Amazon Prime Day 2024 is July 16-17. The peak shopping event is a chance for sellers to boost sales, brand visibility, and retail media advertising. The big sales event is expected to generate $13.41 billion in global sales for Amazon, up 6.8% from 2023, according to eMarketer.
For consumers, it’s an opportunity to take advantage of summer discounts on popular categories. The best-selling categories for Rithum customers selling during Amazon Prime Day July sales events in 2022 and 2023 are:
- Consumer Electronics
- Home/Kitchen
- Clothing/Shoes
- Automotive
- Lawn/Garden
The sales event is exclusively for Amazon Prime members. Sellers submit their deals months in advance (this year, the deadline was May 3, 2024, with inventory due by June 20, 2024, to qualify for Amazon Prime Day). Amazon Prime Day occurs as other merchants such as Walmart, Target, and Best Buy have also offered deals ahead of the peak sales event.
The event is here – so how can sellers manage inventory, order processing, marketing automation, promotion management, and analytics? By connecting to Amazon through Rithum’s integrated commerce solution.
How to use automation to stay on track during Amazon Prime Day
Rithum’s platform allows sellers to automatically adjust inventory levels and track customer orders. Here are a few tools that provide brands with the ability to avoid overselling and stockouts while providing customers with a positive experience.
- Repricer automation: Dynamically adjusts prices based on conditions, competitor pricing, and inventory levels.
- Performance monitoring: Sellers can identify and address issues that arise during high-traffic sales events in real time, allowing sellers to quickly adapt.
- Stock alerts: Low stock alerts notify sellers when inventory levels fall below a certain threshold.
- Order routing and management: Brands can track orders from multiple channels such as Amazon, eBay, and Walmart.
- Shipping integration: Integrate with various shipping carriers to automatically generate and update tracking information. This is then communicated to channels like Amazon and end customers.
- Returns management: Can help automate the processing of returns and exchanges, providing customers with a streamlined and efficient experience.
Enhanced customer support and marketplace compliance
During peak shopping periods, Rithum’s support and managed services teams provide additional assistance to help sellers handle the increased workload efficiently.
Rithum also helps sellers comply with marketplace listing requirements and policies. This reduces the risk of penalties or listing suspension during critical sales periods like Amazon Prime Day. Robust reporting around channel errors and tools gives brands and retailers the ability to quickly resolve listing errors and continue selling.
Retail media ad opportunities during Amazon Prime Day
Amazon Prime Day is also an opportunity for sellers to drive retail media ad spending. Amazon is expected to bring in over 80% of U.S. retail media search dollars in 2024, according to eMarketer’s forecast. Rithum can help customers manage their Amazon ad campaigns for optimization and fine tuning before Amazon Prime Day. The service also allows sellers to manage ad campaigns using real-time data to make decisions during the event.
Rithum uses data from your full-funnel ecommerce business. It monitors ad performance and consumer behavior to dynamically adjust bidding, budgets, and ad targeting on an hourly basis using the latest data. It automatically adjusts campaigns based on several factors.
Rithum will pull back on ad spend if organic traffic is proving successful so you can focus spending to promote other products.
Rithum leverages fees and margins in real time to calculate profitability.
During Prime Day, Rithum accounts for shipping costs, storage fees, and Amazon fees to provide a full view of how overall spending is affecting total sales. This can reduce the chance of lost revenue by providing a holistic view of costs to help sellers drive better margins.
How to learn from Amazon Prime Day going into the holiday season
After a marquee event like Amazon Prime Day, Rithum recommends scaling back retail media ad spend incrementally. This way brands can capitalize on successes without deflating progress made during the peak sales event.
Rithum’s retail media team acts as an extension of your team. Rithum closely monitors thousands of campaigns and makes adjustments in real-time to help sellers avoid gaps in ad performance. Our team can help you reduce risks from incorrect bids or unintentional ad pauses, which can result in lost sales.
After Prime Day, Rithum’s retail media team generates data-driven reports to propose changes for fourth-quarter peak holiday selling. Reports are customized to meet each brand’s needs.
There is still time to optimize your retail ad strategy this Amazon Prime Day. Contact Rithum to learn more.
