Prime Your Amazon Profits for Q4 and Upcoming Holiday Shopping Season
It should come as no surprise that Amazon Prime members enjoyed one of the biggest shopping events in Amazon history. According a to recent report, Amazon Prime Day sales this year have surpassed previous Black Friday and Cyber Monday shopping periods. In fact, the event grew more than 60% compared to last year.
To recap, Amazon offered 30 hours of deals to Amazon Prime members only. The most popular item sold was Amazon’s smaller-sized Echo Dot smart speaker discounted to $35, down from $50.
So, what happens after Prime Day? Using your Prime Day data, you can create a game plan for the upcoming Q4 and holiday season. Here are the following actionable steps you can do right now:
- Evaluate Inventory Planning – Post Prime day is the perfect time for you to evaluate your inventory levels and check if it needs to be tweaked and refined. For instance, did you have access inventory and need to pay for Amazon’s long term FBA storage fees? Then you need to craft up strategies to clear them out (i.e. giveaways). Or perhaps you ran out of inventory too quickly? Then you need to increase the volume to avoid losing momentum. Either way, these are signals that you need to advance your inventory planning strategy prior to the upcoming holiday shopping season.
- Analyze Product Performance – You need to analyze what worked, what didn’t, and what can be changed to improve product performances. A few key data points to look at are:
- Amazon PPC Ad Campaigns (Keyword bids, ad group budget, and additional keywords)
- Product Search Terms (Additional keywords)
- Product Pricing
- Return Products – Some of you sellers experienced a successful Prime Day but now having an influx of customer returns. To mitigate this problem in the future, you can provide customers with more information about your product including specific feature details, functionality, and specifications through Amazon Enhanced Brand Content (explained in the next section) of which can lead to fewer returns and fewer negative reviews from unsatisfied customers.
Perks of Being Part Of Amazon Brand Registry Program
Amazon Brand Registry helps you protect your registered trademarks on Amazon and create an accurate and trusted experience for customers. Brand registered sellers can enjoy incentives provided by Amazon; for instance, having Enhanced Brand Content to showcase the unique value proposition of their products through enhanced images and text placements.
Some brand registered sellers probably noticed the new Storefront feature rolled out by Amazon recently located on the main tab. Brand registered sellers are able to create their unique Amazon storefront to showcase brand personality through videos, images, and text placements.
Enhanced Brand Content and Storefront are great ways for sellers to differentiate their brand from competitors by communicating their brand stories through enhanced content fields. A great example is none other than Amazon’s very own Amazon Basics storefront. You can use that as guidance to create your brand’s storefront and enhanced brand content for your products.
As Seth Godin would say “A brand is a set of expectations, memories, stories and relationships that, taken together, account for a customer’s decision to choose one product or service over another.”
Amazon is hiring for their all new Australian fulfillment centre in Melbourne
Ever since we received news that Amazon is setting foot down under we have been keeping an eye on it as sellers expand their Amazon FBA businesses to the other side of the world.
We have confirmation that the warehouse will be located in the outer south-eastern suburbs of Melbourne. Amazon stated that they will be bringing thousands of new jobs, millions of dollars in additional investment, and to empower small Australian businesses through Amazon Marketplace.
Comment “WIN” in the comment box below if you are excited to expand or launch your FBA business in Australia.
About the Author
Eugene is an Amazon business coach, consultant, and blockchain enthusiast. He helps aspiring and established entrepreneurs build a highly profitable Amazon FBA business so they can unlock their true potential. Learn more about him at wiseintro.co/FreedomProfitsBlueprint