fbpx

eCommerce News, Retail Media

Stealing the Show: How Walmart, Target, and Other Top Retailers Compete With Amazon Prime Day

June 19, 2024
Back to Articles
Reading Time: 6 minutes

As one of the most anticipated shopping events, Prime Day is like Black Friday’s cool cousin. With shoppers spending over $11 billion last year, it’s a golden opportunity for brands to rake in sales and capture new customers. But guess what? Amazon isn’t the only player in town.

Subscribe for More Expert E-Commerce Insights!

To stay ahead, brands must keep an eye on the competition. From Walmart’s jaw-dropping deals to Target’s irresistible offers, other retailers are pulling out all the stops to win over shoppers. Understanding these strategies can help your brand shine brighter amidst the frenzy.

Want to learn more? Let’s go!

The Competitive Landscape

While Amazon Prime Day dominates the headlines, savvy shoppers know it’s not the only place to go bargain hunting. Many consumers explore alternative retailers to snag the best deals. In fact, a significant portion of shoppers plan to spread their spending across multiple stores, seeking bargains beyond Amazon’s virtual aisles.

According to recent data, a substantial number utilize online platforms and mobile apps, with Best Buy seeing 32% of its Prime Day traffic through its website and 12% via its mobile app. Old Navy also draws considerable attention, indicating that consumers are diversifying their shopping channels.

In another study, wherein respondents were asked where they intend to buy from other retailers besides Amazon during Prime Day, Walmart leads the pack with 54% of consumers planning to shop there, followed by Target at 48% and Best Buy at 36%. Home Depot and Lowe’s also capture a notable share of the market, attracting 23% and 22% of Prime Day shoppers, respectively.

These statistics highlight the competitive landscape and the necessity for brands to understand where their customers might be looking for deals beyond Amazon.

54 percent of shoppers choose to shop at Walmart during Amazon Prime Day Additional Info: U.S. Consumers, May 25, 2021; 1,317 Respondents; 18 years and older Source: Profitero; Survey Monkey © Statista 2024

Key Competitors and Their Strategies

TikTok: The Digital Disruptor

Recently, TikTok announced its own July sale to compete directly with Amazon Prime Day. This event features exclusive deals and discounts, leveraging TikTok’s vast reach and interactive features to attract a wide range of consumers. Furthermore, TikTok is utilizing its influential creators and viral content to promote these deals, ensuring maximum visibility and engagement. This strategic approach is likely to boost sales but and enhance TikTok’s position as a serious player in the e-commerce landscape.

Walmart: The Discount Dynamo

Based on the data, Walmart stands tall as the leading alternative retailer during Prime Day, drawing a vast number of shoppers away from Amazon. This retail giant leverages its extensive network of physical stores and robust online presence to attract consumers.

Recently, Walmart has launched Walmart Plus Week, offering exclusive deals and discounts to its Walmart+ members. With a strategic focus on both in-person shopping and website sales, Walmart ensures it captures every possible shopper. During this event, Walmart rolls out special promotions and deep discounts, making it a top destination for deal hunters and further cementing its position as a formidable competitor to Amazon.

On top of that, the retail giant also launched Walmart Deals a week ahead of Amazon’s Prime Day. Calling it their “largest deals event ever”, Walmart Deals is a four-day affair that targets all customers, not just Walmart+ members. This strategic timing and comprehensive approach are designed to directly compete with Amazon Prime Day, challenging its dominance by capturing the attention of deal-seeking shoppers.

Target: The Deal Hunter’s Paradise

Following closely behind Walmart, Target secures its position as the second most popular alternative for Prime Day shoppers. Target excels by offering a seamless blend of in-store and online shopping experiences. 

In fact, Target introduced Target Circle Week, a direct competitor to Amazon Prime Day, featuring thousands of deals exclusively for Target Circle members.

The retailer’s unique deals and exclusive offers entice consumers to explore beyond Amazon. During Target Circle Week, shoppers can enjoy discounts on a wide range of products, from electronics to household essentials, enhancing the appeal of shopping at Target. Target’s strategic emphasis on a cohesive shopping experience, whether in-store or online, ensures it remains a formidable competitor during the Prime Day frenzy.

Best Buy: Tech Treasure Trove

Best Buy carves out a significant niche with its strong focus on electronics, attracting tech-savvy shoppers during Prime Day. Employing a multichannel approach, Best Buy engages customers through its physical stores, website, and mobile app.

This strategy both broadens its reach as well as enhances customer convenience, making it easier for shoppers to find and purchase the latest gadgets and electronics.

Home Depot: The DIY Haven

Home Depot captures the attention of Prime Day shoppers looking for home improvement products. Known for its extensive range of tools, appliances, and materials, Home Depot becomes a go-to destination for DIY enthusiasts and professionals alike. 

The retailer amplifies its appeal with special sales events and promotions tailored specifically for Prime Day, ensuring that it attracts a steady stream of shoppers eager to capitalize on the event’s deals.

Shopper Preferences and Channels

Consumers have diverse preferences when it comes to shopping during Prime Day, and understanding these choices is crucial for brands.

A substantial portion of shoppers plan to visit physical stores like Walmart and Target, but online and mobile channels are also gaining traction. This multi-channel approach reflects the evolving landscape of retail, where convenience and accessibility drive consumer behavior.

In-Store vs. Online: The Battle of Convenience

The statistics tell an interesting story: while 79% of shoppers expect to visit Walmart in person, a significant number are also browsing through retailer websites and mobile apps. For example, 32% of Best Buy’s Prime Day traffic comes from their website, and 12% from their mobile app. These numbers highlight the importance of offering a seamless shopping experience across all channels, ensuring that consumers can easily access deals whether they prefer shopping from their couch or in-store.

Why Shoppers Choose

The reasons behind these channel preferences vary. In-store shopping provides the immediate gratification of walking out with purchases, along with the tactile experience of seeing and touching products.

Online shopping offers convenience and often a wider selection, while mobile apps enhance accessibility and provide personalized deals and notifications. Brands that understand and cater to these preferences can better align their strategies to capture consumer attention and drive sales during Prime Day.

Winning the Amazon Prime Day Game: Strategic Insights for Brands

To come out on top, brands need to understand and leverage the tactics of their competitors. Here are 6 strategies on how you can optimize your Prime Day campaign to attract more customers and drive higher sales:

Strategy 1: Know Your Rivals, Win the Day

Understanding what your competitors are up to during Prime Day is more than just keeping tabs—it’s about gaining a strategic edge. Analyzing the tactics used by retail giants like Walmart, Target, and Best Buy can help you uncover valuable insights to fine-tune your own campaigns and stand out in the crowded marketplace.

If you want to get an in-depth analysis of your competitors so you can fine-tune your campaigns, take advantage of our Free Audit here.

Strategy 2: Leverage Competitor Playbooks to Optimize Your Strategy

Once you grasp the strategies of your competitors, you can adapt and innovate to create a winning formula for your brand. This means not only matching their offers but also finding unique angles to attract shoppers. Whether it’s exclusive deals, bundled offers, or time-limited discounts, knowing your rivals’ moves can help you craft compelling promotions that capture consumer interest.

Our Advertising Services help you adapt and innovate your strategy, ensuring your promotions capture consumer interest and stand out from the competition. Learn more about our advertising services here.

Strategy 3: Supercharge Your Online and In-Store Presence

Improving both your online and in-store experiences is crucial to capturing Prime Day shoppers. Ensure your website is optimized for speed and usability, and consider enhancing your physical stores with Prime Day-specific signage and promotions. A seamless, enjoyable shopping experience can turn casual browsers into loyal customers.

Strategy 4: Boost Your Product Listings

Make sure your product listings are polished and persuasive. Use high-quality images, detailed descriptions, and customer reviews to highlight the value of your products. Optimizing your listings for relevant keywords can also improve visibility and drive traffic to your products.

Consider enhancing your customer experience with our Creative Services, from optimizing your website for speed and usability to designing impactful Prime Day-specific signage and promotions. Check out our offerings here.

Strategy 5: Master the Art of Advertising

Effective advertising is key to standing out during Prime Day. Utilize Amazon DSP to create targeted ad campaigns that reach your ideal customers. Experiment with different ad formats, such as sponsored products and display ads, to see what resonates best with your audience. Track performance and adjust your strategies in real-time to maximize your ROI.

Leverage our DSP and Advertising Services to create targeted ad campaigns on Amazon, experiment with various ad formats, and track performance in real-time to maximize your ROI. Find out more about it here.

Strategy 6: Engage and Retain Customers with Loyalty Programs

Building customer loyalty goes beyond just making a sale. Implement loyalty programs and exclusive Prime Day offers to encourage repeat business. Engage with your customers through personalized emails, social media interactions, and excellent customer service to foster long-term relationships and brand loyalty.

If you’re looking for more ideas on boosting brand loyalty, read our post on omnichannel engagement.

For even more inspiration and insights, check out these 5 Secrets to Brand Loyalty from our interview with Zappos’ Head of Customer Research and Marketing Insights, Alex Genov.

Conclusion

By understanding and leveraging competitor strategies, enhancing your online and in-store presence, optimizing product listings, mastering advertising, and focusing on customer engagement, your brand can thrive during Prime Day and beyond.

For more actionable tips, read our Seller’s Guide to Prepare for Amazon Prime Day. It includes practical advice from our team of Amazon advertising experts to help you navigate the complexities of Prime Day and maximize your sales potential.

Want to see how your brand can outshine your rivals? Our no-pressure, completely FREE audit lets you discover personalized strategies to outshine your competition and boost your sales. Don’t miss this chance to get expert insights tailored to your brand’s needs. Sign up for your free audit here.

Want to Stay Ahead in Amazon?

Join Prime Times for weekly updates on Amazon, e-commerce trends, and advertising strategies from industry leaders. Sign up now to supercharge your business!

Other Articles You May Enjoy

0
    0
    Your Cart
    Your cart is emptyReturn to Shop