LEGO induces FOMO to boost sales and revenue.
May 3 2023
LEGO uses clearance sales to recoup money when products don't sell in a profitable timeframe. They create a "Last Chance to Buy" collection and use email/SMS campaigns to promote the soon-to-be rare sets. You too can do it!
Have you ever found yourself in a position where your products aren't selling as projected? Here's a tactic LEGO uses to tackle this issue:
LEGO has a Clearance collection titled "Your Last Chance to Buy” containing LEGO Sets that are Retiring Soon. By letting customers know that this will be their last chance to buy these soon to be rare sets that might become highly scarce Collector’s items, it induces FOMO and results in a higher chance of customers making purchases.
For example, the Robot Inventor is a LEGO set in the clearance collection for customers to place one last backorder before it stops selling completely.
Overall, clearance sales functions a way to recoup some of your money when items don’t sell within a profitable timeframe. Whether the items are going out of season, or they’re from a particular product line that’s being closed out, a clearance sale provides a fresh start by reducing deadstocks and making room for new products in your store.
You too can pick up this tactic from LEGO:
- Go to your Shopify Admin to create a new automatic 'Last chance to buy’ collection.
- Install Konigle on your Shopify store.
- Under Pricing power strategy, implement the ‘Run a flash sale’ tactic.
- Configure prices with the Bulk Price Editor tool.
- Before submitting the pricing change request, you can also use the same tool to add product tags like ‘clearance’ in bulk so that these products are automatically added into the ‘Last chance to buy’ collection created.
- To promote your products, use email and SMS outreach campaigns built in the Konigle Bulk Price Editor Tool. It allows you to design both templates without having to rely on other softwares or apps like Klaviyo or MailChimp.