and pinpoint exactly how to manipulate your category – and your competitors.”
Amazon? It’s just another retail channel
For our CEO Andrew Banks, this just goes to underline something many brands forget or misunderstand – Amazon is just another retail channel.
That means that trade planning is key, just as it is for the other sales channels in your business.
“There’s a bit of a fallacy that Amazon needs to be traded differently to other sales channels,” he explains.
But Amazon Prime events, whatever name they’re given, are just another date to add to your trade planner – the same as generic events like Christmas, Easter, Mother’s Day and category-specific events like Back to School.
“For me, go back to good old-fashioned retail trade planning and ask what the trade calendar is like for your category and retail e-commerce as a whole – then build your activity and plans around that.”
And if you are doing Prime Day? Think *how* you should be doing Prime Day
“I would be asking questions about how you should participate in some of these Amazon-specific events,” adds Andrew.
“Do you need to discount? There’s going to be a big influx of traffic coming in on Prime Day, do you want to just take advantage of that?
As ever, for the Venture Forge team, these decisions come down to one crucial question – “What’s the impact on your bottom line?”
If you’d like our expert help to answer that for your brand, get in touch today.
Useful Links
- We dissect Prime Day 2023 and unlock sales strategies you can implement again in this 1-hour webinar
- We share some surprising results from strategic Prime Day choices in this 45-minute webinar
- Watch this full clip from our recent webinar (3.5 minutes) on LinkedIn
Using DSP to drive sales on Amazon? Here’s what not to do…
Watching TV at home, our CEO Andrew Banks was surprised to see a leading UK food brand promoting out-of-stock products direct on the Fire TV Homepage…
… and he was even more surprised when, more than two weeks later, the same products – still out of stock – appeared again.
“I held off posting (on LinkedIn) as it could have been just a moment in time and a short term out of stock,” says Andrew.
Citing it as just one example why brands selling on Amazon and using DSP in their upper funnel need to ensure seamless communication between internal teams and their media and trading agencies, it’s the commercial impact that concerns him the most.
“I dread to think how much media spend has been wasted here over the last two weeks,” Andrew adds.
So what’s the solution?
“If you’re looking to use DSP to drive sales on Amazon, then you simply must ensure the ownership and co-ordination of that activity comes from your Amazon team, not marketing,” Andrew advises.
If using an agency, then work with an Amazon Agency for your DSP, not a broader media buying agency.”
Want more insights from Andrew? Make sure to follow him on LinkedIn.
And if your brand needs to revisit your DSP Agency partners, speak to our expert team today.
Much anticipated, Amazon South Africa is live at last…
After news originally broke back in 2022, Amazon South Africa is live – marking the marketplace’s first foray into Africa…
With a market of more than 60 million shoppers and the continent’s strongest economy, there’s no doubt this is a significant addition to Amazon’s global reach, and Amazon seemed to have employed their usual strategic nous to time their entry as perfectly as possible.
Takealot, their biggest competitor with 48% of current online sales, have seen a YOY decline in growth, dropping from 72% annually to just 15% over the last two years.
And, though Amazon has enough financial muscle to tackle the competition anyway, it won’t hurt that the retail giant already has a strong base in the country – Amazon.com is one of South Africa’s most visited websites.
We think this is a really exciting prospect for Sellers and Vendors looking to gain a foothold in Africa.
South Africa is a country with a burgeoning middle class and ever-advancing internet penetration – better still, it’s a market in which shoppers are already active.
Opening a dedicated store simply makes it easier and more attractive for them to buy.
Is South Africa a market you’d like to test? See what our experts suggest – get in touch today.
Useful Links
Have you saved the date for Amazon Accelerate 2024?
It’s time to start planning for Amazon Accelerate – live in Seattle from 17-19 September 2024!
The marketplace’s annual conference is one of the year’s unmissable events for Sellers, full of invaluable information about the latest tools and innovations, insider tips and tricks from Amazon staff and offering lots of opportunities for smart Sellers to team up with strategic relationships designed to boost mutual growth.
Who’s invited?
Amazon offers the chance to attend in-person to Seller accounts “in good standing”, so if you want to reap the benefits, now’s the time for a quick health check!
Who’s on?
Amazon is still to announce the line-up, but past speakers have included inspirational CEOs like Tracee Ellis Ross, the award-winning actress and activist whose haircare brand PATTERN is a fast-growth e-commerce success story.
And of course, the event is full of Amazon’s own experts sharing their knowledge, with lots of opportunities to speak with Amazon staff one-to-one in the Amazon Café and get their take on your specific issues and ways to grow your business.
Wait – are there any flight and hotel discounts available?
Yes, Amazon announces their travel partnerships and offered discounts closer to the time that they open registration.
We can’t go – can we attend virtually?
Yes you can, and Amazon will announce details closer to the event; you can also stream keynotes and many of the breakout sessions on-demand for free for some time after the event too.
But attending in-person – if you can – offers lots of additional benefits, from the chance to expand your network within this friendly and supportive community and speaking directly with Amazon employees to being inspired by the lessons of your peers.
Our 5 best reasons to attend – whether in-person or virtually…
You can…
- Be the first to learn about new tools and innovations – Amazon shared more than 30 launches at Accelerate 2023.
- Be inspired by stories, lessons and tips from Amazon leaders and successful Sellers.
- Meet Amazon employees face-to-face and get answers to those burning product and account questions. Get together with other Sellers – some of whom might offer strategic opportunities that will help your growth.
- And one for those watching online – it’s free!
And afterwards? When you’re full of inspiration, plans and strategic ideas you want to implement, our expert team is on hand to help you tweak, hone and implement the best!
Amazon Announcement – Save the Date for Amazon Accelerate 2024
Save the Date explanatory video
