Since being founded in the 1990s, Amazon has grown exponentially and has become one of the most dominant companies internationally. Today, over 300 million customers shop in Amazon stores worldwide, with over 1.9 million selling partners. Its massive successes can be attributed to its one-touch shopping model and quick delivery time, which provide customers with maximum convenience and instant gratification. On average, customers complete 28% of their Amazon purchases in three minutes or less, and half of all purchases are completed in less than 15 minutes. Amazon Prime is the subscription service at the center of Amazon’s business model, which gives consumers access to such convenient purchasing and delivery options.
Amazon Prime Day: What is it?
Amazon Prime Day has evolved into a major event where Amazon Prime subscribers have access to sales and deals across the platform. Prime Day is the only sitewide sale that Amazon holds each year, making the two-day event quite the money maker. This year, Prime Day will take place on July 12 and 13. Deals and discounts are exclusively for Amazon Prime members and are only available for this limited 48-hour period.
Although Prime Day is a sale limited to products within Amazon’s marketplace, other brands are starting to take advantage of customers’ perfectly timed impulse to purchase. We are seeing top brands offer promotions on their sites and retail locations aligned with Prime Day timing but living completely outside of the Amazon universe.
Additionally, direct competitors like Target will launch its annual “Target Deal Days” online from July 11 to July 13. Similar to Amazon, Target will offer discounts on several big-ticket items during the sale, and special discounts for the “deal of the day.” Major tech retailer Best Buy also plans to hold their Black Friday in July sale from July 11 to July 13 with major discounts on popular laptops, kitchen appliances, cell phones, headphones, etc., to compete for Amazon’s demand.
You may think Black Friday in July is limited to big-box stores – think again. Direct to Consumer brands like Casper, Chewy, Brooklinen, and Snow will be live with one- to two-day flash sales capitalizing on this Prime Day audience. The opportunity for retailers is endless. Why wait until November to adjust your 2022 revenue goals and promotional strategies? Prime Day may be the mid-year catchup everyone needs.
Where Should You Start?
Understand your audience and determine how they respond to flash-sale opportunities. Is your product an impulse purchase or considered? Organize this information around segmented opportunities, and implement test-and learn-campaigns. Take advantage of the opportunities to expand and build your brand recognition.