Prime Day for 2020 is going to be a 48-hour event starting at midnight Pacific on October 13th and lasting through October 14th.
Back 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. In 2018 for Prime Day Amazon sold 771 items per second.
Once again, for 2020, 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 The Marvelous Mrs. Maisel?!”)
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!
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 2020:
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 manual repricing strategies.
6. With so many sales expected on Prime Day, you want to be sure that your prices go UP while your lower priced competition sells out of their items. This can done automatically by setting up an repricer tool like BQool. With the right set of repricer rules, your price on Amazon can automatically go up. Click here to see how an automatic repricer works and to see how you can get a free copy of my repricer rules.
7. 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, every month on the 15th, Amazon will charge you a rolling LTSF each month for all items you store in a FBA warehouse over 12 months, and Prime Day is a good way to try and offload some of your items that might be charged a LTSF if still in your inventory come the 15th.
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.
Bonus tip: Set a reminder on your calendar for July of 2021 and be sure you are ready for Prime Day next year. 2020 will be the sixth consecutive year Amazon has planned a Prime Day, so it’s a good bet it’ll be back in it’s normal spot on the calendar come 2021. You want to be sure and be prepared each year to take advantage of this opportunity.
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.
* Post updated for 2020
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