Amazon Prime Day 2023: How to make the most as an eSeller
Amazon Prime Day 2023 has officially been announced. Get ready to save big on Tuesday, 11 July and Wednesday, 12 July.
With every Amazon seller worldwide vying to capitalise on the annual deal day, what can you do to turn this opportunity into sales and long-term customers? Here’s a short guide.
What is Amazon Prime Day and how long does it last?
Amazon Prime Day is an annual flash sales event for Prime subscribers. Spanning all categories, the event is widely popular among retailers and customers alike. It features a large array of exclusive discounts and extra services for its thousands of products, such as free shipping and all-time low prices. Unlike the post-Thanksgiving, cross-platform shopping day Black Friday, Prime Day is exclusive to Amazon Prime users. While non-Prime subscribers will be able to purchase all products available, they aren’t eligible for any offerings.
The first Prime Day was held in 2015 as a one-day occasion to honour Amazon’s 20th anniversary. The eCommerce giant then extended the event by six hours to 30 hours the following year, and then to 36 hours in 2017. The now two-day shopping spectacle is often preceded by weeks of teaser deals beforehand, and hotly anticipated by shoppers worldwide.
Why Amazon Prime Day matters
eSellers aspire to be part of Prime Day for the massive sales opportunities presented when customers worldwide flock to the platform to capitalise on fashion, electronics and furniture sales over the 48-hour period.
In 2021, the event generated USD 10.4 billion worth of revenue, trailing Cyber Monday at USD 10.9 billion, while exceeding Black Friday’s USD 9 billion. Sales during 2022’s event increased approximately 8.1% compared to that, amounting to USD 12 billion. If this trajectory continues, Amazon Prime Day 2023 could be pivotal for your eCommerce business, both in terms of short-term revenue and subsequent customer loyalty.
Amazon’s own products have traditionally boasted the best deals, and we expect this to be the case again this year, with smart home items and other methods of keeping you within their ecosystem to showcase tempting bargains.
Other major US-based retailers such as Apple, Best Buy and Walmart also tend to move a significant amount of product and clear out warehouse space for the upcoming holiday season, but the day isn’t only for the big boys. In fact, last year, over USD 3 billion was spent on more than 100 million SME products, making this a phenomenal opportunity for all retailers.
How do I become eligible for Prime Day as an eSeller?
You need to meet a number of benchmarks to be eligible for selling on Prime Day as an Amazon third-party seller. First, there is a list of regular criteria for setting up Prime Exclusive Discounts. These include:
- Your discounted products must be Prime shipping eligible in all regions within the country
- Your discounted products must be in new condition
- The discount must be at least 10% off the non-member, non-promotional price
- Your discounted products can’t be on the restricted product list or deemed offensive, embarrassing, or inappropriate
- Your discounted products must comply with customer product review policies
- Any products that you offer a discount on must comply with pricing policies
Also, you need to be a seller with a Seller Feedback Rating of at least 4, and the discounted products need to have at least a 3.5-star rating. Yet, sellers and products without any feedback or rating are also eligible for Prime Day. The discount offered must also be at least 20% lower than the non-member, non-promotional price and below the lowest price for the same SKU by 5% in the past 30 days.
If your products meet these requirements, you can start listing discounts from the Prime Exclusive Discounts home page in four steps:
- Download the Discount Upload Template spreadsheet from the Prime Exclusive Discounts homepage and fill it in with the appropriate SKUs
- Go to the Prime Exclusive Discounts page, click “Create Discount”, and enter details like discount name, start date, and end date. Click “Save and Add Products”
- Upload your filled-in Discount Upload Template spreadsheet and make sure you’ve followed the proper format listed on the “Data Definitions” tab. Then, click “Validate Products”
- View which products are ready and ineligible on the Review page. Click “Submit” to finish the process, or go back and resubmit your template if you’ve missed anything
- Signing up for Fulfilment by Amazon (FBA)
- Amazon customer product reviews policies
- Amazon policy on reference prices
Amazon Prime Day seller best practices for 2023
Following a few best practices can help you make the most out of this year’s Amazon Prime Day. Here are a few for your consideration:
Allocate time for logistics
Amazon usually sets their Prime Day FBA inventory cutoff date one month in advance. Be sure to keep an eye on news around this - and make sure your inventory reaches the appropriate fulfilment centres before that day to avoid complications or unpleasant surprises.
Give customers different ways to save
Make sure your deals are clear and attractive. For example, you can offer Amazon Coupons to let your customers know about your discounts lightning deals to convey urgency or promotions to give customers the best possible offer.
Optimise your listing
While discounts are attractive on their own, making everything clear and user-friendly will give your customers an even better experience, hopefully leading to them buying from you during the sale and beyond. Fixing small details, like product titles, bullet point descriptions and images, as well as using Amazon’s split-testing feature to test different versions and see what works best can boost your sales.
Spread the word
Even with a well-thought-out discount assortment and listing, spreading the word to relevant customers can help you go a long way. Set up your pay-per-click (PPC) campaigns, review regularly and focus your bidding on well-performing keywords. Also, consider expanding your ad campaigns to Google Display Network, Instagram or Facebook for additional traffic.
Why you need a multi-currency payment platform
Traditionally a US-focused event, Amazon Prime Day is quickly gaining global popularity. The sales day took place in 20 countries last year, and more additions are expected. Considering the wide range of geographical transactions - both from buyers and suppliers - you should be prepared to handle transactions in currencies other than USD.
While it is true that traditional banks can handle foreign currency transactions, they usually charge high fees and take days to process them. Considering there are also different seasonal events like Black Friday, Thanksgiving, Singles Day and Christmas, having a long-term solution that works best for you can be a huge benefit.
That’s why you need a payment platform that can handle cross-border transactions and currency exchange quickly and at a fraction of the usual cost. With a Currenxie Global Account, you will gain access to the world’s largest network of bank account numbers for receiving and sending local payments. As an eSeller, you’ll also be able to automatically integrate with marketplaces like Amazon and withdraw your funds directly into your Global Account through supported payment gateways. Currenxie is a proud participant in Amazon’s Payment Service Provider (PSP) Program.
Sign up for your Currenxie Global Account now and let us help you take your business to the next level this Amazon Prime Day.