This article teaches you how to develop a pricing strategy to be prepared for prime day.
Prime Day is a unique event with heightened consumer expectations and competition. Here are some strategies to consider:
Competitive Pricing
Discounts: Offering significant discounts can attract a large number of customers. Consider using the following discount strategies:
- Percentage Off: Offering a percentage discount (e.g., 20% off) is straightforward and appealing.
- Euros Off: A specific amount in Euros off (e.g., 10€ off) can also be effective, especially for higher-priced items.
Bundling Offers: Create attractive bundles of complementary products. Bundling can increase the perceived value and encourage customers to purchase more.
Dynamic Pricing
During Prime Day, prices can fluctuate rapidly due to intense competition. Implementing a dynamic pricing strategy allows you to:
- Stay Competitive: Adjust prices in real-time to stay ahead of competitors.
- Maximize Profits: Increase prices during high demand while maintaining sales volume.
Lightning Deals and Coupons
Lightning Deals: These are limited-time promotions featured on Amazon's Prime Day page. They create urgency and can drive significant traffic to your products. Ensure your deal is competitive and well-timed.
Coupons: Offering coupons can make your products more attractive. Promote these coupons in advance to build anticipation.
Monitor Buy Box & Price
Prime Day is fast-paced. Constantly monitor your sales, competitors’ prices, and market trends. Be ready to make quick adjustments to your pricing strategy as needed.
You can do that using our Buy Box & Price Monitor.
Step 1
The Price and Buybox Alarm gives you a weekly update if the price of some of your products have changed. You can directly compare the current price with the recommended retail price (RRP).
You can also check which seller is new in the buybox due to this price change.
Step 2
By downloading the chart you can check the sellers that are most active in price dumping. You can also see which products are most affected by price dumping.
You can find our Buy Box & Price Monitor in the Home Section.
