Amazon just officially announced that Prime Day for 2018 is to begin at 3pm (Eastern) on July 16 and last for 36 hours! That’s a day and a half of Prime Day deals – making this the longest Prime “Day” in the 4 year history of Prime Day.
Here is how to make the most of it.
In 2015, Amazon decided to celebrate its 20th birthday with a huge day of sales called Prime Day. Amazon promised its Prime customers would see even more deals on Prime Day than on Black Friday. The sale ended up living up to the hype as Amazon reported selling 398 items per second (source) that day. Since then, Amazon has brought Prime Day back each year…and again, each year’s Prime Day was an even bigger success than the previous one.
This year, at 3pm (Eastern) on July 16th, Prime Day will be back and last for 36 hours for a day and a half of awesome deals. Once again, Amazon is promising even more sales than the year before. In fact, they are probably going to have sales not just on Prime Day, but throughout the week. With these pre-Prime Day deals and post-Prime Day deals, I think Amazon is basically “priming” their customers to buy even more on Prime Day (see what I did there?).
Prime Day is a day that Amazon has strategically created for multiple reasons. One reason is to get more people to sign up for a Prime membership. I love being a Prime member and all of the benefits it provides. If you’re not a Prime member yet, you really need to consider joining. As a Prime member, I’m able to do a better job selling items to Prime customers because I understand their mindset. (Plus, my wife wants to add, “Where else can I stream Downton Abbey?!”)
Another reason Amazon has created Prime Day is to bring in millions of new and return customers to Amazon. They know that if they provide the big deals, the customers will come. This huge increase in customers coming to shop on Amazon creates an incredible way for you to get a big bump in sales. The customers will come for the big Amazon deals and will stay to shop for other items they want to buy…. hopefully buying your inventory!
For the rest of this blog post, you can either scroll down and keep reading for the top 8 tips to make the most of Amazon Prime Day, or you can watch the video below for a more in depth look into my top 8 tips.
Note: This video was recorded before Amazon announced the upcoming rolling Long-Term Storage Fees, so just be aware of that when you watch. The new guidelines makes point #6 even more important now.
Prime Day is going to be filled with some amazing deals. If you’re prepared, you can maximize your Prime Day profits. Here are some timely tips on how to make the most of Amazon Prime Day 2018:
1. You might be tempted to buy some of the Prime Day deals to flip right back on Amazon. Don’t forget that it’s against Amazon’s rules to buy items using Prime shipping that you intend to resell on Amazon. This is a rule that many new Amazon sellers don’t know, but could get you in a lot of trouble if broken.
2. Even though you can’t use Prime to buy inventory for Amazon, you can still use it to buy inventory to sell on other platforms like eBay, craigslist, or anywhere else you can make a profit.
3. Search the Prime deals for items you can use in your business, like shipping supplies, office supplies, a new processing laptop, or anything else you can deduct as a business expense.
4. Every year, other stores respond to Amazon’s plan for Prime Day with special sales of their own. Be sure you look at other online stores to see if they have special deals going on that day. I know Walmart had a big sale last year in response to Prime Day. I’m sure they (and other stores) will be doing so this year, too.
5. In preparation, right now is a good time to reprice some of your inventory. With more people shopping on Amazon on Prime Day (as well as the days leading up to it), there is a greater chance for you to get increased sales. Be sure you competitively reprice your items to maximize your profits. Here is a post on how to manually reprice your inventory and another post with some smart repricing strategies to bring in quick sales.
6. Not only should you reprice your inventory to get more sales, you might want to reprice the inventory you have that will be charged a Long Term Storage Fee (LTSF). Remember, 0n August 15th Amazon will start charging you a rolling LTSF each month, and Prime Day is a good way to try and off load some of your items that might be charged a LTSF if still in your inventory come August 15th.
7. Set a reminder on your calendar for July of 2019 and be sure you are ready for Prime Day next year. 2018 will be the fourth consecutive year Amazon has planned a Prime Day, so it’s a good bet it’ll be back in 2019. You want to be sure and be prepared each year to take advantage of this opportunity.
8. Have realistic expectations for Prime Day sales. An increase of sales is expected, but overall it will most likely be a nice bump in sales. While some people might have a day filled with tons of amazing sales, that probably won’t be the norm. Don’t get caught up with checking your sales every 10 minutes to see if you have any new sales. And don’t fall into the trap of comparing your sales with others who are posting online. Remember, comparison is the thief of joy. Just enjoy the nice bump in sales and then get back on track with your overall goals for your Amazon business.
For more details about Prime Day 2018 from Amazon, click here.
If you have any more suggestions about how to make the most of Amazon Prime Day, then leave a comment below. I’d love to hear what you have to say.