Amazon Prime Day 2023 has concluded, leaving behind a trail of success. With impressive sales, brand promotions, and valuable insights, this year's event sets the stage for brands to capitalize on its impact. This post explores some key top-line trends from Prime Day 2023 and shares how brands can leverage insights to fuel growth during a Q4 Prime Early Access Sale or Prime Day 2024.
Strong Sales and Prime Member Growth Highlight PD24
By nearly all accounts, Prime Day exceeded expectations as a highly anticipated annual shopping event. With over $20 billion in product sales, it showcased the popularity of this renowned retail event and the strength of e-commerce. Perhaps even more notably, the event attracted a record-breaking number of new Prime members. Prime Day 2023 saw increased global participation from customers in over 20 countries, demonstrating its widespread reach and continued runway for Amazon in locales outside of the US. The event also provided a platform for small and medium-sized businesses (SMBs) to thrive, with over $2 billion in sales reported.
Buy with Prime and Invite-only Deals Drove Success
In an economy grappling with inflation, shoppers were enticed by deep discounts and exclusive deals offered during Prime Day. During this Prime Day, members enjoyed deals beyond the Amazon store using Buy with Prime, a new perk that offers U.S.-based members trusted benefits when shopping from participating brands' websites. To promote these deals, Buy with Prime invited a range of merchants to participate in promotional activities alongside Prime Day deals on their sites. Invite-only deals, showcased ahead of time on product detail pages, created a sense of exclusivity and scarcity, increasing their appeal to consumers.
So What? (How to Leverage Prime Day to Win)
Amplify Impact of Customer Experience: It is critical to solicit and effectively manage reviews from customers after large sales events like Prime Day. Contact customers through email or include product inserts to solicit reviews. Nearly as important is effectively managing poor reviews by responding promptly and professionally, and fully addressing customer concerns. If you can surprise and delight customers, even better.
Maximize Sales From New Customers: Many brands fail to re-engage customers who did not purchase during periods of increased traffic like Prime Day or BFCM, resulting in a huge lost sales opportunity. Leverage display media campaigns to reconnect with customers who have shown interest in your products but haven't made a purchase yet. by utilizing Amazon Marketing Cloud to create customized audiences such as Prime Day deal buyers, shopping abandoners, or cross-selling opportunities. This is often a massive sales opportunity for brands and uncovers customer behaviors that brands can leverage in other sales channels as well (product cross-cell, upsell and retention/loyalty initiatives).
Leverage Customer Data to Inform Content Strategy: Utilize Amazon's search terms reports to identify keywords that shoppers are using to find your products and optimize your detail pages, Store and D2C site accordingly.
Contact us today to learn more about customer and category level Prime Day insights, and how we can partner to drive growth for your brand.
Source: https://www.aboutamazon.com/news/retail/amazon-prime-day-2023-stats
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