Amazon Prime Day 2024 is well underway, with some forecasters predicting a record $14 billion will be spent by consumers over the two day event, now in its ninth year.
So how should brand and marketers be fine-tuning and adapting their digital strategies to get the max out of the global shopping extravaganza?…
We’ve been asking some of the leading adtech and ecommerce experts for their take on the biggest shopping day of the summer…
Stephen Upstone, CEO & Founder, LoopMe
“Competition for attention is high around Amazon Prime Day, and 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have access to tangible metrics based on first-party interactions and purchase data to optimise campaign performance; outdated measures such as impressions and CTR don’t provide enough insight.”
Nick Morgan, Founder and CEO, Vudoo
“TikTok is taking a page from Amazon’s playbook with its Deals For You Days which launched 9 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 ecommerce space.
“The timing is 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 the ecommerce space but also showcases the potential between traditional and social commerce platforms in the evolving retail dynamics.”
James Hill, Chief Commercial Officer, EXTE
“It is reported that a staggering 13 million UK households now have Prime membership, with more than £1.15 billion spent on the retail giant in 2023 ($12.9 billion globally).
“Naturally, brands will be keen to sell their products on Prime Day, but while Amazon boasts a wealth of advertising solutions, inventory on the site will be scarce and sold at a premium.
“To ensure brands extract the most from Prime Day, diversifying exposure outside the walled gardens is key. While advertising in contextually relevant content will be crucial to drive awareness, brand efficacy, and incremental traffic to stores.
“As studies show contextual advertising can increase brand ROI by 30% when there is a synergy between environment and product.
“If coupled with viewable formats, powerful creative, and guaranteed traffic, it will only serve to attract new users and increase sales during such an important day in the retail calendar.”
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.”
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.”
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.”
Nick Reid, SVP & Managing Director EMEA, DoubleVerify
“With macroeconomic trends continuing to affect consumer spending habits, brands participating in this year’s Prime Day should ensure they’re reaching the right audience efficiently to maximise their digital investment.
“Ultimately, better media quality equates to better ad performance.
“Advertisers should focus on contextually relevant, brand-safe, and attention-grabbing ads on key channels, such as CTV and retail media.
“With recent research indicating that almost 50% of media buyers are planning to utilise attention-based metrics, they can deliver resonant messages and target customers at the moment of greatest engagement.
“This means leveraging solutions that can deliver high-quality advertising experiences at scale to drive successful outcomes.”
Graham Tricker, VP of Sales UK, LiveRamp
“The key to the Prime Day opportunity for brands lies in making full use of the available customer data surrounding the event, to support a more complete overview and understanding of target audiences.
“This includes touchpoints within Amazon’s environments, but also outside of its walls, across the full range of clouds, warehouses, and other third-party clean rooms where customer data sits.
“The key to this is data collaboration. Having the expertise and meaningful investment in the advanced technologies that can seamlessly connect all these datasets, from programmatic and media channels as well as walled gardens, will unlock more sophisticated cross-channel performance measurement, campaign incrementality, and journey-based affinities.”