Retail Media Alert: Prime Day is on the Horizon

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With Amazon Prime Day 2023 anticipated to be on July 12th and 13th, brands must start preparing across other key marketplaces in addition to Amazon. According to a recent Consumer Insights Guide released by Google, 52% of shoppers plan to shop non-Amazon retailers during Prime Day, so it is essential to broaden your strategy to cover major Retail bases.

In recent years, Retail giants like Walmart and Target have launched their own shopping events to compete with Amazon Prime Day:

• Target - Deal Days: Direct Agents predicts Target will launch their deal days event on July 10 - 12th
• Walmart, Best Buy, Lowes: Although the dates have not been announced for these top retailer? Prime Day events, their events occurred around the time of Prime Day in previous years.

To set your brand up for success during this competitive period, we outlined our top five strategies for prepping Retail Media for Prime Day and similar shopping events:

Create Limited-Time Exclusive Bundles

Boost the appeal of your products by creating limited-time exclusive bundles specifically for the Prime Day period. Combine complementary items or offer exclusive discounts on popular product combinations. Promote these bundles across your Retail Media channels to entice customers with unique and compelling offers they won't find elsewhere.

Plan for Increased Spend and Traffic During Prime Day

In previous years, retailers such as Walmart, Target, and Instacart experienced an overall increase in conversions and Paid Media spend during Prime Day. Even with competing events on Prime Day, brands can expect to see a "halo effect" across their entire retail portfolio. With this in mind, brands need to plan for increased spend across all of their marketplaces to take full advantage of the surge in traffic and maximize their reach.

Allocate More Budget to Top Performing Marketplaces

While Amazon remains a top priority for ad spend during Prime Day, brands should also evaluate their other retail platforms. Identify the marketplaces that have historically delivered the best results for your brand and allocate more spend towards them during the Prime Day period. This approach ensures that you're maximizing your investment in platforms that have proven to be effective in driving sales and conversions.

Offer Early Access or VIP Perks

Reward your loyal customers and create a sense of exclusivity by providing early access to Prime Day deals or offering VIP perks. This can be done through a tiered loyalty program, exclusive email list, or a dedicated customer group. By making your customers feel special and providing them with exclusive benefits, you can drive early engagement and foster customer loyalty.

Mirror Promotions Across Retailers

As Prime Day has expanded to other retailers in the form of competing deal events, shoppers now tend to compare deals across multiple platforms. To capitalize on this increased buying intent, consider mirroring your promotions across several platforms. By offering consistent deals and discounts across different retailers, you can attract shoppers who are actively searching for the best deals, increasing your chances of capturing their attention and driving conversions.

Direct Agents Prime Day 2023 Webinar

With Prime Day coming up, our eCommerce experts have joined forces with Walmart Partner Manager, Charles Younger, to share insights on evolving shopper trends, new marketplace offerings, emerging AI tools, and more. Join us on Wednesday, June 14th from 1:30pm - 2:30pm EST for our webinar, “Building A Successful Prime Day Strategy: Future-Proofing with Retail Media,” to learn how to maximize your brand’s sales and success on the biggest shopping day of the year.

To get in touch with one of our eCommerce experts, please contact [email protected].

eCommerce & Marketplaces Team, Direct Agents