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Can MI retailers cash in on Amazon Prime Day?

Laura  Barnes
Can MI retailers cash in on Amazon Prime Day?

Today (July 11th) is Amazon Prime Day – a Black Friday-like event that the retail giant kick-started in 2015 to offer exclusive deals to its Prime customers.

Much like Black Friday, Prime Day has grown at an impressive rate since its launch.

Created to boost the number of Prime members, who spend more on the site than non-members, Amazon reports that the first Prime Day saw customers order 34.4 million items – that’s 398 per second. In 2016, the event saw US orders climb 50 per cent with 20 million new customers trying out Prime that year.

There’s already an array of MI gear featured in today’s deals, including Schecter’s SGR C-1 Electric Guitars, Tiger Music’s guitar straps and plectrum holders, a range of RockJam guitars, pBone’s plastic trombones, and Music Alley’s 3-piece junior drum kits, to name but a few.
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While some retailers may find it beneficial to get their products featured in Amazon’s deals, others may be able to take advantage of the fact that more shoppers will be online on this particular day searching for deals.

If Prime Day carries on this way, we could see the event easily becoming similar to the mammoth spending spree that is Black Friday. And while Amazon didn’t invent Black Friday itself, the online retailer was a big key player in boosting its popularity in the UK and making it THE shopping event of the year.

Many retailers from all areas of the industry realised the opportunities surrounding this event and started to get in on the action.

Now, Black Friday isn’t just something for huge retail chains and the biggest online stores – many independent stores and specialist websites alike create their own deals for the annual event, to the point where it’s unusual to find a retailer who isn’t offering some kind of Black Friday deal. And it seems likely that Prime Day could transform into a similar event.

“Last year, Amazon Prime Day generated $500m in sales. More than 90,000 TVs, 1 million pairs of shoes, and 200,000 sets of headphones were sold and delivered globally,” commented Chris Boaz, head of marketing at ecommerce data experts PCA Predict.

“This is just a snapshot of the huge increase in orders from the previous year (60%). We fully expect this to continue climbing this year as more retailers jump on the bandwagon. Argos and Dixons Carphone are just a few of the retailers getting in on the hugely profitable model.”

Boaz warns that retailers looking to take advantage of the increase in online shoppers during Prime Day need to make sure that their own ecommerce platforms are up to scratch.

“As consumers pick target days - like Amazon Prime Day - to cash in on online deals, retailers need to make sure that their websites are ready to cope with the significant increase of website traffic, online orders and deliveries,” said Boaz.

“Retailers who are thinking of joining in on ‘Prime Day’, will need to ensure that offers are to customers expectations and that their websites are appealing and responsive, with quick and accurate checkout processes to minimise any cart abandonment.

“Those that are ill prepared and have not taken this into account may end up damaging their brand more than anything else as was also seen 2 years ago, when angry Amazon customers vented over Prime day being a fail day on social channels.”

Boaz is referring to the backlash of the first Prime Day, which, despite the stats showing a successful event, came under fire from numerous consumers who were frustrated that some deals were selling out too fast, and other desired items were not being discounted. Proof that even the biggest online retailer has trouble keeping excited consumers happy during a mega shopping spree.

Tags: Retail , online retail , amazon , Opinion , Amazon Prime Day

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