Will Consumers Show Up in Force Like They Have Prior Years?
For retailers, Prime Day has become the bellwether for consumer’s spending appetite. It sets the pace for back-to-school and holiday shopping. This year, even with the high probability of a recession, it is predicted that the U.S. Prime Day 2022 sales will total $7.76 billion, rising 16.8% YoY. WOW.
Amazon uses a lot of data science to determine the optimal timing of Prime Day. And it changes from year to year. Prime Day was created for customers on July 15, 2015, as a way to celebrate Prime members on Amazon's 20th birthday.
Let’s get real. It was created to get the buyers shopping, to beat the doldrums of the low summer shopping season and to capture back-to-school demand along with deal-searching behavior. If Prime Day 2022 outperforms the positive predictions, retailers should feel optimistic as they get ready for holiday promotions. But if Prime Day doesn’t meet its benchmarks, then expectations should be lowered for Holiday 2022.
All brands, all retailers, should use Prime Day as a way to introduce new customers to your brand. And you don’t have to only be on Amazon. Why? Fish while the fish are jumping. The buyers are out shopping. Consumers switch brands most during huge seasonality savings. Ramp up all your promotions and advertising placements. And one the first place most potential buyers look to? Reviews. The quality and quantity of your product and service reviews matter significantly. For every purchase made, request a review.
Stay tuned. Prime day is here. Let’s see how it will forecast the rest of 2022.