Almost all major brands incorporate Flash sales as part of their revenue strategy at some point of time in a year. It generates an average 35% rise in transaction rates. In addition to increased revenue, flash sales aid e-commerce businesses in eliminating the need for excess inventory and stabilize your existing inventory. Essentially, flash sales often drive a large audience to your site and incentivize viewers to purchase non-sale products, as well. In order to drive your business’s online presence, we have curated a list of seven smart steps of how to run a flash sale with examples of successful e-commerce flash sales to kick start your own e-commerce journey.
1. Think of an end goal of your sale
Flash sales not only enables you to accomplish a bunch of different things but also focuses on a goal that can help you measure your success.
Do you comprise of excess quantity in one specific product that is not selling? Do you want to stabilize your inventory by encouraging buyers to focus on different products? Or, do you want to channelize major traffic to your site by providing a discount on a high-quality product? It is important to focus on one goal that can benefit you in choosing which products you want to use for the flash sale.
2. Pick the ideal product for your market
While this might seem like a contrary to point number one, but it is important to understand that you cannot just choose any product you want to get rid of. Hence the product you choose must align closely with your target audience. If you want loyal customers, you have to at some point tag a discount on products that encourage the right people to click on your site. Does that make sense?
3. Promote sale before its time
Usually, many people like to do research and read reviews on products ahead of time, therefore it is smart of you to give your shoppers a thumbs up before your flash sale is live. This is also a chance to broaden your reach on social media and through email by creating fun countdown emails and social media posts.
4. Use up-to-the mark wordings
The most important aspect is that your flash sale should stand out. For example, saving Rs 5 on a Rs 100 purchase probably won’t make a difference as much attention you wish to. Know how to phrase your offers for optimal reach. There are two different aspects in which you can take with respect to the write-ups like “Get Rs off,” which focuses on achieving a gain, and “Save Rs,” which emphasizes avoiding a loss. This depends on your target audience and your market, but usually, people are more motivated to avoid pain, and missing out on a good discount definitely feels like pain.
5. Squeeze your time-frame for flash sale
The reason a flash sale works are because it stimulates impulse purchases and it’s important to make your audience realize the importance of sale missing out. Three-hour or four-hour flash sales have the highest transaction rates at 14%.
6. Keep an eye on your inventory
To get the most out of your flash sale, make sure you have ample of your discount products in stock. You can communicate with a logistics company to determine how much you require. You do not want to sell out of the discount product too early, leaving people with a not-so-good experience of your brand.
7. Prep-up for shipping and delivery
It will be difficult to retain your newly built customers’ loyalty if it takes a month for them to receive the products they ordered online. In the times we are living, where same-day delivery and next-day shipping are typically expected, you would want to prepare before the time for bulk shipping and delivery so you can offer a seamless experience from start to end.