Could Prime day be the new Black Friday?
Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing
Amazon has been the powerhouse company for many different fields for the ten years and more with reaches into e-commerce, technology, digital streaming, artificial intelligence, and more. Recently Amazon launched its annual Prime day, where a significant amount of goods, services, and subscriptions are offered at small to large, discounted rates, but only for a short amount of time. It has been estimated that the most recent Prime Day brought in over $10b in e-commerce sales in just a short amount of time.
While perusing the vast Amazon site, exploring the deals that might be of the greatest use and value, I found that some items were discounted significantly (50-75% off normal prices!) but with price expiration of only 15 minutes. This instinctively triggered the urge to buy now before time expired, but reason kicked in and found that I, and likely many others, was acting exactly as planned by this sale for Prime day. The hope is that buyers will opt to buy now so the sale price is not lost, but this leads to zero time to think about the practicality of the purchase.
This use of psychological tactics in sales in nothing new. We often see the gimmick in our mail, with bold print and deadlines and exclusives to reassure the buyer that their product is the best value for buyers’ money. Another time your see this kind of marketing is during Black Friday Sales after Thanksgiving. Retailers use the holidays as a prime time to push their products using the same one day only sale to get people to buy before the sale ends, pushing the demand higher.
This kind of demand is seen in other industries as well. When the buyer gets to be the one setting the timer on sales, the sellers then complete for their business. This is something that benefits both buyer and seller and finding the right platform is easier than one might think. A procurement partner, like SafeSourcing, can be the expert guiding your company through finding the right suppliers and the right goods for your company’s needs, and having them put in the effort and earn your business while filling all the needs of everyone.
For more information on what the SafeSourcing team can offer you, or on our Risk Free trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.