9/26 UPDATE: Amazon has announced that the Prime Fall Event, officially named the Prime Early Access Sale, will occur October 11th and 12th, 2022.
Is your 2022 Amazon holiday strategy taking the Amazon Prime Fall Deal Event into account? Brands that sell on Amazon should keep a close eye out for a Prime Day-esque sales event that Amazon will reportedly host in September or October, according to outlets like Business Insider, Fortune, and TechCrunch.
Amazon has not spoken publicly about the event, but the online retailer reportedly sent a message to sellers in Q2 about the second Prime Day event. According to Feedvisor, the event will likely be held in early to mid-October.
Brands that want to participate need to submit Lightning Deals for approval by September 2nd and ship products for Fulfillment by Amazon (FBA) by September 12th.
The Prime Fall Deal Event gives Amazon sellers and vendors the opportunity to supercharge their Q4 earnings with a strong start to the holiday season.
In this article, you will:
- Learn how you can use trends from the July Prime Day to inform your strategy for October
- See how inventory and fulfillment issues will come into play for the Prime Fall Deal Event
- Gain industry-specific insights for what to expect on Amazon during the 2022 holiday season
Using July’s Prime Day to Inform Your Prime Fall Deal Event Strategy
There is a significant amount of uncertainty in the ecommerce industry right now. Consumer behaviors have been shifting consistently for the past nearly three years, and issues like inflation and supply chain strain throw another wrench in your attempts to have a smooth holiday season.
Luckily, you don’t have to start from scratch to determine your strategy for Amazon’s Fall Prime Deal Event! Leverage insights from Amazon’s July Prime Day to help inform a profitable strategy for this second event. Your October Prime Day sales could even outperform your July Prime Day sales if you develop an informed enough strategy.
This summer’s Prime Day proved that consumers are shopping earlier yet again this year. In fact, 38% of Prime Day shoppers say they purchased holiday gifts at the event! At ROI, our Amazon experts noticed that more shoppers than in previous years got online to shop at midnight when deals went live. Past Prime Day events have seen traffic increasing gradually throughout the day, but in July traffic picked up much more quickly starting in early morning hours.
This year’s July Prime Day was the most successful for brands that were able to leverage deep discounts to appeal to shoppers interested in getting a good deal. More and more customers are searching for low prices right now as inflation rates rise and products become more expensive. In fact, according to Salesforce, the average sales price (ASP) of products is set to increase 8-12% each month for the remainder of 2022.
The second Prime Day event in October will also be an opportunity to gauge performance and determine your strategy for the rest of the 2022 holiday shopping season.
Don’t forget that you need to allow time to make sure you have ad coverage for your deals and promotions, as well as to make sure your ads appear in the first place. Where do you want your ads to appear and what ad types do you want to use? Determining this early and ensuring that your creative assets get developed and approved in time will be crucial to effectively executing your Prime Fall Event strategy.
Don’t Forget to Factor Inventory Into Your 2022 Amazon Holiday Strategy
As an instantaneous hub for products that people need, the Amazon marketplace relies on having sufficient inventory and free shipping. It may be somewhat difficult to plan your Amazon holiday strategy for 2022 until the event dates are officially announced and you know how much inventory you have left after it takes place. Inventory management will be the key to success on Amazon during the Prime Fall Deal Event and, just a few weeks later, Cyber Week.
Participating in Fulfillment by Amazon (FBA) can help ensure that your customers are satisfied with the shipping process – just make sure you adhere to the reported deadline of September 12.
Some have noticed that Amazon has been experiencing less inventory issues than other marketplaces due to its aggressive shipping and fulfillment strategies like FBA. Many shoppers expect to get a better price on Amazon due to the marketplace’s price controls, meaning inflation and shipping are less of an issue on Amazon right now. For these reasons, Amazon sellers may not have to be as concerned about inflation or the potential looming recession, though the trends vary a lot between industries. For example, luxury fashion conversion rates are declining because people have less disposable income again.
2022 Amazon Holiday Strategy Selling Tips & Industry Insights
On Amazon, the highest performing holiday deals are outright discounts with a slash-through price as opposed to deals that require shoppers to clip a coupon to redeem or a BOGO. That extra step provides additional friction, and many shoppers don’t understand that they have to clip the coupon.
Of course, customers will always expect free shipping on Amazon, so make sure your product is available on Prime or that you can provide free shipping for it yourself.
“With consumers shopping earlier than ever yet again this year, consider turning on your seasonal campaigns earlier in Cyber 5 – even Thanksgiving evening. Make sure you have enough budget to start on Thanksgiving Day. Pace your ad spend accordingly and try to get approval for more budget than you typically would earlier on in the shopping season.” – Carly Turpin, Team Lead, Retail Media
Approvals for pushing Store changes or other manual updates like Sponsored Brands and Sponsored Brands Video may take more time than usual during the 2022 holiday shopping season. Typically, approval takes up to 48 hours. But right now and leading up to the holiday season, brands should give their ads a week to get approved.
On top of that, some ads are being disapproved without explanation, which requires more manual work on behalf of your brand. It’s better to be safe and give yourself more time than you think you’ll need.
Brands in industries like lawn and garden that don’t typically have Q4 seasonality have the opportunity to see boosts in Q4 from Amazon’s Prime Fall Deal Event.
Electronics brands can also expect to see boosts from the event not just because of holiday seasonality but also because of sales still trickling in from students going back to school in the fall.
Brands that sell electronics or any other products with a higher average order value (AOV) should expect customers to start their research and shopping earlier. The consumer electronics category performed well during July’s Prime Day, but due to rising inflation rates and a potential looming recession, shoppers are likely to be a little more careful about their big purchases. Set the expectation for yourself now that YOY sales may not grow as much or may even see declines.
Tying It All Together
Amazon is a key ecommerce channel for driving sales and revenue during the holidays. In 2022, brands and retailers will face yet another unprecedented Q4 shopping season, with a Prime Fall Deals Event, inflation, supply chain strain, and other new trends complicating your 2022 Amazon holiday strategy.
You don’t have to face the uncertainty alone! ROI Revolution’s team of digital experts have over 20 years of experience with online advertising and can help your brand discover profitable growth on Amazon and other marketplaces. Reach out to our team today to uncover opportunities to drive more revenue throughout not just the holiday season but during any time you have peak seasonality.
- Official About Amazon Blog, Score top holiday deals with Amazon’s new Prime Early Access Sale.
- Business Insider, Amazon Plans Prime Day 2.0 in October.
- Fortune, Leaked docs show Amazon planning a second Prime Day event to boost growth.
- TechCrunch, Amazon reportedly plans to hold a second Prime shopping event in the fall.
- Feedvisor, Amazon Announced a Prime Fall Deal Event: Experts Share Their Opinions.
- Retail TouchPoints, Salesforce’s Top 5 Predictions for Holiday 2022.
- Digital Commerce 360, Amazon’s Prime Day 2022 sales top $12 billion.