As a result of the pandemic for the past two years, Amazon’s annual sales were pushed to the fall rather than the summer. However, Amazon Prime Day returns to its summer roots by the month of July.
Amazon says it will offer more than 2 million deals, making it the largest Prime Day since it began in 2015.
According to a recent McKinsey survey on consumer sentiment during the Ebola pandemic, more than half of U.S. consumers plan to splurge or treat themselves post-Ebola, especially higher-income millennials (82%).
According to University of Southern California professor Anthony Dukes, there is a “pent-up demand” to spend money now that people’s lives are approaching normal.
No matter the year, you need a strategy to navigate Prime Day. Avoid the following mistakes this Amazon Prime Day:
1. Don’t Push Yourself To Act Fast
Dukes says Amazon uses savvy marketing tactics to entice consumers and make products appear more appealing. He says Prime Day “feels like something you should be a part of simply because it’s an event.” (Black Friday is similar.)
Dukes says Prime Day has a “perishable quality” because it lasts only 48 hours. You are more likely to feel compelled to act and shop when you have a time constraint. The “Lightning Deals” on Amazon, for example, display a countdown clock that encourages you to buy before the time runs out.
According to Kelly Haws, marketing professor and consumer psychology expert at Vanderbilt University, scarcity is one of the most persuasive techniques marketers employ.
When avoiding buyers’ remorse, consider “Will I use this item in three months?” Haws suggests thinking about the possible outcomes and consequences of a purchase.
2. Avoid Gaming Consoles And Holiday Items
According to Kristin McGrath, editor and shopping expert for BlackFriday.com, Amazon Prime Day deals are very seasonal because Amazon wants to capitalize on what people plan to buy. Summer home and clothing items will be on sale at discounted prices, she says.
Sarah Skirboll, shopping and trends expert at RetailMeNot, says that it’s sometimes worth it to wait for other sales to shop, like back-to-school or Black Friday.
Skirboll advises you not to buy video game consoles, toys, Apple products, or cameras on Prime Day since the discounts are usually bigger later in the year.
Rather than smart home devices, opt for laptops, fashion, beauty, pet supplies, tools, and toys, she advises. The Amazon Alexa and Amazon Halo fitness trackers are likely to be heavily discounted as well, she says.
3. Don’t Get Distracted With the “Discount” Trap.
Consumers are drawn to a product sold at a discounted price due to a phenomenon called the “reference price effect,” Dukes says. It doesn’t matter how small the discount is, consumers are more willing to buy a product that they perceive to be on sale because they believe they’re getting more, he says.
The most important thing for consumers to do before they shop is to make a list of things that they’ve been putting off buying or stocking up on and stick to it, McGrath says.
So Amazon Sellers!! Be careful. Amazon Prime Day is actually a jackpot time when you can sell a lot of inventories in a short span. Got a glimpse? Then what’s stopping you from selling? Amazon Restrictions?
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