With its second annual Prime Day coming up on July 12th, Amazon is creating ‘Cyber Monday in July.’ Boost Media shares five tips for making the most of this growing e-commerce trend.
Prime Day: The next “Singles Day”
If the Asian e-commerce giant, Alibaba can singlehandedly create a shopping holiday that generates $14.3 billion in revenue and is 4.75X bigger than Cyber Monday, Amazon can invent its own shopping holiday. That’s exactly what the online retailer is doing with Prime Day, which surpassed its own Black Friday revenue by 18% in the first year.
The Prime Day effect
This isn’t just impacting Amazon. Last year, Best Buy saw the “Prime Day effect” with a 200% YoY increase in sales. Analysis of 20 major retailers showed an average 20% lift in revenue on Prime Day, with even greater spikes during certain times of the day.
Prime Day sales are already starting to crop up outside of Amazon. The aforementioned Best Buy is launching it’s own take on Prime Day, albeit with a confusing announcement about “Cyber Monday in July Deals” starting on the 25th.
Amazon’s major e-commerce competitor, Walmart is already starting to offer a competing 30 days of fast free shipping with July deals. In fact, “walmart prime day” is already a rising search term associated with Prime Day according to Google Trends.
Will Prime Day impact your brand?
No doubt, Amazon is creating increased July shopping demand and heightened purchase intent among bargain-hunting shoppers. Does this mean you can expect to see an uptick in revenue?
Top online retailers are seeing a lift in Prime Day revenue, but this may not yet be trickling down to the masses of other e-commerce sites. Even even if you don’t drive more revenue on Prime Day, you can leverage Prime Day to build your audience and generate insights to inform your winter holiday shopping strategy.
5 things your brand can do on Prime Day
- One way for smaller retailers to leverage Prime Day is to think about it like a dress rehearsal for the established holiday shopping days (think Cyber Monday). Use Prime Day to help prepare for the 2016 holiday shopping season—run small tests as a low-risk way of testing new shopping holiday messaging and deals.
- Grow your brand’s audience by getting in front of the increased pool of Prime Day shoppers, generating traffic to build your remarketing cookie pool, and providing bargain hunters with compelling offers by signing up for your email or SMS lists.
- In your SEM campaigns, try bidding on product terms modified by “prime discount” or even test a Prime Day discount sitelink.
- Factor Prime Day into your paid social campaign targeting people who like or mention Prime Day.
- Use Prime Day as a mid-year excuse to ensure that your advertising campaigns are in good shape with no disapproved ads, broken landing pages, or incorrect targeting.
Where to go from here
Unless you’re a top 20 e-commerce site, you may not see an influx of Prime Day revenue—at least not yet. But, if we learn from e-commerce history, we can see signs that Prime Day is growing into a lucrative annual holiday shopping event that will eventually impact the majority of e-commerce brands in a big way. It’s time to start learning and preparing.