For the second year in a row, Amazon is rolling out another Prime-exclusive event with deals to rival summer’s record-breaking Prime Day sales. This year’s Prime Day boasted the largest day of sales in Amazon history and was the biggest event ever for Amazon sellers, with independent sales outpacing Amazon’s retail business. So, if you opted out of Prime Day or simply didn’t make as big of a profit as you hoped, this is your opportunity to make a huge dent in your profit goals for 2023.
Limited details have been released about this year’s Prime Big Deals Days, renamed from last year’s “Prime Early Access Sale,” but it’s certain we can expect at least two days of deals and increased sales for your Amazon business to kick off Q4.
Although we don’t have exact dates for the event yet, it’ll likely take place in mid-October, giving sellers more than two months to get ready for the big days. Last year Prime Early Access took the world by surprise and caught many sellers off guard with just two weeks to budget, market, and ensure they had enough inventory. With extra time to prepare this year, there’s no reason why you shouldn’t be making the most of this epic event and maximizing profits for your business.
Why are Prime Big Deals Days important for your business?
The Prime Big Deals Days event is designed to kick off holiday shopping early, shifting some of the sales to the beginning of Q4 rather than focusing solely on the second half. By beginning the holiday shopping season early, Amazon not only boosts sales on the front end but drives consistent traffic and sales throughout the quarter – making it a perfect opportunity for you to maximize profits and increase your bottom line.
Although last year’s Prime Early Access event wasn’t as big as Prime Day, it still garnered loads of deals and discounts that managed to generate an estimated $8 billion in sales. With more notice for both sellers and consumers, this year’s event has the potential to gross even more – it’s time to ensure that your business is a part of it. And as of now, no other retailers have announced events before November, meaning that you’ll be facing limited competition compared to other major holiday shopping events.
If you’re still a little behind on your goals for 2023, the Prime Big Deals Days event could conveniently be your ticket surpassing your target numbers.
How can you prepare for the event?
Get ahead of competitors for Prime Big Deals Days by ensuring that your business is primed for epic sales now, rather than waiting till the last minute. All good eCommerce sellers know that a minimum of a two-week buffer is healthy for guaranteeing that your products are ready for shipment to customers, your new product is prepped and perfected for launch, and your cash is in the bank. With events like these though, it’s smart to plan even further in advance if you can.
If you’re thinking about participating in Prime Big Deals Days, now is the time to get ahead by:
Refreshing and Restocking Inventory
If you’re going to participate in big sales like Prime Big Deals Days, your products will likely be met with plenty of demand. Ensure that you don’t run out of inventory and miss out on sales by restocking now.
Although it’s important to be realistic about your sales numbers, it’s also worth acknowledging that Prime Big Deals Days will be the start of holiday shopping–meaning increased sales throughout the whole quarter. If there was ever a time to buy in bulk and decrease cost per unit, now is the time. Bulk purchases will also help you stay prepared for Black Friday and Cyber Monday, which will be just around the corner.
Launching New Products
Thinking of adding another product to your catalog in time for holiday shopping? Or considering some seasonal items that might help boost your sales? It’s time to start perfecting these listings before Prime Big Deals Days and capitalize on the sales to have a successful launch.
Competitive offers on new products will drive initial sales and prompt happy customers to leave glowing reviews. Once you’ve established your new product on the marketplace you can increase the price, within reason, helping to improve your profit margins throughout all of Q4.
Upgrading your Marketing
Especially if your Amazon business sells in highly competitive spaces, it’s time to start investing in those seasonal campaigns. Good marketing, especially from Amazon’s PPC campaigns, can drive tons of traffic to your products and increase conversion rates.
If you want to make the most of Prime Big Deals Days, running campaigns now will make your customers aware of products and help with brand recognition. Ad campaigns will also help to remind customers that the deal is temporary and they need to act now, sending your sales through the roof.
Finding the Funding For Prime Big Deals Days
Like most major holiday shopping events, Prime Big Deals Days requires a heavy cash investment to maximize success. Large inventory or advertising purchases can seriously deplete cash reserves for even the most successful sellers, leaving you with razor-thin margins while you wait for the event and even after. So where do you find the cash to make it happen? You seek out eCommerce funding solutions now.
eCommerce funding solutions typically have much lower rates than traditional banking loans and provide more flexible payment terms. With a cheaper cost of capital you’ll save money in the long run, and, with providers like Viably who run a soft business credit check, your credit score won’t be impacted. Most importantly, eCommerce funding solutions are significantly faster than traditional loans. You can get an offer from Viably within 24 hours after submitting your application. Even though you might not need external funding to make Prime Big Deals Days a success for your business, funding will help to alleviate pressure and create a cash flow buffer that will help set you up for success throughout the rest of the holiday season. Above all else, it’s critical to keep thinking forward and planning to make the most of Q4 and end the year on a high note!
