Black Friday 2020 falls on November 27 this year, just a few weeks after Amazon Prime Day.
Black Friday in Brief
When it comes to the origin of “Black Friday,” there are many theories as to how it started. The most common theory behind Black Friday is related to the shopping events and practices wherein accounting records denoted losses in red and profits in black. Many shops were in the red throughout the year, but after Thanksgiving, shops went into the black. Thus, being dubbed the Black Friday. Beyond the historical value of the event, Amazon sellers should try to maximize Black Friday 2020 to recoup any loss from preceding months. This is especially relevant since the holiday season amounts to about 20% of annual sales for retailers.
From an online seller perspective, particularly Amazon sellers, Black Friday is an opportunity to profit. Just last year, a staggering 93.2 million consumers opted to shop online on Black Friday. Therefore, making Black Friday 2020 worth the effort and preparation.
Preparing for Black Friday Amidst COVID-19
Properly preparing for Black Friday 2020 is critical for Amazon sellers. As well as the standard competitiveness of Black Friday, shopper exhaustion may occur due to the preceding sale events like Amazon Prime Day (October 13-14), Walmart Big Save Sale (October 11-15), Best Buy Early Black Friday Sale (October 13-14), and Target Deal Days (October 13-14).
To help you maximize your Amazon Black Friday 2020 marketplace venture, here are some helpful Amazon selling tips coming from industry experts.
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StartupNation Says Dive Into Your Inventory
The premier source of information and resources for small business owners, StartupNation, highlighted on their website the importance of inventory checks for the upcoming Black Friday 2020.
In order to increase Amazon Black Friday success rate, it is essential to check inventory reports. This means delving into past and current inventory reports.
It is recommended to check previous Black Friday products and brands that were highly saleable in the preceding years. Similarly, Amazon sellers should also take into account the current consumer patterns in relation to the current socio-economic situation shaped by the COVID-19 pandemic.
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PayPal Suggests Focusing on Promotion
The leading international online payments system, PayPal, is a firm believer in good promotion in order to accelerate sales and business growth. Running a promotional offer this Black Friday 2020 will be helpful in attracting shoppers and increasing sales conversion rates.
Within Amazon, sellers may take advantage of their own promotional system in the form of Amazon Deals and Coupons. These promotional offerings include percentage discounts, dollar discounts, and the buy and save up to offer.
Incorporating these deals and coupons as part of promotional offers for the upcoming Black Friday event will help entice more audiences and increase profit in the process.
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Seller Snap Advocates AI Algorithmic and Automated Repricing
When it comes to huge eCommerce sale events, price is one of the dominant factors for sales conversion. In a highly competitive event such as Black Friday 2020, it is vital for Amazon sellers to have a dynamic pricing strategy.
For that matter, an automated AI Amazon repricer is a must-use tool for improved efficiency and performance. Although manual repricing has its own advantages, it would be less effective during sale events where inventory is voluminous and price changes at frequent intervals.
With the help of an AI repricer, repricing can be done automatically while considering crucial factors such as price notifications, competitors’ behavior, and overall marketplace comportment.
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Enventys Advises Listing Optimization
To improve the visibility of your product listing or brand during the Black Friday sale event, Enventys advises looking into optimization. By optimization, it would mean looking into keyword research and other Amazon SEO best practices.
Amazon has its own algorithm that influences and filters search results and the awarding of the Amazon Buy Box. For your inventory to frequently appear in natural search results and to increase the Buy Box winning rate, be sure to properly optimize your product listings.
Important aspects of listing optimization that sellers should look into include the title, product images, keywords, product reviews, and pricing.
Focusing on the Essentials
Since the pandemic has been rewriting the rules of the eCommerce and the retail industry, it is a must for Amazon sellers to comply with the new rules of the game.
Apart from the usual electronics and gadget items, you should look into essential goods including health, personal care, and home essential items. Since we know that a big chunk of consumers are in their homes, focus on relatable items.
If you wish to be successful in your Amazon venture throughout the holiday season, being able to adapt to current consumer needs is important.