With Amazon clearly getting ready to flex its Prime muscles on Aussie turf, how can SME retailers make the most of the sale?
Amazon Prime Day is confirmed to kicks off in the US on Monday 16 July, and Aussie Amazon Prime subscribers are expected to have direct access to the platform’s deals, discounts and bargains for 36 hours.
BigCommerce chief product officer, Jimmy Duvall, said there are four tactics Aussie merchants should focus on to get the full benefit of Amazon Prime Day, regardless of whether they’re an Amazon seller or not.
1. Be there
This is the first year that Australians will be able to take full advantage of Amazon Prime Day, and so we should anticipate there’ll be a fair amount of excitement about the bargains on offer.
But it’s not just Australians and Amazon vendors set to benefit from Prime Day. As with Cyber Monday and Black Friday, Aussie retailers that offer discounts and competitive deals on their products in the lead up to Prime Day also stand to benefit from the buying frenzy.
Those retailers planning to participate in Amazon Prime Day should ensure they have sufficient inventory to accommodate the potential increase in orders.
2. Select your sales items wisely
Putting on a flash sale can be a great way to clear out excess inventory, or move along a product that might not sell so well in upcoming months.
If you’re a clothing retailer, you might want to think about getting rid of winter stock to make room for spring/summer collections. Deciding what you want to get rid of from the outset means you’ll not only boost sales and make money in the short-term, you’ll create space in a way that makes sense for your business in the long-term, too.
3. Utilise all channels, including social media
Amazon Prime Day takes place in the middle of the month, which is also — conveniently — when most Aussies are paid, meaning they’ll be more likely to want to splash their cash on a good deal.
In order to make the most of this and compete with Amazon Prime Day sales, retailers should move beyond traditional sales channels and embrace a multi-channel approach, including selling on social media.
Take Shopping on Instagram as an example. A massive 1 in 3 Aussies use Instagram (89 per cent of whom are aged 25–54), so the opportunity for smaller retailers to drive sales on the platform is considerable. Features like Shopping on Instagram and Shoppable Stories provide smaller brands with the opportunity to turn followers into customers, by making the path the purchase quick and seamless.
Ensuring your platform is integrated with Shopping on Instagram will open up opportunities to sell to existing and new customers, at a time when Australians are in a buying mood.
4. Maintain your point of difference
While Amazon may well make a killing on Prime Day, it’s important that small and mid-market retailers remain focussed on what sets them apart from larger retailers.
Aside from competitive differentiators like price, Australian SMB retailers can differentiate themselves through things such as producing a higher quality (or customisable) product, providing above and beyond customer service, curating an exciting and coherent product range not available through mainstream outlets, or developing a distinct brand that catches customer attention.
Big sales may attract consumers in the short-term, but in the long-term, your customers and followers chose to support you for a reason, so make sure you stay true to your brand and the quality product you are offering, without getting sidetracked.
- Analysis: How likely is an interest rate cut in June?
By Adam Zuchetti
- Workplace wellness is the real trickle-down economics
By Adam Zuchetti
- Opinion: Why do so many claim to represent small businesses?
By Adam Zuchetti