Going from 34 million to 375 million items sold, Amazon Prime Day has become almost as super-sized as its e-commerce giant creator since 2015. So, it’s no surprise the 10th event is riding high on expectations of mass purchases and profits, especially after last year’s “biggest ever” single-day spending bonanza.
For other retailers, brands, and platforms, the 48-hour shopping spree also offers a valuable window of opportunity. Alongside piggybacking the vast spike it fuels in consumer cash flow, shrewd businesses will be tracking which buying, advertising, and media trends they can harness to bolster late summer revenues and leapfrog rivals during the vital golden quarter.
As the frenzy enters full swing, we’ve gathered leaders from across the digital advertising space to share their expert insights on the top focus areas for 2024 and how to leverage the potential of Prime Day.
Leveraging smart measurement and AI to capture and maintain shopper attention
Stephen Upstone, CEO & Founder, LoopMe
“Retailers need to be tuned in to consumer sentiment to optimise ad performance. By tracking shopper habits, they can ensure they serve ads that align with shopper’s needs. As well as thinking about what people might buy, retailers should also consider when they might buy. Prime Day falls before payday for many consumers, so promotions closer to the end of the month could be more impactful.
“With real-time measurement solutions in place, retailers can link ad exposure to outcomes and optimise campaigns on the fly. It’s vital they have access to tangible metrics based on first-party interactions and purchase data to optimise campaign performance; outdated measures such as impressions and CTR don’t provide enough insight.”
Fiona Salmon, Managing Director, Mantis
“Ten years from its inception, Amazon Prime Day continues to drive revenue across the retail landscape. With consumer spend increasing year-on-year during the event, competition for attention is fierce. It is critical that advertisers reach consumers with highly relevant products and offers at speed and scale, all the while prioritising brand safety and suitability. However, the greatest gains are to be made by those who can attract and retain consumers. For premium publishers, our data shows that AI-generated recommendations offer the potential to increase conversions by 37%, whilst still enhancing the user experience.
Social heavyweights are encroaching on Prime turf
Nick Morgan, Founder and CEO of Vudoo
“TikTok has taken a page from Amazon’s playbook with its Deals For You Days launching on 9th July, a week before Prime Day. TikTok’s move displays its strength in influencer-driven sales and demonstrates its ambition to outpace Amazon in the e-commerce space. The timing was a direct attempt to divert consumer spending away from Amazon.”
“By leveraging the spontaneous purchasing behaviours that are a hallmark of social commerce, TikTok is using engaging content to drive sales. This approach not only positions TikTok as a key player in e-commerce but also showcases the potential between traditional and social commerce platforms in evolving retail dynamics.”
Affiliate ties amplify consumer reach and connection
Matt Villa, Head of Sales US, MGID
“Affiliate marketing brings the benefits of human interaction to the one-sided conversation of traditional advertising, leveraging the personal relationships and loyalty that an influencer or publisher has already built with its audience. Combine this with retail events such as Amazon Prime Day and you have a golden opportunity for e-commerce retailers to attract new customers and enjoy a large spike in profits over a short window of time.
“To make the most of this, retailers must identify and align with the right affiliates. These have a unique understanding of a target audience’s motivations, needs, and buying behaviours, and can help shape ad creative and content depending on the channel or platform they are using. This allows brands to expand their reach more affordably by engaging audiences from multiple sources.”
It’s never too early to start talking about Christmas
Dominic Tillson, Marketing Director, Azerion
“Major retail events such as Amazon Prime Day are an opportunity for brands to capitalise on consumers looking to get the best deals. It is also a time for brands to start looking ahead to Christmas.
Data from our Christmas planning insights research shows that 36% of parents with at least one child are likely to shop throughout the year for Christmas presents, rather than wait until the last few months, and 21% of customers over 60 plan to purchase presents throughout the year.
Amazon Prime Day is a great opportunity for those looking to buy Christmas presents as early as July. As we move into H2, it’s time for brands to shift their focus from brand awareness to more product-focused messaging in preparation for the festive season.”
Standing out in the e-commerce sector is always tough, but it’s even harder amid mega deal pushes. Rising above the noise means ensuring campaigns keep up with variable shopper needs by deploying slicker data-driven strategies and maximising tailored creative flexibility. What’s more, there is also much to be gained from seizing new opportunities for broader engagement, including forging complementary partnerships and increasingly powerful social platforms.