If you are an Amazon seller looking to build your brand, it’s imperative to consider participating in Amazon’s Prime Day sales event. During Prime Day, Amazon sellers can expect a surge in sales and a boost in brand visibility, all of which will contribute to their business growth. However, participating in Prime Day deals may not be in your best interest despite these benefits. To weigh your options, contact our seasoned team at Ebiz Accounting, as we can offer Amazon Seller Advice and Guidance to help you utilize Prime Day and grow your business.
What is Amazon Prime Day?
Amazon Prime Day is one of the most significant e-commerce shopping events each year that offers deals exclusively for Prime members. This sales event typically spans over two days, where Prime members can shop for various products, from electronics to fashion to home goods, for hefty discounts. Many people compare the deals they see on Amazon Prime Day to those of Black Friday and Cyber Monday. Although there are many benefits for shoppers, there are equally as many benefits for Amazon sellers. Sellers can utilize this opportunity to increase their sales and clear out inventory. They can even allure new customers by offering reduced prices of their merchandise.
Amazon Prime Day offers small and medium-sized Amazon businesses increased exposure. During this event, there is a surge in site traffic as shoppers are scrolling to find the best deals. Therefore, this sales event can help you grow your business. Ultimately, Amazon Prime Day is beneficial for both buyers and sellers. However, participating in this promotional day is not the best option for every seller.
Before signing up to participate in a deal like the Lightning deal, you should weigh all your options, as not every Amazon business has margins that can endure a 20% discount. Smaller businesses can sometimes benefit from sitting out on Prime Day.
How do I sign up?
Although Prime Day 2023 has passed, you will have an opportunity to prepare yourself for next year’s sales event. Typically, Amazon begins accepting submissions three months before the promotional days. To participate, you will need to meet the following criteria:
- Your items must be Prime Shipping eligible FBA products that are nationally available.
- Your products must be in new condition.
- The product must have at least a 3.5-star rating.
- The discount must be at least 20% and no more than 80%.
- The discounted price must be the lowest in the last 30 days (including all sales pricing and promotional deals).
- The Prime Exclusive Discount must meet all regular eligibility criteria.
- Your Amazon business seller feedback rating for the prior year must be at least 4.
After ensuring you meet the eligibility criteria for this event, you should have an inventory plan and the right advertising strategies.
For more information on how to grow your Amazon business, contact a skilled member of our Ebiz Accounting team. With years of experience, we can help you make the best financial decisions to help you increase profitability and engage in the Amazon Marketplace.