Top Sale Strategies That Can Help Your Business All Year Long

Seattle based E-commerce giants, Amazon has an annual Prime Day Sale and what a marathon it is! Right from toilet paper to high-end technological gadgets, the sale is a gold mine for small & medium businesses who prepare for this 30-36 hour onslaught with some master pricing, inventory & promotion strategies.

Here are some that can be beneficial for your business.

1. Website & Social Media Promotions: Vendors began with their own website. Links to the sale, blogs about the sale, in their e-newsletter or even landing pages made specifically for the sale, have increased business at least 500 times than usual. Influencer campaigns on Instagram and Facebook Ads build great consumer awareness.
2. Strengthen Customer Support: Make sure you are running your website on more than one server, as you can expect a sudden increase in website traffic. People will come to your website before they go to Amazon’s sale. Ensure your customer support team is adept in communication & can speak in multiple languages. A sale of this type could attract people from across the country.
3. Competitive Prices With Discounts: Many vendors give deep discounts for lagging inventory which they perceive as a loss. But many times those are not the products consumers are looking to buy, irrespective of the discount, so in such cases, the vendors bundle these up with the items in demand to get rid of them.  But vendors do advise not sell at a loss. Customers are looking for good deals but that doesn’t mean you have to stoop to really low prices. Some vendors focus on attracting potential customers who they believe will become regulars even after the sale.
4. Keep Enough Stock: ‘Out of Stock’ is not an ideal situation as your ranking on the page will drop, and even if you restock the item, you’ll have to work very hard to get back on the listing. At the same time, one should not go overboard with stock, as you will be investing on inventory which you might never sell and paying storage fees for the same. Recently, Amazon introduced penalties for those overusing the warehouse for unsold or lagging inventory.

Last year, small & medium businesses sold more than 40 million items. Amazon Prime Day sales have helped businesses to explore lucrative marketing strategies &  attract potential customers who could turn out to be lifetime customers. The above strategies have helped vendors in a 36-hour sale but if followed well, they can help your business all year long.