FLASH REPORT: Prime Day 2018 Opens the Door for Other Retailers
Last week, Amazon had its “biggest day in history,” beating their Black Friday and Cyber Monday numbers. However, it could have been an even bigger success.
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Even Amazon gets it wrong sometimes. Numerous website misdirects and crashes prevented customers from searching for deals and purchasing for several hours.
We surveyed shoppers post-Prime Day and discovered that 29% of all Prime members looked around Amazon but didn’t make a purchase. One of the most common reasons for their abandonment was that shoppers couldn’t find what they were looking for, which was intensified by website issues.
What else stopped Amazon Prime members?
Prime members are savvy shoppers; they joined Amazon Prime for the free shipping and great deals. However, if they find a better deal elsewhere, they’ll take it. A Prime membership doesn’t necessarily guarantee loyalty to Amazon on Prime Day.
Our research shows that Prime members are more likely to look for Prime Day deals with non-Amazon retailers when compared to general shoppers. Their awareness of the shopping holiday is good news for retailers, who can snag them with timely deals.
Learn from what Amazon does best
Build Brand Loyalty
Amazon has had phenomenal success with building brand loyalty; their ability to lure people into their subscription machine and buying products is every marketer’s dream.
This Prime Day, Amazon Kindle and Music subscriptions were available for $1 for three months, landing them among Amazon’s bestsellers for the day, and also building a subscription base that will last in the long-term.
If your company has an exclusive loyalty program, then now is the time to promote it. Sure, you may not have an in-house product or subscription, but this is the time to promote your brands to build lasting loyalty. Along with deals, offer special bonus offers as part of your loyalty program – triple points, extra % discounts, free shipping and more for those who sign up and join your loyalty program. These offers have a minimal cost but will keep customers coming back.
Limited Time Offers
Even though Prime Day is now 1.5 days long – and has been extended by a few hours each year – the offers available during this window are still limited. But what this also means is that there’s time for other retailers to take advantage of Prime Day hype.
While only 6% of respondents planned to shop with other retailers before Prime Day, 20% of Prime Day buyers actually ended up searching for deals on other sites. Take advantage of this search traffic by using ‘Prime Day’ keywords in your online marketing efforts. Once you’ve attracted shoppers in the consideration stage, offer relevant, limited-time deals to convert them.
July sales, whether Prime Day or Black Friday in July, are quickly becoming the norm rather than the exception for online shoppers. By planning ahead and capitalizing on the Prime Day frenzy, retailers of all sizes can take advantage of Amazon’s success.
Consumer Shopping Survey: Prime Day July 2018 – Bizrate Insights