Prime Big Deal Days 2023: Review and Insights

The Prime Big Deal Days 2023 have proven to be a significant success, offering valuable insights for advertisers. This exclusive pre-holiday shopping event for Prime members took place on October 10th and 11th and offered more than fantastic deals for consumers. For brands and businesses, it presented a unique opportunity to strengthen their presence and boost their sales. In this recap, we will take a detailed look at the results and strategies that were successful during the Prime Big Deal Days 2023.

Insights from the AMX500

The Amazon Market Index 500 (AMX500) is a tool that tracks the performance of 500 major international retailers on Amazon. This index is a valuable tool for analyzing the average performance of advertising campaigns and sales activities on Amazon.

At first glance, it's evident that the Prime Big Deal Days have a significant impact on advertising metrics. But what's behind this peak? We'll delve deeper into this in the following sections.

In comparison to the values from two days before the event, notable trends and insights emerge:

• Impressions increased by 77.4%, while paid clicks rose by 50%.
• The click-through rate decreased by 15.4% to 0.30%, but the conversion rate increased by 24.2% to 11.6%.
• Advertising costs increased by 63.7%, attributed to higher budgets and more expensive click prices (9.1% higher).
• The increased spending paid off, resulting in a significant increase in orders and considerably higher revenues. The number of paid orders increased by 86.4%, with paid sales rising by 104.5%. Additionally, the average shopping cart value increased by 9.7%.
• The decreased advertising cost of sales (ACoS) by 19.9% to an average of 15.5% demonstrates that the increased spending is worthwhile.
  
  

Who Benefits from Prime Big Deal Days?

Prime Big Deal Days are undoubtedly a prime opportunity to boost business, but they might not be equally suitable for every brand or product. To make the most of this event, specific factors should be considered:

• Consumer Products and Customer Lifetime Value (CLV): Prime Big Deal Days are particularly advantageous for brands offering consumer products such as creams or dietary supplements. These products often generate recurring revenue through the Customer Lifetime Value (CLV). Customers acquired during the Prime Days can represent long-term and profitable relationships for your brand.

• Pricing Structure and Margin: Ideally, your product should have a slightly higher price to benefit from discounts and special offers during the Prime Big Deal Days. This allows you to offer attractive deals while still maintaining a sufficient margin. Sufficient margin is crucial to cover the additional advertising expenses during this event.

• Exclusive Prime Day Deals: Using exclusive Prime Day Deals can significantly boost your Conversion Rate (CVR). These offers capture buyers' attention and encourage purchase decisions. Ideally, you should also attempt to create Top Deals. However, note that not every merchant or brand qualifies for Top Deals, as they are rigorously selected.

Selecting the right products and implementing a smart pricing strategy is essential to maximize the full potential of the Prime Big Deal Days and enhance revenue growth.

Learnings for Future Sales Events

The Prime Big Deal Days in 2023 provided us with valuable insights that are not only relevant to this event but also to future sales events. Here are some key takeaways closely linked to this year's findings:

• Budget Adjustments and Bid Increases: Once again, it's evident during the Prime Big Deal Days that increasing your budgets and bids has a positive impact on sales. Despite rising click prices, revenue growth far surpasses the increased costs. This underscores the importance of flexibility and the willingness to invest in your success. During Prime Days, it's crucial to closely monitor your advertising budgets. By using an advertising platform like BidX that automates these processes, you can make monitoring and adjustments more efficient and ensure the success of your campaigns.

• Long-Term Preparation: Making adjustments just 1-2 days in advance is insufficient. Start preparing at least a month before the Prime Big Deal Days. This allows you ample time to carefully plan high-quality and appealing offers and advertising campaigns to achieve maximum results.

• Optimal Use of BidX: To make the most of the Prime Big Deal Days, BidX's scheduling function is a valuable tool. It allows you to schedule campaigns based on weekdays, times of day, and seasonal events. This ensures that you are consistently present with your advertisements at the right times to achieve maximum reach and visibility.

• Distortions and Events: Remember that events like the Prime Big Deal Days can significantly impact your results and campaign performance. To minimize these distortions, BidX offers the "Exclude Bid Adjustments During Time Periods" function, which allows you to account for such events in bid and structure adjustments.

If you're not already using BidX, you should consider testing it for free for 14 days to ensure you're well-prepared for the next shopping event. The insights from this year show that thorough preparation and the right tools are crucial to make the most of such events.

Conclusion