In this digital era, Amazon helps millions of small businesses thrive. In May 2019, the tech giant published its second annual “Small Business Impact Report”, revealing that it helped more than 1.9 million U.S.-based small and medium-sized businesses generate more than $160 billion in 2018. The company reports that these businesses, on average, pull in $90,000 a year in Amazon sales with small business owners selling 4,000 items a minute in Amazon’s stores. The top-selling categories are health, personal care, home, and beauty.
In a press release, Nicholas Denissen, Vice President of Marketplace Business for Amazon, explained the reach Prime Day has, and its impact on small businesses as it allows them to compete with larger brands. Denissen said:
“Prime Day helps SMBs reach more than 100 million paid Prime members around the world and provides an opportunity for the smallest of businesses to sell right alongside the biggest household brands.”
What is Amazon Prime Day?
Prime Day is Amazon's biggest global shopping day exclusively for Prime members. It began as a celebration of the mega-retailer's anniversary and is now an annual shopping event. Good deals, especially on Amazon products, are almost certain to match or even beat Black Friday pricing.
To participate in Prime Day as a small business, you must have an FBA relationship with Amazon. FBA stands for “Fulfilled By Amazon” and is Amazon's Logistic Service that helps small businesses with the heavy lifting.
When is Amazon Prime Day 2019?
Amazon Prime Day is typically the 2nd week in July. For 2019, Amazon Prime Day will start on Monday, July 15, 2019.
Prime Day now lasts more than 24 hours. In 2017, Prime Day started late on a Monday and ended early on Wednesday. In 2018, it lasted 36 hours, starting on Monday, July 16.
How Can Small Businesses Prep for Prime Day?
1. Optimize Listing Copy
With hundreds of thousands of items for sale, effective product listings are key. To stand apart from the competition and attract your target shopper, upgrade your listing copy to make sure all product details are all accurate and up-to-date.
Use targeted keywords and phrases in your product descriptions and leverage the easy-to-read bullet point format to share the most important details.
2. Update Images
Images typically get the first click. According to Amazon expert SupplyKick, a good rule of thumb is to have 4-5 clear, high-resolution product images in front of a shadow-free all-white background. Make sure the strong images convey exactly what your product is, what it looks like, and how customers can use it.
3. Manage Inventory
Do you have enough inventory to fulfill all Prime Day orders? While there’s no scientific formula to determine exactly how much inventory you need, you should have historical data to make an educated guess. Plan ahead.
4. Promote Through Other Channels
Don’t just rely on the Amazon platform to promote Prime Day. Use social media channels to get an early buzz going. You can also send out postcards to your previous customers to remind them that the big day is coming. Since you have to be a Prime member to take part, offer information about signing up – how much it costs, benefits, etc.
Even if you don’t sell on Amazon, you can still take advantage of low-prices and the best deals. Consider purchasing office supplies, computers and other electronics, appliances or travel.
You can even get deals on a standing desk or other ergonomically friendly furnishings. Your budget will thank you!