Amazon Prime Day is monumental. It has been since the first one demarking Amazon’s 20th anniversary. It has been a boon for customers who want the hottest items at the best deals as well as for sellers looking to boost their sales this July. To get you in the selling spirit and prepare you, check out these five new things you should know about Amazon Prime Day 2023!
1. It’s Going to Be Bigger Than Ever
Now in its ninth year, Prime Day is a staple for the largest online marketplace. As such, certain expectations have arisen for it. Many customers get excited ahead of the event, trying to discover deals or saving purchases in hopes of a sizeable discount. With Amazon’s ever-increasing popularity, it’s easy to expect more customers to come with their wallets ready this July.
2. Expect Even More Competition
As customers flock to the site for sales, so will sellers. That means to get ready for increased competition on Amazon Prime Day 2023. Everyone, from entrepreneurs to leading brands, recognizes the importance of capitalizing on consumer excitement. That means sellers will be increasing their advertising efforts and budgets. Don’t be surprised to see CPCs go up at this time. Consider putting aside more of your budget to help you stay competitive and capture those increased sales numbers.
3. Hourly Bidding Will Change the Game
When looking to increase conversions, it’s important to reach your customers how and when they want. With so many options, if you’re not meeting their needs, they will find a brand that will. Understandably, that is why sellers have found increased success with hourly bidding. For example, our own research has found:
- Daily performance saw a 13% increase in net revenue, and a 10% increase in CVR (percent change of treatment over control)
- Intraday bidding became more efficient, saving money during early hours to allocate to hours that bring highest value
- Overall impressions were boosted by 8%, with top-of-search share increasing by 9% on average.
What is hourly bidding? This is when a seller optimizes listings and prices every hour based on the latest data to maximize performance with search queries and the bidding algorithm. We expect that sellers who employ hourly bidding during Amazon Prime Day 2023 will see greater results than their competition.
4. Get Ready for Surprises
With any major Amazon update or event, it’s safe to expect the unexpected. The first Prime Day was a surprising success that has only continued to grow. Last year, in 2022, we were surprised by the inclusion of Prime Day 2. What does Prime Day 2023 have in store? While only time will tell the truth, here’s what you can keep in mind:
Surprises can be good…or bad. Come the event you may find that customers are flocking to your products to scoop up the deals. Or, you may find that your competition is stealing all of your ad space with a robust one-day marketing campaign.
Strategize and stay prepared. By creating a well-thought-out strategy, you can be ready for any changes that may come your way. By anticipating increased competitor spend, you can ensure you already know which keywords perform best for you and have allocated the budget for them. That way, if other sellers are spreading their net wide, you can outpace them with a targeted approach. Another scenario is not having enough inventory to keep your customers pleased. If your business is booming, the last thing you want is to run out of stock and miss out on increased sales. Stay prepared and maximize your ROI.
Keep learning. Ecommerce is a rapidly-changing field, so it’s crucial to stay ahead of the curve. Keeping in touch with news, announcements, trends, and more can help you navigate this landscape. You can take your lessons even further by joining your knowledge with those of your peers. We have the best and brightest sellers, industry experts, and educational materials in our free Community. Check it out!
5. Expect to See AI in Action During Amazon Prime Day 2023
ChatGPT, Midjourney, Google’s own Bard. A lot of AI has come to public knowledge recently, and marketers have been using it to their advantage. Expect the same this coming Prime Day. AI software gives a strategic advantage, supplementing strategies, and freeing time for sellers to focus on more pressing matters.
One AI software that is going to give sellers a major advantage during Amazon Prime Day 2023 is Teikametrics’ Flywheel 2.0. Our industry-leading tool analyzes data from multiple sources, ensuring that you are always working with the most updated information. Flywheel also uses these details to optimize your listings based on hourly bid adjustments. Additionally, it can recommend terms to pursue, negate underperforming keywords, and automate your bidding process to maximize your returns. See it in action with a free trial and make this your best Amazon Prime Day yet!