Amazon’s birthday is just around the corner and savvy shoppers know what’s in store (or should we say…what’s online 😉) Prime Day will take place July 16 - 17.
Whether you’re an Amazon retailer or not, Prime Day is an opportune time to capitalize on the buzz of busy summer shoppers and the Prime Day halo effect.
Capitalize on the Prime Day Sales Boom
Despite its singular name, Amazon Prime Day is a two-day event boasting hot deals and discounts exclusively for Amazon Prime members. The dates for 2024 are July 16 and 17.
However, this year, Amazon decided to not put all of their eggs in this two-day basket. While inflation is gradually waning, consumers remain price-conscious and Amazon has already offered several smaller sale events throughout the year to keep consumers spending:
- The Big Spring Sale (March 20 - 25)
- Amazon Pet Day (May 7 - 8)
- Amazon Book Sale (May 15 - 20)
- Amazon Summer Beauty Haul (May 13 - 19)
- Amazon’s Memorial Day sale (May 20 - 27)
With these popular sales events under their belt, it’s no surprise that Amazon is poised to surpass 40% of all US ecommerce sales in 2024. Other retailers would be wise to join the Prime Day sale frenzy to maintain a competitive ecommerce foothold.
CJ Network Insights for Prime Day
Last year's Prime Day data offers valuable insights for your 2024 strategy. Here are some key takeaways from the CJ network:
- Prime Day shopping lasts more than 48 hours: While the event is two days, the impact on consumer shopping habits lasts longer. There are typically increases in spending the days leading up to and following Prime Day. This extended window presents an opportunity to leverage promotions and capture additional sales throughout this period.
- Coupon and incentive publishers are key players: Coupon and incentive publishers accounted for 79% of revenue driven during the start and end of Prime Day. Optimize with your program’s top-performing coupon/deal and cashback partners to make the most of their heavy consumer traffic.
- Retail advertisers dominate, but other verticals see success, too: While retail advertisers generated 66% of recorded revenue in the CJ network last Prime Day, verticals like Travel, Home, and Business also saw strong sales. This shows that a variety of advertisers can yield Prime Day success.
Tap into Your Prime Day Program Data
As you continue to prime and prep yourself for Prime Day 2024, don’t forget to explore your program data to find out what performed (and what didn’t) last year. CJ's Peak Shopping & Holiday Analysis Dashboard provides a helpful view into advertiser program performance data before, during, and after peak shopping events—including Prime Day! This dashboard allows you to:
- Analyze performance by device type: Gain insights into how consumers prefer to shop (desktop vs. mobile) to tailor your approach accordingly.
- Identify top-performing publishers: Discover niche publishers that excel during sales periods like Prime Day, allowing you to focus your efforts on improving results.
- Track year-over-year sales trends: Analyze historical data to identify peak sales periods and capitalize on anticipated buying sprees this year.
Engage Consumers in New Ways
While traditional promotional methods are effective ways to get the word out about your discount or sale, there are additional ways to capture consumer attention during the Prime Day sales period:
- Shoppable media: Shoppable media, including influencer content, sponsored social media posts, and more, allows consumers to seamlessly purchase products directly within the content they're viewing. With social media platforms transforming into social commerce hubs, this approach is poised for significant growth—experts predict that nearly 100 million people will make a purchase through shoppable media in 2024—that’s 44% of all digital shoppers. CJ Influence can connect you with personalized influencer campaigns to reach engaged audiences.
- Connected TV: Consumers are influenced by touchpoints beyond online and social media. Television advertising still plays a role in the customer journey. CJ's partnership with tvScientific presents advertisers with a solution to measure and manage TV ad campaigns, combining the power of TV with the performance tracking capabilities of digital advertising.
As Amazon continues to win over consumers with their growing foothold in the ecommerce space, brands must continue to reshape the way they engage with audiences. Prime Day is an opportunity for all advertisers to score big. Non-Amazon sales during Prime Day made up 40.4% of sales during last year’s event. Leverage CJ’s strategic data insights and diverse publisher opportunities to prep your program for Prime time.
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