Prime Day has officially been announced for July 16 and 17. As sellers ramp up to start the lead-in to the event, we are delighted to provide the last installment in our Prime Day Guide series. This time, we focus on how you can analyze your data after P-Day, then use those post Prime Day learnings to improve your overall business operations.
Prime Day is a crucial occasion for eCommerce businesses, both for short-term and long-term benefits. Not only can businesses expect higher sales from the surge of deal-shoppers flooding to the platform, they will also acquire valuable learnings that can be applied to both seasonal and long-term selling practices. Even though many people are aware that it’s a day of intense competition and payoff, few recognize that this is also a goldmine of data waiting to be unearthed. Review your post-Prime Day learnings and analyze the right metrics to turn this event into a springboard for your long-term success on Amazon.
TABLE OF CONTENTS
1. Beyond the Sales Spike: Prime Day as a Learning Opportunity
2. Apply Your Post Prime Day Learnings to These Areas
3. Key Metrics to Focus on in Your Prime Day Analysis
3.1. Sales Metrics
3.2. Traffic & Customer Acquisition Metrics
3.3. Inventory & Fulfillment Metrics
3.4. Marketing & Advertising Metrics
3.5. Customer Feedback Metrics
4. How VASO Group Helps You Wrap Up and Prepare for The Next Prime Day
Beyond the Sales Spike: Prime Day as a Learning Opportunity
Prime Day may be a fleeting event, but its learnings offer a lasting impact. By diligently analyzing key metrics and going beyond the raw numbers, you can unlock strategic insights that propel your Amazon business to even greater heights.
How is this possible? The event attracts a lot of shoppers, which means a statistically significant sample size of impressions, clicks, and conversions. Analyzing patterns and trends within this dataset will provide valuable insights into your business’s performance and give you a complete view of how efficiently it operates during a time of high demand. Afterwards, these learnings can be applied to both future seasonal events and everyday business.
Apply Your Post Prime Day Learnings to These Areas
Sure, Prime Day is about generating sales. However, focusing solely on revenue figures paints an incomplete picture. The true value lies in understanding customer behavior, product performance and campaign effectiveness during this peak. By analyzing the right figures, you can answer crucial questions like:
- Which products resonated best with Prime members?
- How did your advertising strategies impact sales conversions?
- Which pricing adjustments yielded the highest profits?
- Were there any logistical bottlenecks affecting fulfillment?
Armed with these insights, you can refine your Amazon strategy across several areas, such as:
- Product Development: Figuring out which products resonated best with Prime members can help you identify star products in your catalog or potential gaps in the market that you can fill. By making sure your top performers are in tip-top shape after Prime Day, you can capitalize on their existing success and maintain sales momentum long after the event. On the other hand, filling those market gaps positions your product in a more niche category, which will help reduce competition and increase your conversion rate.
- Inventory Management: Did you find yourself scrambling to stock up to keep up with surged demands? Or did you overstock and struggle to move such a large volume? Learn from this year’s sales patterns to prevent stockouts and optimize storage costs for the next Prime Day.
- Pricing Strategy: Was your pricing too low or too high? Should you use coupons or a strike-through price? Or maybe a combination of both? Prime Day, with its emphasis on deals and pricing, is the perfect opportunity to gain insights on the price elasticity of your products.
- Advertising & Marketing: Advertising and organic marketing are crucial parts of your Prime Day preparation and operation. Now is the time to look back and review your Amazon PPC (Pay-Per-Click) campaigns for better returns, as well as assessing the effectiveness of your organic marketing efforts leading up to the sales event.
- Listing Optimization:Content is king when it comes to converting customers. Specifically focus on client-facing content elements like product descriptions, titles, images and videos for better search ranking and appeal towards your audience. However, also be mindful of backend search terms that would behoove the A10 algorithm to favor your listings.
Key Metrics to Focus on in Your Prime Day Analysis
Now that you know what to ask, as you sit down to analyze your performance after Prime Day, you need to know what to look for. Let’s dive into the specific metrics that unlock valuable learning opportunities in the areas mentioned above.
1. Sales Metrics:
- Units Sold: This metric reveals the overall product demand during Prime Day. Analyze this by product category, brand, and individual listings.
- Sales Revenue: Analyze total revenue alongside units sold to understand average selling price and profitability.
- Conversion Rate: This metric reveals the percentage of visitors who make a purchase after seeing your listing. Analyze this across different traffic sources (organic search, paid ads, etc.) to identify improvement areas.
- Order Value: Track the average order value (AOV) to understand how effective your upselling and bundling strategies were during Prime Day.
2. Traffic & Customer Acquisition Metrics:
- Sessions: This metric reveals the total number of unique visitors to your product listings. Analyze this by traffic source (organic search, paid ads, social media referrals) to see which channels drove the most traffic.
- Page Views: Track the number of times your product listings were viewed.
- Click-Through Rate (CTR): Analyze the CTR for your sponsored product ads to understand their effectiveness in attracting clicks.
- Bounce Rate: The percentage of visitors who leave your listing without taking an action. A high bounce rate might indicate an issue with product descriptions or images.
3. Inventory & Fulfillment Metrics:
- Inventory Levels: Track how your inventory levels fluctuated throughout Prime Day. Stockouts signal missed sales opportunities, while excess inventory leads to higher storage costs.
- Fulfillment Speed: Monitor Prime delivery promise adherence and overall fulfillment lead times. Delays can negatively impact customer experience.
- Shipping Costs: Analyze per-unit shipping costs during Prime Day. This can help you optimize shipping strategies and profitability.
- Returns: Track product return rates during and after Prime Day. High return rates could indicate product quality issues or misleading descriptions.
4. Marketing & Advertising Metrics:
- Ad Spend: Track the amount you spent on Amazon PPC campaigns during Prime Day.
- Ad Impressions: Analyze how many times your ads were displayed to potential customers.
- Clicks: Track the number of times people clicked on your ads.
- Cost-per-Click (CPC): Analyze how much you paid each time someone clicked on your ad.
- Advertising Conversion Rate (CVR): Track the percentage of ad clicks that resulted in a sale. This helps measure the effectiveness of your ad campaigns.
5. Customer Feedback Metrics:
- Product Reviews: Track the number and sentiment of product reviews received during and following Prime Day.
- Customer Ratings: Analyze average product star ratings. Any significant drops might indicate quality issues or unmet expectations.
- Customer Service Interactions: Monitor the number of customer service enquiries related to your products during Prime Day. This can reveal potential product issues or areas for improvement.
How VASO Group Helps You Wrap Up and Prepare for The Next Prime Day
Our account management experts, advertising experts, content experts, and data experts will sit down with you and comb through your data for the most accurate look at your business performance. We can pinpoint your problem areas that need attention, or star areas that can use an extra boost to really hit their potential. If you’re worried that this process will take time, don’t be nervous: our team is scrappy and can hit the ground running, just as long as we are provided good data to work off of. Contact us today to get prepared for this Prime Day and stay prepared for 2025.
Are you ready to shine this Prime Day? Let’s grow your business together.