Latest / Selling on Giants: The eCommerce Marketplace Podcast / Prime Big Deal Days 2024 Recap with Will Haire

Transcript

Prime Big Deal Days 2024 Recap with Will Haire · Selling on Giants: The eCommerce Marketplace Podcast

• 0:13
  SPEAKER_00: Hey everyone, Mr.
• 0:14
  SPEAKER_00: Will here, host of Selling on Giants and co-founder of Bellivix.
• 0:19
  SPEAKER_00: Today we're taking a deep dive into Amazon's big deal days, also known as Prime Day 2.0.
• 0:24
  SPEAKER_00: For all sellers tuning in to this key event, it can help you capitalize on early shopping behavior as we head into the busiest retail season of the year.
• 0:33
  SPEAKER_00: It may not be the overwhelming pull of the summer Prime Day event or the almighty turkey five that's Black Friday through Cyber Monday, but don't underestimate the importance.
• 0:43
  SPEAKER_00: Big deal days offers a chance to learn, experiment, and of course boost sales before the holiday madness.
• 0:51
  SPEAKER_00: So let's jump into some shopping highlights from Numerator and Amazon.
• 0:56
  SPEAKER_00: With everyone wants what everybody wants to know is what are people buying during big deal days?
• 1:02
  SPEAKER_00: According to Numerator, which tracks shopper data throughout the event, a whopping 62% of big deal day shoppers placed at least two orders.
• 1:10
  SPEAKER_00: This isn't just about snagging one hot item, it's about loading up the cart.
• 1:14
  SPEAKER_00: The average spend per household came out to$135, and the top categories are home and garden, apparel, and electronics.
• 1:22
  SPEAKER_00: Now here's where Amazon's own data backs this up.
• 1:25
  SPEAKER_00: They've reported seeing major interest in tech and home products, which lines up with numerator's findings.
• 1:32
  SPEAKER_00: Smart home devices, gadgets, and home essentials are flying off the shelves, from upgrading their kitchen with new appliances to finally grabbing the extra echo dot, shoppers are still in self-shopping mode.
• 1:46
  SPEAKER_00: And while this might not be the gift buying frenzy of Black Friday and Cyber Monday, it's a great sign for sellers in these categories.
• 1:54
  SPEAKER_00: If you're selling personal electronics, home upgrades, or seasonal fashion, this is your moment to shine.
• 2:00
  SPEAKER_00: And as numerator pointed out, consumers are spreading their orders out across multiple days, meaning there's potential for repeat buyers throughout the event.
• 2:10
  SPEAKER_00: Now let's talk about the impact on other retailers.
• 2:14
  SPEAKER_00: The competition is heating up.
• 2:17
  SPEAKER_00: But here's the thing Amazon isn't the only game in town.
• 2:21
  SPEAKER_00: Retail giants like Walmart, Target, and other specialty stores have rolled out their own October sales to compete with big deal days.
• 2:29
  SPEAKER_00: These retailers know that when Amazon makes a move, they have to respond or risk losing market share.
• 2:35
  SPEAKER_00: So we're seeing them push their own deals, often with price matching or exclusive promotions.
• 2:42
  SPEAKER_00: As a seller, this is where the competitive landscape really comes into play.
• 2:47
  SPEAKER_00: You're not just optimizing for Amazon.
• 2:50
  SPEAKER_00: You need to keep an eye on how these other retailer sales impact your own.
• 2:54
  SPEAKER_00: Shoppers are savvier than ever checking prices across platforms to ensure they're getting the best deal.
• 3:00
  SPEAKER_00: The takeaway here, make sure your listings stand out.
• 3:03
  SPEAKER_00: Whether it's prime shopping, prime shipping exclusive bundles, or simply highlighting what makes your product unique, you need to grab attention.
• 3:12
  SPEAKER_00: According to Market Watch, 83% of American households are now shopping on Amazon.
• 3:18
  SPEAKER_00: But don't let that fool you into thinking other retailers aren't in the mix.
• 3:22
  SPEAKER_00: With Walmart and Target rolling out aggressive October sales, the competition is fierce.
• 3:28
  SPEAKER_00: Positioning yourself well in this landscape is crucial, not only for the short term, but also for the upcoming holiday season.
• 3:35
  SPEAKER_00: Now let's talk about the impact on sellers, preparing for the holidays and Amazon's big deal day events.
• 3:43
  SPEAKER_00: So it might not be the busiest shopping event of the year, but it's a fantastic opportunity for sellers to get ahead.
• 3:49
  SPEAKER_00: Think of it as a trial run before the Turkey 5.
• 3:52
  SPEAKER_00: The data you collect now is pure gold when it comes to refining your strategy for the rest of the year.
• 3:58
  SPEAKER_00: So what should you be focusing on?
• 4:01
  SPEAKER_00: First, make sure your ads are performing well.
• 4:04
  SPEAKER_00: Use this event to test new keywords, placements, and creatives.
• 4:08
  SPEAKER_00: See what resonates with your audience and don't be afraid to experiment.
• 4:12
  SPEAKER_00: Second, check your conversion rates.
• 4:15
  SPEAKER_00: How are shoppers interacting with your listings?
• 4:18
  SPEAKER_00: Are your descriptions and images doing the heavy lifting?
• 4:22
  SPEAKER_00: This is your chance to fine-tune your approach before the bigger shopping days roll around.
• 4:28
  SPEAKER_00: And let's not forget about the importance of optimizing your listings back-end data.
• 4:34
  SPEAKER_00: With Amazon's AI-powered shopping guides and Rufus playing an even bigger role, ensuring your product attributes are dialed in could be the difference between showing up in search or getting buried.
• 4:46
  SPEAKER_00: According to Numerator, the vast majority of shoppers are repeat prime day buyers, meaning they've they're already familiar with how the event works, they're deal hunting pros.
• 4:57
  SPEAKER_00: So make sure your pricing strategy is competitive.
• 5:00
  SPEAKER_00: But beyond pricing, it's also about offering value.
• 5:04
  SPEAKER_00: Whether that's through bundling products or offering exclusive deals, now's the time to experiment and gather insights that will carry you throughout the holiday season.
• 5:14
  SPEAKER_00: Now let's get into the big question.
• 5:16
  SPEAKER_00: Is Amazon's big deal days a true shopping catalyst or just another sale?
• 5:21
  SPEAKER_00: I've been asked this question a lot, and I think it's a mix.
• 5:23
  SPEAKER_00: It's not as game-changing as Prime Day in July or the juggernaut that is Turkey 5, but it's a solid stepping stone.
• 5:30
  SPEAKER_00: What it really does well is it warms up shoppers for the holiday season without overshadowing the main events.
• 5:37
  SPEAKER_00: As Chain Store Age pointed out, consumers are still largely in self-shopping mode during big deal days.
• 5:44
  SPEAKER_00: They're grabbing things for themselves, not necessarily hunting down holiday gifts, but that's okay.
• 5:50
  SPEAKER_00: What this event does, it creates momentum.
• 5:52
  SPEAKER_00: People are getting used to the idea of spending, they're making purchases, and they're preparing for the bigger shopping days ahead.
• 6:01
  SPEAKER_00: That's the beauty of big deal days is that it doesn't cannibalize Black Friday or Cyber Monday.
• 6:08
  SPEAKER_00: Instead, it primes consumers and retailers alike.
• 6:11
  SPEAKER_00: As sellers, you could take the data and insights from this event and roll them into your holiday strategy.
• 6:17
  SPEAKER_00: What worked, what didn't, this is your chance to refine before the big push.
• 6:23
  SPEAKER_00: American shopping behavior.
• 6:26
  SPEAKER_00: So what's driving consumers?
• 6:28
  SPEAKER_00: According to MarketWatch, 83% of American households are now shopping on Amazon.
• 6:34
  SPEAKER_00: And this event gives them gives us valuable insights into their shopping behaviors.
• 6:38
  SPEAKER_00: Numerated data shows that the majority of shoppers are focused on categories like home goods and apparel.
• 6:45
  SPEAKER_00: Again, not exactly heavy gift items.
• 6:48
  SPEAKER_00: Instead, they're treating themselves the upgrades, comfort items, and tech that they've had their eye on.
• 6:54
  SPEAKER_00: American shopping behavior.
• 6:57
  SPEAKER_00: What is driving consumers?
• 6:59
  SPEAKER_00: According to MarketWatch, 83% of American households are shopping on Amazon.
• 7:06
  SPEAKER_00: And this and this event gives us valuable insights into their shopping behaviors.
• 7:13
  SPEAKER_00: Numerated data shows that the majority of shoppers are focused on categories like home goods and apparel.
• 7:20
  SPEAKER_00: Again, not exactly gifting heavy items.
• 7:23
  SPEAKER_00: Instead, they're treating themselves to upgrades, comfort items, and tech that they've had their eye on.
• 7:29
  SPEAKER_00: So what does this mean for sellers?
• 7:31
  SPEAKER_00: It's time to tap into the self-gifting mentality.
• 7:34
  SPEAKER_00: If you're selling products that solve personal problems or offer lifestyle upgrades, now's the time to push those benefits.
• 7:42
  SPEAKER_00: Shoppers are in the mode of to spend, but they're spending on themselves.
• 7:46
  SPEAKER_00: Cater to that and you'll see results.
• 7:49
  SPEAKER_00: So now preparing for the holiday rush retailers wake up call.
• 7:54
  SPEAKER_00: Big deal days doesn't just impact Amazon.
• 7:57
  SPEAKER_00: It's a signal for all of retail to gear up for the holiday season.
• 8:00
  SPEAKER_00: Walmart, Target, and specialty retailers are all rolling out their own deals, and everyone is getting into the mindset of competition.
• 8:09
  SPEAKER_00: This is when the retail machine starts reving up.
• 8:12
  SPEAKER_00: And as you're as a seller, you need to be ready.
• 8:14
  SPEAKER_00: Use big deal days as a chance to refine your inventory management, ensure your campaigns are optimized, and to test your logistics.
• 8:23
  SPEAKER_00: The last thing you want is to be caught off guard when Black Friday rolls around.
• 8:27
  SPEAKER_00: Take this time to review your process, iron on any kinks, and ensure you're fully prepared for the biggest shopping event of the year.
• 8:35
  SPEAKER_00: In conclusion, to wrap this thing up, Amazon's big deal days is more than just another sale.
• 8:41
  SPEAKER_00: It's a strategic event that offers sellers a chance to fine-tune their holiday game plan.
• 8:46
  SPEAKER_00: It doesn't steal the spotlight from Black Friday or Cyber Monday, but it does provide valuable insights, sales boosts, and momentum leading into the holiday season.
• 8:57
  SPEAKER_00: The data you gather now is invaluable when it comes time to make those critical decisions during the peak holiday season.
• 9:04
  SPEAKER_00: That's all from me, Mr.
• 9:05
  SPEAKER_00: Will, host of Selling On Giants.
• 9:08
  SPEAKER_00: Congratulations to all those sellers who took advantage of big deal days and made the most of this key opportunity.
• 9:14
  SPEAKER_00: For those who missed out, don't worry, there's always another opportunity to participate and capture early holiday shoppers.
• 9:22
  SPEAKER_00: Let's keep refining our strategy and get ready to dominate the next big event.
• 9:26
  SPEAKER_00: Till next time, stay classy, people.