Konigle Team 05 Jun, 2021
Flash Sales are a great way to boost sales for your e-commerce brand. In this blog we try and explain why flash sales are great and things you should take care of when running a flash sale.
A Flash Sale is when you price your products at a discount for a limited period of time. By doing so, you entice more visitors to your store, and increase the incentive for people to make a purchase now, rather than later.
Unlike other sales strategies, running a flash sale is one of the fastest strategies of getting more customers, and more products sold. Done correctly, you can set it up quickly to boost revenue and drive more traffic to your store. But it does come with it's consequences.
Here are some reasons why you should run a flash sale:
Inventory is expensive, and its an often underestimated cost by businesses. When inventory isn't getting sold or liquidated, it every day increases its cost to you. A well designed flash sale helps you clear as much of this inventory as possible.
Running a flash sale creates a good excuse to spread the word about your business, and get mentioned in places that normally would not talk about your brand. It also entices new buyers that have been sitting on the fence of wether to make their first purchase at your brand.
Your flash sale may attract customers who are willing to save money, but might be willing to spend more overall. The average total basket value during a flash sale can be estimated from your regular sales.
Track the prices of your competitor's products to understand where your products stand price-wise in your customers' eyes.
With a tool like Konigle, you can automate most of this work, by adding product URLs to your Competitor Pricing tool.
Everyone is running some sale and promotion these days, and there is more ecommerce stores than ever before. So to make a flash sale to work, you really need to consider all the factors needed to stand out amongst the crowd.
Flash sales need to happen quickly. You're already reducing your margins during such a sale, so taking too long to set up a sale can make the whole endaveur so costly that it's not worth the effort.
Consider your customer's buying cycle
If customers are only buying your products during flash sales, the following reasons are possible:
1. You're running flash sales too often, or not providing enough value to your long-term buyers
2. You have a product-market fit issue, and may need to look into product improvements or replacements.
Running a flash sale doesn't mean you're no longer selling on value. The most successful flash sales come from creating longer term relationships with the new customers that you have acquired.
Want to run great Flash Sales?