In 2003, Europe had came up with the idea of e-commerce flash sales that have started growing successfully. By 2007, US started adapting the sales process, accepting the fact that the recession was not too far, long term profit seemed narrow. Later by 2014 the e-commerce sales started spreading its tentacles all over the world and people gradually started accepting it.
The concept then was to clear the excess stocks from the inventory. The convergence of profit and bulk sale treated the online merchants well rather than focusing on single piece profit margin. The discount percentage were high and for the shopaholics it was like bow wrapped gifts.
Understanding your consumers:
E-commerce flash sales are the nourishment of the consumer’s emotional thrill for a certain product which in due course of time may be unfulfilled or your customer might just get caught up with an interesting product. Discounts on products which they are looking for are the boon for them and ‘deal of the day’ for the e-commerce merchants. A consumer often have a nose for expensive brands which take them a lot of time to arrange funds for it, to avoid making a hole in their pockets, the flash sales are the only options to fit their pockets and this is where a consumer can anytime opt for unplanned shopping spree.
It is an amazing feeling to ‘buy more for less’, during flash sales the customers often get prices that are unbelievable rather too good to be true and in these scenarios they just click ‘buy’ before checking the specification. This impulsive buying tendency among the consumers has created the leverage in the e-commerce sales. The scarcity marketing is another loop to hook up with your consumers, like putting up big brands or designer clothes, shoes or accessories on sales for a limited time or stock.
How to engage your consumers?
It is important for the online merchant to understand the occasion and fashion trend for the season. Here are few tips to hook your consumer:
- Give them package discount. For example buy products worth 50$ and get 15% discount.
- Advertise on the social media platform. Create pop-ups directing links.
- Create a notion for scarcity on a certain popular product.
- Keep stock that tally’s with the occasion like if it is a ‘Halloween Night’ update the costume apparels and accessories.
- Customize your cart timing, so that a person do not keep your stocks blocked for a long time.
BENEFIT OF FLASH SALES:
Flash sales are beneficial for both consumer and store owners. During the occasions, these sales volume increases the merchant need to check the performance during the peak time the web-store should not crash. One need to convert the site traffic into sales.
Here are few benefits of flash sales:
- The merchant can clear the inventory stock.
- The store owner blocked capital are now released.
- The consumer can buy more for less.
- Discounted rates always incur impulsive buy.
Till date, the flash sales are helping the merchant to wrap up the excess stock from the inventory and also unblock their capital. Now, the question lies how long can this go on just hitting on the bulk profit rather than profit per item. As for the customers, they enjoy the small holes in their pocket in comparison to large brands. Flash sales are the offer for the day or week for which you need to advertise well for your consumer to indulge in their buying obsession.