If you’re a seller online, then you will know that two of the most important dates in our calendar are Black Friday and Cyber Monday, and the key to success on these huge shopping days is preparation.
We have put together some key tips to help you get ready for a successful Black Friday and Cyber Monday as an Amazon seller.
Although Black Friday and Cyber Monday are just two days, the event surrounding them starts long before that, with some retailers, including Amazon, starting their offer weeks ahead of the days themselves. Therefore it is important to act instantly and as early as possible.
Black Friday is all about price, customers are only searching for the best deals and therefore it is important that you price your products competitively during the event.
Of course, you need to ensure you are not eating too much into your margins, but you will need to make sure your product appeals to customers. The key is to be creative with your deals in order to stand out against competitors.
Usually sellers cut their prices by at least 20% to 50% for the event but instead of just doing, or only doing, a blanket discount you can offer added value instead by creating unique bundles. These can include the main product and two or so associated but smaller items. Meaning that consumers are getting more for their money.
Black Friday also happens less than a month before Christmas, so also think about gift sets and festive bundles, as many will be leaving their Christmas shopping until these sales roll around, especially as costs are rising.
There’s nothing worse for an Amazon seller than selling out too fast. If you don’t order enough products to meet potential demand, not only will it mean you’ll lose out on sales, but shoppers could end up feeling disgruntled This is why preparation is needed. Work out your projected sales based on interest in previous years and use Amazon keyword research to see if there is a rising interest in any of the items you are selling. This will help you gauge how much stock to buy.
If you need help making the most out of Black Friday and Cyber Monday, contact our Amazon consultants, who can work with you to devise a strategy for success.