Should retailers have their own Prime Day?
There is something to be said about “spotlight days” on the calendar for retailers and consumers alike. In the U.S., two of the biggest “spotlight days” are Black Friday and Cyber Monday.
This year, Amazon will stage its highly successful and lucrative Prime Day for 36 hours. Prime Day was first held in 2015 in honor of Amazon’s 20th anniversary. In just three years, it has become a “Prime” day in the summer for Amazon to record one of its largest single-day events of the year.
Prime Day 2018 is advertised as “A day and a half of epic deals. Exclusively for Prime members.”
Other Retailers Can Capitalize on Prime Day
Prime Day 2018, which starts July 16 at 3 p.m. EDT, is about Prime members seeking great deals.
But, the reality is that the online shopping presence connected to Prime Day is so far-reaching that it helps other retailers as well. Prime members routinely check competitors’ websites for price comparisons. More than 75 percent of Prime Day shoppers visit other online stores before buying anything on Amazon.com.
The question becomes: Will competing retailers be prepared for Prime Day so they can leverage it positively for their respective brands?
Retailers should focus on personalized and targeted offerings, and promotional campaigns. What’s more, a strong focus on specific products that customers want will impact competing retailers in a big way on Prime Day.
Prime Day creates a so-called Halo Effect that retailers can live in for the 36-hour duration of the event. But, retailers can lengthen this critical online shopping period by starting offers and deals before Prime Day begins and extending them after it ends.
Starting Your Own “Prime Day”
Retailers should consider creating their own respective versions of Prime Day because having a “spotlight day” during the summer can add great appeal for your brand.
To consumers, there is no difference between Cyber Monday or Prime Day, other than that they occur in different months and one is during the heart of the holiday shopping season.
Why should Amazon be alone in the summer with Prime Day when other retailers could surely create their own types of days filled with deals and reduced prices?
Having such a shopping day in the summer gives your customer base something to point to and plan around. Brands can market and promote these events in various ways, but the volume of online shopping presence that can be generated is enough reason for a company to create one of these one-day shopping extravaganzas.
The fact that Black Friday and Cyber Monday comprise a multitude of retailers should force corporate leaders to strongly consider establishing their own “Day” in the summer.
By doing so, it would give retailers a major opportunity to tailor and personalize customer messaging, strategically promote the event, and spark customer engagement in a huge way.
It almost seems as if it’s a no-brainer for retailers to think about their own special shopping deals day in the summer to generate high interest and to, perhaps, even tie it into the Back-to-School season.
Some retailers have already gotten the message:
Last year Macy’s hosted its annual “Black Friday in July” sale that offered 25 percent off all products and offered free shipping exclusively on Prime Day.
Walmart launched a “Dare to Compare” campaign to match Amazon’s low prices. It offered memberships for its free two-day shipping program.
One thing that retailers strive for every day is differentiation.
In this era of heightened consumer expectations combined with a wide variety of choices, brands must find competitive differentiation to surge ahead. By doing this, brands can attract and retain customers.
Creating a “spotlight day” to rival Prime Day is a way to add more brand appeal through alluring deals, amplified anticipation, and increased customer engagement.
Keeping a brand top-of-mind among customers is a never-ending quest.
Hosting your own version of Prime Day in the summer can add to your brand’s overall customer experience and shine a light on value, status, and advocacy.
Making Loyalty Work For You
Amazon created Prime Day not only to celebrate its 20th anniversary, but also as a key recruitment tool for its loyalty program.
Why can’t other retailers create such a day away from the normal rush of the holiday season?
Habit-forming activities can play an important role in a customer’s overall loyalty to a brand. What better habit to form in your loyalty program members than for them to participate in a special shopping day each year that offers enticing deals?
Creating a day like Prime Day can positively impact your best customers and attract new ones.
Promoting it through frequent member interaction and relevant content can effectively package a unique single-day event for your brand.
Modifying consumer behavior is a strategic way to boost customer loyalty and brand advocacy.
Creating a day like Prime Day is something your customers, and potential new ones, can rally around and enjoy as an annual ritual that combines high engagement with great deals.