Amazon Prime Day 2024
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Amazon Prime Day 2024 is just around the corner, and it's time to get ready for the biggest shopping event of the year. This event is a good chance to grow sales while at the same time, it’s a challenge for both experienced sellers and newcomers.
To maximize Prime Day and attract as many buyers as possible, ensure to enroll the most attractive deals and showcase your best products.
In this comprehensive guide, we'll walk you through everything you need to know about Amazon Prime Day, including what to sell for Amazon Prime Day 2024 and how to prepare for it effectively.
What Is Amazon Prime Day?
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Amazon Prime Day is a massive two-day shopping event exclusively for Prime members. It features deals on a wide variety of products, from top brands to small businesses.
Amazon Prime Day is one of the largest and most anticipated shopping events globally attracting millions of buyers. It offers a variety of deals, including lightning deals (short-term offers that last for a few hours) and day-long discounts.
Prime Day includes discounts on electronics, home appliances, personal care products, apparel, and much more, often featuring the lowest prices seen on many items outside of the Black Friday and Cyber Monday sales periods.
For many Amazon sellers, Prime Day requires careful planning in terms of inventory and pricing strategy to fully capitalize on the potential benefits of the event.
When Will be Amazon Prime Day 2024?
The exact date for Prime Day 2024 hasn't been announced yet, but it typically happens the second week of July and lasts for two days. In 2024, it may happen on 9-10 July 2024.
For Amazon sellers, that means two important deadlines. Your FBA inventory must arrive at Amazon’s fulfillment centers by June 20, 2024, and your deals must be created by May 3, 2024.
Who Is Eligible for Amazon Prime Day?
To be eligible for Amazon Prime Day, both products and sellers must meet specific criteria.
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Product eligibility criteria for Amazon Prime Day
- Condition: Products must be new.
- Ratings and reviews: Products should have a rating of at least 4 stars or no rating at all.
- Pricing: Discounts must be at least 20% off the non-member, non-promotional price. The discounted price must be at least 15% lower than the list price (reference price or Was price).
- Compliance: The product must comply with Amazon’s customer product reviews and pricing policies.
- Restrictions: Restricted products are not allowed.
Seller eligibility criteria for Amazon Prime Day
- Seller feedback: Sellers must have at least 4-star seller feedback ratings or no ratings.
- Fulfillment:
- Products must be eligible for Prime shipping in all regions within the country.
- For Seller Fulfilled Prime (SFP)
- sellers need to maintain a Late Shipment Rate under 4%;
- Order Defect Rate must be less than 1%;
- Pre-fulfillment Cancellation Rate must be not over 0.5% for the month preceding the deal;
- The disbursement reserve policy must be set to 7 days or more after delivery;
- SFP items must be shipped for free.
Note. Sellers can find their performance information in the Account Health Dashboard in their Seller Central.
What Kind of Deals Can I Offer for Amazon Prime Day 2024?
For Amazon Prime Day 2024, sellers have several promotional options to create deals. Here's a breakdown of the types of deals you can offer.
Lightning Deals
Lightning Deals are time-sensitive promotions where a product is featured for several hours on the Amazon Deals page, typically lasting 4 to 12 hours as determined by Amazon.
Benefits
These deals are effective for driving sales quickly, attracting new customers, and reducing overstock. They're especially useful during high-traffic events like Prime Day.
How to submit
Step 1. Access Seller Central, and navigate to Advertising > Deals.
Step 2. Click "Create a new deal." Then select a deal type – “Lightning Deal,” click “Apply,” and add an eligible ASIN. Configure the deal.
Prime-Exclusive Best Deals
These are promotions on high-quality products offered at a discount. They often work best with best-selling items and feature strike-through pricing.
Benefits
Reaching over 230 million Prime members, these deals enhance product sales and help sell excess inventory.
How to submit
Step 1. In Seller Central, go to Advertising > Deals.
Step 2. Click "Create a new deal," then select a deal type – “Best Deal,” click “Apply,” and choose an ASIN marked as available for Prime Day. Configure the deal.
Prime-Exclusive Discounts
These are discounts offered exclusively to Prime members on products eligible for Prime shipping.
Benefits
These discounts are designed to entice Prime members with lower prices, thereby improving sales conversion rates.
How to submit
Step 1. Visit Seller Central, and select Advertising > Prime Exclusive Discounts.
Step 2. Then click "Create discount."
Step 3. Add products, and configure the discount according to Prime Day Guidelines.
Prime Member Coupons
Coupons are promotional discounts available at the point of sale on a single product or a set of products, automatically displayed on the Coupons page, search results, Product detail pages, and other locations exclusively for Prime members.
Benefits
Coupons provide flexibility and competitive differentiation, encouraging customers to try your products at a discounted price.
How to submit
Coupon submissions become available after the Prime Day dates are announced.
Step 1. Submit Coupons via Seller Central under Advertising > Coupon.
Step 2. Select "Create a new coupon," and configure it.
Note. It's important to be aware of the submission deadlines for each type of deal. For instance, the recommended deadline for Lightning Deals and Prime-Exclusive Best Deals submissions is May 3, 2024. Prime Exclusive discount sourcing typically ends two weeks before the event, and submission dates can vary.
Why Participate in Amazon Prime Day 2024?
Prime Day attracts a massive number of shoppers looking for deals. Many sellers experience some of their highest sales of the year during this event. In 2023, over 375 million items were sold during Prime Day. Here are some reasons why Amazon sellers should consider participating in Prime Day 2024.
Increased sales
Prime Day generates huge traffic to Amazon, giving sellers a chance to reach a wider audience and increase sales significantly. With millions of Prime members actively looking for deals, your products can gain significant exposure.
Cost-effective way to reach Prime members
Prime Day can be a cost-effective way to reach Prime members because Amazon heavily promotes the event. You can benefit from the increased traffic and attention without needing to spend on individual advertising.
Reaching new customers
Prime Day can help you acquire new customers who may try your products for the first time and become repeat buyers in the future. Converting new Prime members into long-term customers is a valuable benefit of participating in the sales event.
Clear out excess inventory
Prime Day can be a great opportunity to sell through excess inventory and make space for new products. Offering deep discounts can help move slower-selling items and free up capital for new offerings.
Why Planning for Amazon Prime Day?
Amazon Prime Day is one of the peak times for Amazon sellers, and it can also present considerable challenges. Being well-prepared is essential to deal with these challenges successfully.
Reasons to plan in advance for Amazon Prime Day
High demand
Amazon Prime Day sees a significant rise in traffic and demand, which can lead to issues such as slow loading times and shipping delays. Sellers need to be ready for these potential problems and have strategies in place to address them.
Stockouts
One of the major challenges during Amazon Prime Day is the risk of running out of stock. If a seller runs out of a popular product, it could lead to lost sales and negatively impact their reputation. It's crucial for sellers to ensure they have sufficient inventory to meet the heightened demand.
Increased competition
Every seller aims to boost their sales on Amazon Prime Day, which intensifies the competition. Sellers need to ensure that they offer best-selling products, competitive prices, and attractive promotions to distinguish themselves from others.
Selling Tips for Amazon Prime Day 2024
When preparing for Amazon Prime Day 2024, it is essential to use the right approaches to help make the most out of the event and maximize sales and profits. Here’s how you can approach this using product sourcing software Seller Assistant.
Tip 1. Choose popular products
If you want to maximize sales during Amazon Prime Day, choose products that are in demand and have a high likelihood of selling well. With Seller Assistant, you can find out the most popular products that have a tendency to grow in sales.
How to do it
To estimate how popular is the product, you must look at its Best Sellers Rank (BSR). With Seller Assistant, you can see how many products you can potentially sell per month based on BSR in the Sales field. Drops (BSR drops) show how many products were sold during 30, 90, and 180 days.
If the BSR number is green and the arrow beside it points down, the product is a good option for selling. If the BSR number is red and the arrow beside it points up, the product is not a good option for selling.
Tip 2. Focus on profits
When you submit deals for Amazon Prime Day, focus on items with good profit margins. That will allow you to get high per-item profit and earn more in total while the customer demand during the event is high.
How to do it
Use Seller Assistant’s FBA&FBM profit calculator to quickly estimate product profit margin. Enter the Cost of Goods Sold (COG, the product price at the supplier) in the COG field. The calculator displayed on the Amazon product pages will show you product profit, margin, and ROI. Aim for a margin above 15% and more.
Tip 3. Avoid restricted products
Amazon doesn’t allow submission of restricted products as Prime Day deals. Therefore, when you choose products for Amazon Prime Day, you must avoid gated items.
How to do it
Seller Assistant shows a green open lock icon if a product is ungated and a red closed lock icon if it is gated. The icons appear on the Amazon product pages, search pages, and in the Side Panel View.
Tip 4. Strike a balance between competition, demand, and profitability
To maximize your chances of success, select products with manageable competition, high demand, and good ROI.
- Competition: Avoid products with too many sellers (ideally 2-15 FBA offers) to maintain healthy competition.
- Demand: Choose products with a good BSR and estimated sales.
- Profitability: Estimate your ROI (Return on Investment) by factoring in COG, fulfillment fees, and logistics costs.
How to do it
With Seller Assistant you can quickly find such products. It shows all these figures on the product pages and in the Side Panel View. Choose the product that suits your criteria.
- Competition: Seller Assistant shows the count of FBA and FBM sellers on the product and search pages. The number on a blue background is the count of all FBA or FBM sellers. The number on the white background next to it is the count of FBA or FBM sellers offering the Buy Box price +5% (your potential competitors).
- Demand: Seller Assistant indicates potential sales volumes if you add your offer to the listing.
- Profitability: When you enter your COG and logistics costs, Seller Assistant displays your ROI, and Amazon fees.
Tip 5. Apply discounts to slow-movers
Products that sell slowly accumulate storage fees in Amazon’s warehouses, therefore you must get them moving. Amazon Prime Day is a good chance to offer essential discounts or limited-time deals on these products and create a sense of urgency in buyers to help sell them.
How to do it
Seller Assistant shows slow movers in the TOP field. TOP is the product position in the category expressed as a percentage. If product TOP is greater than 1%, it’s a slow-mover. Select such products and submit them as Amazon Prime Day deals with essential discounts.
FAQ
What is Prime Day 2024?
Prime Day 2024 is a massive Amazon sales event offering deep discounts to Prime members for two days in July. It's a great opportunity for sellers to reach a wider audience and grow sales.
How many Amazon Prime days are there in a year?
Since 2022, Amazon has held two Prime Day events annually – one in July, and one in October. However, it's impossible to say for sure how many there will be in 2024 until they officially announce it.
What is prime day dates?
The exact dates for Prime Day 2024 haven't been announced yet, but historically it happens in July. Expect it to be a two-day event with deep discounts for Prime members.
Is Prime Day better than Black Friday?
Both offer deep discounts, but the targets differ. Prime Day focuses on exclusive deals for Prime members, while Black Friday has wider sales across various retailers. It depends on what you're looking for and if you're a Prime member.
Final Thoughts
Prime Day 2024 is a great chance to generate additional sales and profits with your Amazon business. By focusing on profitable products, and implementing strategic promotions, you can position yourself for success. With careful preparation and the tips outlined above, you can make the most of this popular event.
Your main task in the process of preparing for Amazon Prime Day is to select the right products that will bring you profit. You can do that with Seller Assistant. This all-in-one product sourcing software offers all the features vital for product research. It combines an FBM&FBA profit calculator, Quick View, Stock Checker, and Restrictions Checker in one tool.
