Amazon will Open Prime Day Promotion
The official announcement! 2023 Prime Day Amazon Members Day is scheduled for July 11, 0:00 to July 12, 24:00 U.S. Western time, 48 hours of shopping frenzy is coming. During this big time, you can find various kind of products, such as household products include kitchen storage rack, fruit storage basket, self-cleaning, making up tools, etc.
Surprisingly, consumer shopping enthusiasm remains high in the midst of a recessionary economy.
Recently, omnichannel marketing platform Skai conducted a survey of 1,000 U.S. consumers, and the survey results show that the inflationary economic environment has not dampened U.S. consumers' enthusiasm for Prime Day. Among them, 70% of respondents are sure to purchase goods during this year's Prime Day; 77% of respondents plan to spend more money or the same money as last year on this year's Prime Day; in addition, 65% of respondents are likely to compare prices with other retailers' websites during Prime Day in order to make the best purchase decision.
In addition, the survey results show that 61% of respondents said they were researching products to be purchased more than a month before the campaign began. Notably, 94% of these respondents used Google to research product purchases, and 63% said they jumped to Amazon.com through a Facebook ad page.
Previously, a survey of more than 1,000 Prime members from performance marketing firm Tinuiti similarly found that most Prime Day consumers will do their cheat sheet before making a purchase. According to the survey results, 51 percent of respondents will begin researching products in the week leading up to Prime Day. In addition, 54 percent of Prime members are likely to use common search engines like Google to analyze whether Prime Day items are a good deal, and about 26 percent of these respondents will browse products on social media, jumping to 46 percent among the Gen Z group.
The above data shows that although the current macro economy is suffering from the impact of persistent high inflationary pressure, but in front of the big promotion, consumers still surrendered and have "chopped". However, compared to brand loyalty, consumers today are more interested in the cost effectiveness of products and product evaluation.
The stress of living caused by global inflation has changed the spending habits of almost all consumers, and so have American consumers. And with the rising cost of living, it's not hard to see how the various sales will become more attractive.
High economic inflation has brought about a rise in the cost of living, which is in stark contrast to the salary levels that are struggling to keep up with prices, forcing consumers to downgrade their spending, and during the sales period merchants offer more favorable prices than usual, and when products that they would not normally buy reach a certain level of discount, consumers will be tempted to place orders.
As the Skai survey results show, "even if the product is on sale, they are willing to wait until Prime Day to buy, and even 85% of consumers want to have two Prime Day events per year." In addition, with the Z generation gradually become the main force of consumption, and the older generation compared to their overspending, enjoy the concept of consumption is stronger, in the Amazon "buy first, pay later" service support, the desire to buy will be further stimulated.
For you sellers, the findings of these surveys are also releasing important signals that need to be focused on by all sellers.
On the one hand, from Skai's survey results, although consumer shopping enthusiasm has not waned, compared to previous years, consumers are more inclined to cost-effective products, turning to become price-oriented consumers. Therefore, how to maintain profit margins while providing consumers with the maximum number of low-priced products is a question that deserves deeper thought.
On the other hand, according to Skai and Tinuiti's survey, social media is now the main channel for consumers to get product reviews and product details. Therefore, having good word of mouth may become the core element to drive sales growth, and how to play with social media for marketing will be a key issue for businesses to address.
In the era of consumer downgrading, it is clear that low-priced products are more popular with consumers, but a single-mindedly low price seeking incremental growth is not a sustainable development path, blind price cuts will only result in the whirlpool of price in-roll.