Lessons from the Rollercoatser That Was Amazon Prime Day
Amazon Prime Day 2019 was held on July 15 and 16, 2019, across 18 countries. As expected, the shopping event received a tremendous response from shoppers around the world but not without any hiccups. Let’s look at five lessons marketers can learn from Amazon Prime Day 2019.
Amazon Prime Day 2019 sold 175 million+ products and generated Cyber Monday and Black Friday generated a revenue of 7.9 billion USD and 6.22 billion USD respectively in 2018. It is safe to conclude that Amazon Prime Day has become the mid-summer equivalent of Black Friday or Cyber Monday.
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This year’s Amazon Prime Day was a 48-hour event, 12 hours more than its predecessors. And the results are evident as 2019 sales figures jumped by 58% compared to the 2018 edition (4.19 billion USD).
But despite the glaring success, there were some hiccups during the event. Here are five lessons marketers can learn from the success and occasional glitches of Amazon Prime Day 2019.
1. Plan Your Marketing Activities Well in Advance
Amazon Prime Day is a significant shopping festival, and it’s essential to plan for events of such gravity. For example, sellers need to apply a couple of months before Amazon Prime Day to qualify for Lightning Deals. Therefore, it’s necessary to keep a tab on such deadlines.
During the event, your conversion rate could multiply, so study industry data and how you fared during previous events to ensure that you don’t run out of stock.
While planning your ads, carefully set the budget and bid amounts as an upsurge in traffic could dry out your budget in a jiffy.
Learn More: 5 Amazon Prime Day Marketing Tactics
2. Create Exclusivity
The Fear of Missing Out (FOMO) drives people to anxiously refresh their Facebook or Instagram feed to check whether they’ve got any new notifications. Exclusivity is an effective persuasion tactic and organizations that understand human psychology apply the scarcity principle to make people act on a whim. That’s why online shoppers make so many impulse purchases.
Amazon uses two tactics to create exclusivity:
- Shoppers should be Prime members to avail the offers during Amazon Prime Day
- Products offered under Lightning Deals are available in a limited quantity and for a limited time
This scarcity increases the value of products and compels shoppers to buy them on the go.