Flash Sale Definition
A flash sale is a time-limited promotion or coupon campaign. Typically, flash sales last up to 24 hours and are run digitally. Given the limited activity period, flash sales usually offer higher discounts than regular sales at a particular brand. The limited availability combined with urgency entices customers to purchase items quicker and on the spot.
What are the benefits of running flash sales?
- Better inventory management – with a well-executed flash sale, you can quickly unload excess inventory. They can be also helpful for seasonal products too. Getting rid of unwanted stock quickly helps you lower the operating and logistical costs.
- Increase market reach and awareness – if you are interested in price-conscious customers, flash sales can help you get to the top of deals sites all over the web, driving traffic to your online store.
How to run a successful flash sale?
Flash sales tend to quickly go off the rail if not planned carefully. Here are some general rules to stick to:
- Define a clear goal – choose whether your flash sale aims to clear the stock quickly, raise brand awareness or bring in new customers. This strategic decision will help you choose the right communication channels later on.
- Keep the T&C simple – flash sales are only effective when simple. Putting too many obstacles to redeeming your offer, can effectively turn customers away from your store.
- Know your audience – by knowing who you are targeting, you can choose the best time window for your promotion. It wouldn’t make sense to run a flash promotion in the period with the lowest traffic.
- Make the value visible – flash sales tend to offer much steeper discounts than run-of-the-mill offers. Offering anything else may be disappointing to customers.
- Spread the word – flash sales should be promoted and distributed widely. Use any channel at your disposal – email, SMS, push, social media, and SEO to reach your target group.
- Be present – flash sales are the ideal breeding ground for fraud. Throughout the duration of the sale, you should monitor your performance in real-time to notice any irregularities and provide excellent customer service.