21/04/2024 3:28 PM

Njug

Enjoy Fashion

Five Steps to Maximize Profits After Prime Day

1. Generate More Product Reviews

The importance of product reviews on Amazon can never be overstated. 88% of consumers trust online reviews as much as personal recommendations. Having quality reviews in high quantity can separate you from your competition and make first-time buyers that are new to your brand more likely to give your products a shot.

So make sure to take advantage of the uptick in sales that came with Prime Day by requesting a review on each and every sale that you made. One way to go about this is to use the “Request a Review” button on the orders page in your Seller Central. 

2. Readjust Your Prices

Repricing on Amazon is an important thing to do year-round. Making sure that your products are competitively priced against your competition but also priced to maximize your profit margin is crucial to long-term success. Re-evaluating your pricing is specially to maximize profits after Prime Day.

For many sellers, quantity is king on Prime Day due to the overwhelming traffic that the event brings. It is often a good strategy to lower prices and profits for the sake of making more sales to boost sales rankings, product reviews, and brand recognition. 

3. Reassess Your Advertising Spending and Budget

The same goes for advertising. Budgeting for major events like Prime Day, Black Friday, and the holidays is often very different from everyday advertising spending. Some sellers forget to adjust their budget back to normal while others simply do exactly that, setting everything right back to how it was before Prime Day. 

4. Correct Inventory Issues

When you think about how you can maximize your post-Prime Day profits, don’t just only think about sales and advertising. It is imperative that you make sure that your inventory health is in order after the dust settles on Prime Day. Overstocked items can cost you an arm and a leg in storage fees and hurt your IPI scores while understocked items can hurt your bottom line as sold-out products can’t generate sales and profits.

Amazon also continually updates its Fulfilled by Amazon (FBA) Inventory Performance Index (IPI), and sellers can routinely be charged storage limit fees. And unfortunately, your IPI history can reflect your current IPI score as Amazon assesses your inventory. If you need further information on how to improve your inventory management.

Keep a close eye on how your long-term sales have been affected by Prime Day and plan your inventory accordingly.

5. Use the Proper Tools to Build a New Strategy

There are various tools out there to solve each issue of amazon seller, tools Zonbase, Junglescout & Helium10, these software’s are a collection small tools which will help you build your Amazon business starting from keyword research, discovering hot products, listing optimizations, competitor analysis, product photos optimizations & more. Zonbase is one such tool which contains a bundle of 14+ tools to help build your amazon store.