The big bargain hunt on Amazon began in 2015. The online giant introduced Prime Day on its 20th birthday and has since been attracting visitors every year with various special offers. Last year’s booming sales figures suggest that Amazon will not be passing up the massive sales of this promotion day in mid-July this year either.
Amazon Prime Day is raring to go. It would be counterproductive for online retailers to engage in a discount war with Amazon right now. Instead, retailers should use these campaign days for their own webshop and adapt certain customer-centric measures from the online giant in order to survive in the highly competitive market.
Even several weeks before Prime Day arrives, a broad spread of various advertising promotions takes place, whereby consumers are generally sensitised towards marketing and discount campaigns. Consumers will now be on a bargain hunt looking for special offers.
In today’s four tips, we show you how you can make the most of campaign days – such as Amazon Prime Day – to remain competitive despite the intense competitive pressure.
#1: Find out in advance about Prime Day promotions from the online giant
Black Friday, CyberMonday, Amazon Prime Day – all of these campaigns have one thing in common: A large number of consumers rushing towards hundreds of thousands of bargains and flash offerings. This increases competitive pressure in online retail and presents retailers with an enormous challenge. The fear of losing potential customers to the online giant is great.
A study by SLI Systems shows that two thirds of online retailers are afraid of the online giant, with their trust in it is steadily decreasing.
#2: Convince your customers across all channels with various price promotions
It is many times more expensive to win a new customer than to keep an old one.
For you, this means never losing sight of your existing customers whilst taking various measures to win new ones. A glimpse at the channels for addressing existing customers is also worthwhile, since a targetted strategy of customer loyalty (keyword: Customer Relationship Management) can motivate existing customers to make a purchasing decision. Popular instruments for customer loyalty include newsletters or e-mail marketing, which are used not least due to the low costs incurred by companies. The placement of special offers there is extremely simple and at the same time an ideal way to lure price-sensitive customers around about Prime Day into your own online shop.
Increase customer loyalty with exclusive prize competitions
In addition to your own newsletter, your reach can also be extended through messages and campaigns on social media. Customer loyalty can be strengthened, for example, through targetted posts or the integration of competitions onto social media platforms. Potential customers, on the other hand, can be made aware of bargains in your webshop via ads on Facebook and Co.
In this context, it should also be noted that a mobile-optimised webshop is of enormous importance. You should be aware that this is not a novelty, but instead an absolute must for every online retailer. So do make mobile-optimised pages available to consumers, because nothing would be more annoying than lost spending power due to lack of compatibility.
#3: Rely on targetted advertising messages and the use of impulse articles
Another instrument to turn hesitant consumers into buyers is campaigns inside your online shop. Promotions such as discount codes or shipping cost savings are often only communicated on the shop’s homepage. Even in this small detail there is room for improvement. If bargain hunters come across your webshop when comparing prices via Google search, they usually land directly on a product detail page. However, they will not receive any information about further novelties there, nor current discount campaigns or other promotions. So do place your targetted messages throughout the webshop, not just on the homepage.
If a consumer is not interested in the previously selected product, but instead in the promotion now being displayed – such as a discount on alternative products – their return back to Google or Amazon will be successfully hindered in this way.
Impulse articles as an instrument for increasing sales
The use of impulse articles – or checkout teasers – has already proven itself around the cash registers in stationary retail. What works in ordinary retail cannot therefore harm in eCommerce. Here, inexpensive or related items are displayed when customers browse the shop, land on an item page or place products in their shopping basket. Many online shops offer free shipping once a certain shopping cart value has been reached. Often, customers will only need a small extra amount to reach this value. Here also it is worthwhile displaying impulse articles and to point out the small price difference to the customer for free shipping.
This measure not only helps retailers to intelligently compensate for potential sales losses, but also to increase their shop sales.
#4 Keep an eye on pricing trends and convince customers with the right price setting
The great fear of the online giant drives many retailers crazy. Amazon alone makes 2.5 to 3 million price changes every day – data volumes that can neither be observed nor evaluated manually. But don’t feel down as an online retailer. With blackbee you are always well informed about the extensive price changes – even on special offer days such as Prime Day – and can find the ideal price and the optimum margin for your product range. Our highly automated software collects large amounts of data from the Internet every day, giving you a precise overview of prices and products at Amazon and all your other competitors. By using blackbee worldwide, regardless of language or sector, you are always one step ahead of your competitors – even across national borders.
Monitor price development on the market and secure your competitive advantage. With our free test access you can convince yourself directly about blackbee today!