Next week sees Amazon Prime day – the mid-summer peak – the company is running Amazon Prime Day. On Tuesday 11 July, Amazon Prime members in the US, UK, Spain, Japan, Italy, Germany, France, Canada and Austria will find deals starting at midnight, with new deals starting as often as every ten minutes.
But as with all peak events many will be pushing stuff out ahead of time, so get ready right now for some early deals from your competitors and potential extra traffic from your customers.
Touted as being “Bigger than Black Friday” by the company, Amazon Prime Day is clearly an attempt to get more customer to sign up to Amazon Prime. But will it have an impact on your business?
Of course it will – it will be like Black Friday. But here are some things you can do to be ready.
Have the stock
The most important thing is to have enough stock. To do this you need to estimate how much you think you are going to sell on the day and have that ready. Look for sale or return from suppliers: Amazon Prime Day will probably be a huge success but you never know it might flop.
Have more stock in the pipeline
As well as looking at how much stock to hold for sales, also plan ahead as to how quickly you can replenish stock should you sell out. You may still be able to sell it if you can guarantee supply to you and then distribution to the customer within a reasonably time frame.
The whole event is predicated on discounting, but do it wisely: winning the buy box is great, but go too low and you wipe out any margin. Think very carefully about what you are cutting and why. As ever, try and use it as a way of making stuck stock more attractive and shift some old stuff.
Prepare the shipping
With stock you hold have the packaging and shipping material ready to pack and send. Make sure as well that your usual couriers are briefed and ready. They are no doubt ready for the event and so all should be well. One tip is to have an array of couriers to carry different levels of delivery: so one for next day, another for 3 working days and so on. You know the drill.
You are also going to find yourself rushed off your feet processing orders and packaging them. Now is the time to draft in friends and family, neighbours, students and anyone else to help meet the huge demand.
Prepare for post Prime Day
And don’t forget, this is just one day – it will be business as usual from 16 July so you will need stock for that too. You don’t want any gains made over the 24 hour sales bonanza to be wiped out by not being able to fulfil ‘normal’ orders when the event is over.