Trends & Insights
The state of retail ecommerce: Q2 2024 insights
Fire up your brand for Prime Day 2024
July 10, 2024
Hot tips to ignite ecommerce success during retail’s hottest week of the year
As we gear up for the whirlwind of Amazon Prime Day, Walmart Deals, and Target Circle Week, the competition for getting eyes on products and winning dollars on deals is heating up. For brands, this presents a golden opportunity to capitalize on heightened consumer spending and drive significant growth—if they approach retail’s hottest days of the summer season with intentionality.
To help brands navigate through the ecommerce frenzy this season, I’ve put together three tips to help prepare for retail’s hottest week of the year.
Prime Day tip 1: Optimize your digital shelf presence just like you would a physical store
In the same way a brick-and-mortar store owner would want its shop windows, shelves, and products organized and attractive throughout a physical store, It’s crucial that ecommerce brands ensure their product listings are not only accurate and up-to-date, but also compelling and optimized for conversion across the digital shelf.
This means providing customers with accurate and compelling product content that stands out amidst a sea of competing brands, especially when it comes to massive retail events like Amazon Prime Day. At CommerceIQ, we specialize in helping brands fine-tune their product listings to maximize visibility and conversion. Our Digital Shelf Analytics solutions provide online brands with actionable insights into key search terms, pricing and promotions, competitor strategies, and sentiment analysis—ensuring your products capture consumer interest and drive sales throughout Prime Day and beyond.
Prime Day tip 2: Allocate smart advertising dollars in real time
It’s no secret that Amazon traffic and sales increase during Prime Day. In fact, according to Amazon Ads: “As of July 13, 2023, the first day of Prime Day was the single largest sales day in Amazon’s history. Over the course of the two-day shopping event, Prime members purchased more than 375 million items worldwide and saved more than $2.5 billion on millions of deals across the Amazon store.”
It’s easy to see why this Prime Day, effective advertising will be key to capturing new customers and retaining loyal ones; strategic allocation of your advertising budget across sponsored products, display ads, and video ads can significantly enhance visibility and engagement.
CommerceIQ’s Retail Media Management solution helps brands optimize their Prime Day ad spend with real-time bidding adjustments, helping them target high-impact keywords for incremental sales and maximize return on investment. Our cutting-edge machine learning and automations convert data into actionable insights to optimize ad expenditure, boost visibility in search results, and drive advertising strategies for profitable growth.
Prime Day tip 3: Use Prime Day traffic to drive incremental sales and long-term profitability
Prime Day isn’t just about achieving lofty goals for a two-day jump in sales volume—it’s about driving incremental growth and profitability in the long term. Identifying opportunities for incremental sales and optimizing your retail media strategy accordingly can make a substantial difference. CommerceIQ provides tools to track and optimize against metrics like incremental return on ad spend (iROAS), helping brands pinpoint the most effective strategies for growth. Plus, our solutions extend beyond advertising to include sales and operations support, ensuring brands are equipped to handle the surge in demand efficiently and profitably.
Navigating post-Prime Day challenges with AI-powered profit recovery
Beyond the surges in Prime Day sales, brands must be prepared to address post-event challenges such as chargebacks and deductions. CommerceIQ’s Profit Recovery Automation solution offers comprehensive support, automating the auditing and dispute process to safeguard your profitability. We leverage our deep understanding of Amazon’s operational intricacies to ensure brands recover rightfully owed funds, mitigating the impact on your bottom line.
Partner for success, this Prime Day and beyond
In such a pivotal moment for ecommerce brands, partnering with a trusted ally like CommerceIQ can make all the difference. We combine advanced analytics, industry expertise, and actionable insights to help brands navigate Prime Day and beyond with confidence. Whether you’re looking to optimize your digital shelf presence, maximize advertising ROI, or streamline operations, myself and my team at CommerceIQ are committed to empowering your brand’s success online.
As Prime Day approaches, I invite you to seize the opportunity to elevate your brand’s visibility, drive profitable growth, and exceed customer expectations with technology that can truly take your brand to the next level. With the right strategy and support, this year’s Prime Day can be a milestone in your brand’s journey to long-term success.
Ready to learn more about how the team at CommerceIQ can revolutionize your ecommerce strategy? Connect with us now.
And, to get more of my insights on Prime Day, connect with me on LinkedIn.
