FLASH REPORT: Prime Day 2018 is coming – Are you ready to compete?
Starting July 16th, Amazon is hosting its 4th annual Prime Day sale. As both Prime and non-Prime members continue to be drawn into the biggest deal day on the Amazon calendar, other retailers can benefit from this “holiday” too.
We polled our network and asked customers about their shopping plans for Prime Day 2018 to reveal where the opportunities lie for other retailers.
Changing Trends From 2017 to 2018
There’s a small, but steady, increase in those who plan to shop during Prime Day this year compared to 2017.
In 2017, 60% of Prime Members shopped on Prime Day.
Almost 1/3 of respondents don’t have shopping plans for Prime Day 2018 yet – but it isn’t too late to woo them.
“Consumers, especially Prime members, comparison shop for the best deals around Amazon Prime Day. Retailers like Macy’s, Best Buy, and JCPenney now all offer deals around the same time as Amazon’s Prime Day sale to court shoppers who are ready to buy,” said Lindsay Martinez, Director of Client Development & Partnerships for Bizrate Insights.
We’re seeing a new trend among big name retailers promoting deal days in early July. Start promoting your deals ahead of Amazon Prime Day in your online and email marketing.
Shopper Spending Plans
In 2018, Prime members plan to spend more than non-Prime members. With the biggest spending category between $51-$250, it’s obvious that Prime Day is a lucrative one for Amazon, but it can be for other savvy online retailers, too. Following suit with last year, we expect that electronics will continue to dominate sales this Prime Day. Check back soon to find out what and where customers actually bought on Prime Day.
How to Compete on Price in the Prime Day Frenzy
Among non-Prime members, almost 1/4 of respondents stated that Amazon shipping charges were too high, while 34% of Prime members shop other websites to get a lower item price. The numbers show that if you’re offering a deal plus free shipping, then you have the opportunity to win the sale.
Consider these tactics to compete on Prime Day:
- Offer to price match any Prime Day deal
- Promote equivalent, time-sensitive deals as a Prime Day exclusive
- Use your brand’s unique strengths & product offerings to draw in customers
- Utilize your own loyalty programs to win & retain high-value customers
- Make sure you offer exceptional customer support
- Win shoppers who want immediate gratification by offering in-store pickup
Stay tuned for future posts on tips to thrive in an industry dominated by Amazon and other big-name retailers.