Amazon Prime Day 2024 Explained: Everything Sellers Need To Know

Amazon Prime Day is one of the most anticipated and profitable days of the year for sellers. 

This annual two-day event features unbeatable deals on some of Amazon’s most popular products, offering a golden opportunity for sellers to boost their sales.

Taking advantage of Amazon Prime Day 2024 could skyrocket your year-over-year growth, which is the dream. However, achieving this isn’t easy, especially as the e-commerce landscape constantly changes. Well, it is difficult without some guidance from seasoned experts.

Amazon Prime Day 2024 is scheduled to take place on July 16th and 17th, offering sellers a prime opportunity to boost sales, clear inventory, and acquire new customers through strategic discounts and optimized listings.

Of course, when it comes to Prime Day, things tend to move quickly, and preparation can become overwhelming. This is why we’ve prepared a comprehensive checklist/guide to help you get everything right for Prime Day 2024 and maximize your success.

Now, let’s jump into it, shall we?

Here is a quick peek into the article:

• What is Amazon Prime Day?
• How should Amazon sellers prepare for Prime Day 2024?
• What to do during Prime Day 2024
• What to do after Prime Day 2024
• Final thoughts

What is Amazon Prime Day 2024?

Amazon Prime Day is one of the biggest shopping events on Amazon, for both shoppers and sellers. It is essentially a deal event exclusively created for Prime members that features amazing deals and discounts on products of both top brands and small businesses.

First introduced in 2015 to commemorate Amazon’s 20th anniversary, Prime Day has evolved into an unparalleled sales event, surpassing Black Friday and Cyber Monday in terms of scale and impact. 

Initially started as a one-day retail exclusive shopping frenzy for Amazon Prime members, Prime Day has undergone a remarkable transformation, boasting better deals on a wide range of products every year.

It has led to skyrocketed sales for Amazon sellers and an influx of new Prime memberships on Amazon.

In 2023, Prime Day reached unprecedented heights, generating over $12.7 billion U.S. dollars in revenue, with Prime members purchasing more than 375 million items worldwide. Customers also managed to save more than $2.5 billion on millions of deals across Amazon, making it the biggest Prime Day event ever.

Looking back at Amazon Prime Day 2023, it is evident that customers eagerly embraced the event. 

The average order value (AOV) during the shopping spree amounted to an impressive US$54.05, exhibiting a remarkable 2% growth compared to 2022’s $52.00. 

Unlike last year, the majority of the Prime Day shoppers on average bought more items at lower prices, supported by installment payments.

However, as we look ahead to Amazon Prime Day 2024, it’s important to consider the current economic conditions. Factors like inflation and possible recession might affect consumer behavior, potentially impacting average order values. Shoppers at this time will likely look for value-for-money deals. 

So, sellers need to focus on catering to the shoppers’ desires with attractive discounts during Prime Day to make a profit.

Recommended read: How Much Does Prime Wardrobe Cost?

How should Amazon sellers prepare for Prime Day 2024?

Preparing for Amazon Prime Day is essential to take advantage of the increased customer traffic and boost sales. 

Here are some valuable tips to effectively prepare for it and make the most out of this event:

Start optimizing your product listings early

Optimizing your product listings should always be your primary priority before Prime Day or any other shopping festival. Doing so gives you the Amazing opportunity to reach relevant customers way more effectively and to spike up the conversion rate.

Moreover, optimizing your listings for specific keywords during this time can result in your listings ranking higher in organic searches for those keywords. Especially, as there will be higher sales generated during this period. 

Here are some tips to implement to ensure product listings are effectively optimized:

Optimize title and bullet points: Although it’s easier said that done, craft compelling and detailed titles that accurately represent your product. Also, create engaging, benefit-driven bullet points to entice potential buyers.

Add high-quality product images: Include high-resolution images that showcase your product from different angles. This helps customers get a clear understanding of what they can expect. Ensure to keep a clear background. 

Additionally, make the image as relevant as possible. For example, if you own a Pet Bed, it’s best to include a dog or a cat next to the bed as opposed to just the bed which may not be as effective. 

Incorporate high-converting and relevant keywords: When it comes to choosing your keywords, tools can definitely help as you can find a ton of details such as the number of competitors, search volume, etc. 

However, by using SellerApp’s Reverse ASIN search, you can zero in on your competitors and identify high-converting keywords that are working for them. Do this for 10 of your top competitors and zero in on your product listings to improve visibility and conversion in search results. 

Run a reverse ASIN search against your top 10 competitors and identify high-converting and high-volume keywords for your product. Strategically incorporate these keywords into your product listing to improve visibility and conversion in search results.

Learn in-depth about this SellerApp Keyword Research Walkthrough Guide.

Add featured video and A+ content: Add a featured video on the product listing that highlights your product’s key features and benefits. Most importantly, use A+ content to provide an enhanced customer experience to the shoppers. Of course, don’t settle for one type of A+ content. If you’re brand registered, you can use the split test your A+ content to zero in on best performing. 

Conduct A/B testing: Experiment with different variations of your product listing in a control group and identify what generates the most CTR and conversion rate.

Choose your products wisely

Well, at least in the context of advertising. To get the maximum conversion during Prime Day, Double down on your best sellers. Always pick the products that sell the most. You can then retarget your customers and sell your other complementary products. 

Of course, if you want to test and experiment with new launches, this would be an ideal time to test out you new products and understand the potential viability of any new products. For new product ideas, you can always look at the trending products. 

To help you further, here are a few tips to help you sell a good product:

• Aim to a sell a product with a rating of 3.5 stars or higher and at least 50 reviews. Positive customer feedback and social proof are essential for attracting and gaining the trust of potential buyers. 

• Always make sure that the product is relatively replenishable. Consider the inventory aspect of your chosen product. Select items that can be easily replenished to avoid running out of stock during the high-demand period of Prime Day.

With these guidelines, you can carefully choose your products and position yourself for success on Prime Day.

Recommended read: What is the registration process for Walmart Plus.

Analyze historical performance and sales trends

Understand sales patterns and trends from previous Prime Day events and other major sales events. This will always help you refine your sales for the next Prime day and so on. The best performing sellers tend to refine their strategies multiple times for each shopping holiday. 

For example, let’s say you run an online electronics brand. Analyzing past performance may reveal that during previous Prime Day events, your best-selling products were smartphones and smart home devices. You also notice a significant increase in sales velocity during the early hours of Prime Day, indicating a surge in customer demand during that time.

Furthermore, after looking at customer preference data, you might discover that customers were particularly interested in products with advanced features, low pricing, and positive customer reviews. 

With this information, strategically optimize your inventory by ensuring an ample stock of high-demand items and adjusting prices to remain competitive with potential customers.

Moreover, you may identify different strategies that yielded maximum sales in the past. For instance, running time-limited flash sales or offering exclusive bundle deals could have driven a significant spike in sales in the past.

By recognizing these trends, you can fine-tune your marketing strategies for the upcoming Prime Day and capitalize on what has proven effective in the past.

Build social proof with reviews

Getting customer reviews is crucial for building trust and credibility as an Amazon seller. Reviews show that real customers have tried and used your products, which helps potential buyers feel more confident in their purchasing decisions.

Therefore, you need to strive to ramp up those reviews. We understand this is hard. However, it’s is still extremely important for you to increase your review count as much as possible before Prime Day. 

You can always take advantage of the Amazon VINE program or use auto email tools to increase your review count by sending a ton of automatic review requests to all of your customers.  

Having more customer reviews can also improve your product’s ranking and increase conversions. When shoppers see that a product has many positive reviews, it boosts their confidence and makes them more likely to buy it.

Create a buzz on social media with Influencers

Word of mouth marketing has essentially evolved to Influencer marketing and research has shown that 90% of marketers think influencer marketing is effective, and a further 61% of shoppers are likely to trust recommendations from friends, family, or influencers on social platforms.

These statistics clearly indicate that influencer marketing can be a valuable tool for creating brand awareness and generating sales. 

Recommended read: Types Of Data Available In Amazon Marketing Stream

Here’s how you can use influencers effectively:

Find the right influencers: Partnering with the right influencer is more important than just shelling out money for an influencer with a large number of followers.

Look for influencers who not only aligns with your brand values but also has an audience that matches your target market, and build a good relationship with them. Always remember engagement rate is way more important than follower count.

Create engaging campaigns: Work with influencers to create content that resonates with their followers and promote your products. Lifestyle images and interesting content can capture the attention of your target audience and make them aware of the upcoming Prime Day discounts.

Utilize the Amazon Influencer Program: Use the Amazon Influencer Program, which provides a platform to connect with a broad range of influencers who can promote products and amplify reach during Prime Day.

Leverage social media platforms: Besides influencers, utilize other social media platforms like Instagram, Facebook, Tiktok, or Youtube to advertise your upcoming Prime Day deals to reach a large number of potential customers.

Recommended guide: The Role of Expertise in E-Commerce Social Proof

Set up your Amazon PPC campaigns beforehand

Scrambling to set up Amazon PPC campaigns before or on Prime Day is not a good idea. It’s best to structure your camapaigns and keep them prepared for the holiday shopping. To make the most of your PPC campaigns during Prime Day, consider the following strategies to prepare for it:

Create both manual and automatic campaigns: Manual campaigns allow you to increase search visibility for keywords that drive a high return on investment (ROI). 

Set up automatic campaigns to discover new keywords with keyword harvesting, understand the latest keyword trends, and identify negative keywords that may not be relevant to your products.

Regularly review search terms report: Download and analyze the search terms report regularly. This report provides insights into which keywords are driving conversions, allowing you to optimize your PPC campaigns and improve overall performance.

Stand out with Sponsored Brands and Prospecting Display campaigns: To differentiate yourself from competitors before Prime Day, create Sponsored Brands campaigns that feature the products you want to highlight during the event. This builds awareness and plants a seed in the minds of your target audience ahead of time. 

Additionally, utilize Display campaigns, such as Sponsored Display and Amazon DSP, to reach customers both on and off Amazon, expanding your reach and capturing consumer attention.

Note: Allocate budget for brand awareness and prospecting: Devote approximately 60-70% of your budget leading up to Prime Day for brand awareness and prospecting campaigns. This approach fills the upper funnel and helps generate interest and anticipation among potential customers.

Plan campaign approvals in advance: Keep in mind that campaigns need to be approved before they go live. As Prime Day approaches, the approval process may slow down. Submit your campaigns for review at least a week in advance to avoid any last-minute issues.

With these strategies, you can optimize your Amazon PPC campaigns and effectively capture customers’ attention before Prime Day, maximizing your chances of success during the event.

Create Product Bundles

Your primary goal on Prime Day must be to boost sales by moving as much of your inventory as possible. This means bundles! People love bundles as it’s a whole bunch of products that tend to solve your customer’s problems. They are convenient to purchase. Especially when there’s a discount. 

So, get creative and find ways to create product bundles that complement each other. It also saves money on shipping and packaging, and you can give that money back to your customer as a discount. 

It’s also an excellent way to increase the average order value. By offering convenient product bundles, you also save customers browsing time and provide them with a one-click solution for their needs. 

This added convenience can encourage customers to spend more and improve your bottom line.

Recommended Guide: Why is Amazon order management so important?

Order inventory 

You may be thinking, “well duh!”. Unfortunately, sellers grossly underestimate Prime Day and lose out on more Prime Day sales. However, you need to be realistic as well. Don’t overstock either. 

If you fulfill through Amazon FBA, then make sure to check your FBA capacity limits before ordering too much inventory. Fortunately, capacity limits are set during the third week of each month and you can now forecast their inventory needs up to three months in advance. 

Your capacity limits are heavily dependent on your IPI score. Therefore, to increase your capacity, you’ll need to have a higher IPI score. Of course, it’s not easy to increase this in a short period. So, if you want to sell more during Prime Day, you’ll need to also simultaneously sell via FBM.

Ultimately, regardless of your strategy, we recommend you talk with your supplier and make sure that your inventory is ready well in advance. Amazon hasn’t specified when the inventory should arrive for Prime Day. But the deadline should likely be in the middle of June. To avoid any issues, it’s best to ship as early as possible. 

Use Deals and Discounts

Amazon Prime Day deals, and discounts are an excellent way to boost sales. While they can run for a short period, they can significantly increase sales momentum and overall profits. 

Here are some strategies to utilize deals and discounts:

Submit deals for multiple products: Submit deals for multiple products with competitive prices early on. Keep in mind that Amazon receives a flood of deals during Prime Day, and it might choose only a few submissions. So make sure you do enough research and give your best out there.

Create a solid promotional offer: Offer your best deal during Amazon Prime Day to entice customers to choose your product. However, also ensure that your offer is profitable and sustainable for your business. A good rule of thumb is to stay below 30% off, as going higher than that may eat away from your profit margin. However, you can go higher if you plan to liquidate the aged inventory.

Run promotions the entire week: Prime Day is not just a two-day event but a week-long shopping frenzy. Many buyers start browsing and comparing products before the actual event, and some may miss the deadline or look for more deals after the event. Therefore, run promotions the entire week to capture more traffic and sales opportunities. 

You can easily generate more sales and conversions during Prime Day by utilizing deals and discounts. 

Create an Amazon Storefront for Prime Day

If you don’t already have an Amazon Storefront, plan to create a dedicated Prime Day subcategory. It can serve as your landing page for all Prime Day deals and discounts. Feature all of your Prime Day deals and discounts. 

This landing page will make this so much more easier when pointing potential customers to a specific landing page. This makes it easier for them to convert into customers. 

Here’s an example of an Amazon Store that Advil created just for Prime Day:

Use Amazon Posts to create buzz

Amazon Posts is a relatively new tool that allows sellers to create social media-style content on Amazon to enhance product discovery, brand visibility, and customer engagement. 

These posts appear on product detail pages, feeds, and related product sections, giving your product multiple touchpoints to attract potential customers. This helps the products stay top-of-mind to consumers’ minds during Prime Day and increases the conversion rate. 

Note: We recommend featuring the top-performing products on Amazon posts to stir up buzz and awareness of your products. 

Learn more about it from the Amazon Posts detailed guide. 

A/B test

In the days and weeks leading up to Prime Day 2024, conduct multiple A/B tests on your product listing and A+ content to optimize the best way to present your products to the shoppers. 

Similarly, test your Sponsored Brand ads and Display Ads with different featured images, layouts, and headlines. Your SB ads are going to be extremely important during this period. Therefore, split test until you zero in on the perfect ad copy and image.

Testing all these variations will help you fine-tune your ad strategy and maximize profit during Prime Day.

Recommended Read: Differences between Amazon Sponsored Display Ads vs DSP Ads.

Set up Amazon Direct Fulfillment (For Vendors)

If you’re a vendor registered on Amazon, one of the best ways to make the most of Prime Day 2024 is to opt for Amazon Direct Fulfillment. This program allows vendors to seamlessly share real-time inventory information with Amazon using electronic data interchange (EDI). 

With Direct Fulfillment, you can ensure that you never miss on sales, even if the Amazon warehouse runs out of stock. Here are some key benefits you get with Direct Fulfillment during Prime Day:

• Your product gets a badge as “Ships and Sold by Amazon,” which drastically improves the conversion rate. 
• You can make your entire catalog available to customers. Which can make it so much easier to push your inventory. 
• You won’t have out-of-stock issues, as Amazon can pull inventory directly from EDI.
• Moreover, Amazon will handle all your product’s customer service, returns, and refunds. So, really, there’s very little hassle.

Pro tip: Make sure to set up Amazon Direct Fulfillment way before Prime Day. Additionally, take advantage of Amazon Direct Fulfillment in Q4 as there are ton of holidays.

Now that you know what you need to do before Prime Day, let’s talk about what to do during the big day. 

What to do during Prime Day 2024

Now that the big day has arrived, it’s time to put your well-crafted strategy into action and make the most of this momentous event. 

During Prime Day, allocate a significant portion of your budget to Sponsored Products, Sponsored Displays, and Product-Targeted ads, as these can generate high conversion during this time.

Utilize branded and generic short-tail keywords to reach a broader range of shoppers using Sponsored Product ads. Additionally, use Sponsored Display and DSP ads to retarget shoppers who have already shown interest in your products on and off Amazon. 

By combining different types of ads, you can capture the attention of different audiences and maximize your chances of driving sales on Prime Day 2024.

Note: Other marketplaces like eBay, Target, and Walmart also capitalize on Amazon Prime Day by offering different promotions during the same time to attract non-prime customers.

Take advantage of this by selling products on other marketplaces during the Prime Day timeline to maximize sales and your business’s bottom line. 

What to do after Amazon Prime Day 2024

Well, congratulations on dominating Prime Day! However, you still can’t rest easy. 

This is the perfect time to take advantage of the sales data that you’ve gathered from this time. Dive into it and understand your customer’s preferences and behavior. Aim to analyze and understand the following:

• What were your best-selling products during Prime Day?
• Who was your primary customer demographic?
• Were there any trends you’ve seen in customer habits?
• What were your inventory levels like?
• How effective were your promotions?

Moreover, dive into your negative and positive reviews. Analyzing all of this information can help you drastically improve and optimize different aspects of your business and help you create successful post-Prime Day Strategies. 

This phase is, typically called the lead-out phase, where customers are still relatively warm and you have the perfect opportunity to re-engage your audience and drive further sales. Specifically, the two weeks following Prime Day have a higher category search volume than the two weeks prior. 

We recommend you take advantage of this period as it will result in a massive sales momentum that is relatively hard to get easily.  Here are some effective tips:

1. During this period focus on reselling, upselling, and cross-selling your products to your existing customer base. Additionally, use virtual bundles and the Vine program to skyrocket your average order value and rake up those reviews.
2. Use Sponsored Display Ads to target those who have already purchased from you, offering them complementary or upgraded options. This helps foster customer loyalty and maximize the value of each transaction. 
3. Your competitors may be lax during this period and would have stockouts. Keep an eye on their best sellers and run product-attributed ads on these products and try to capture market share.
4. Of course, don’t forget to target shoppers who showed interest but didn’t make a purchase during Prime Day, providing them with an enticing offer.

With the competition likely decreasing after Prime Day, it’s an opportunity to fine-tune your advertising strategy, engage your audience, and capitalize on the post-Prime Day shopping frenzy to drive further sales. 

Final Thoughts

Effective research and planning are only half the battle. You still have to execute the strategies smartly to maximize the chances of success. With Prime Day right around the corner, by following the strategies outlined in this blog, you can position your business to make the most of this event. 

However, to truly elevate your Amazon Prime Day strategy and ensure maximum profit, you must leverage solutions like SellerApp. 

How Can SellerApp Help?

SellerApp offers a comprehensive suite designed specifically for Amazon sellers. With SellerApp, you can streamline your Prime Day preparations by optimizing your pricing and listings, ensuring that you are competitively positioned in the market. 

With data-driven insights, you can make informed decisions about product selection, target the right audience, and automate your PPC campaigns. 

More importantly, the brands that have partnered with us have seen amazing results during this period which has helped them generate the necessary momentum that has helped them for years.

Get started with SellerApp for free now and make this Prime Day your most successful one yet. 

Additional read:

What is Amazon Premium A+ content?

How do I Start Selling on Amazon in 2023?

Differences between Amazon Sponsored Display Ads vs DSP Ads

What is The Amazon Emerald Program?

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