Without any major holidays coming up, spring and summer are often slower seasons for online retailers. The rush between October and January seems like a long time ago, and consumers are getting ready for summer vacations. This often means less business for eCommerce stores unless they can leverage an event to drive traffic. The flash sale is one such event that can be very useful for giving online store revenue a quick boost, and the best part is that they can be held at any time of the year. This large-scale version of discounts and promo codes can help to generate even more brand awareness and boost customer loyalty.
Data is one of the most powerful tools for anybody running an eCommerce store. When you are able to get a clear picture of your various channels and the different trends that affect them, you’re able to make smarter and more informed future decisions that will keep your business on an upward trend for years to come. And, there’s so much to learn about your online store both during and after a flash sale; you’ll see more data in less time in terms of new geo-locations of customers to unexpected best-selling products.
If you have any excess inventory and want to move it quickly, a flash sale is a perfect solution for you. Offering the biggest discounts on the products that you want to clear out will ensure that they will sell out quickly so that you can make room for any new items. And, once you’ve cleared out your old inventory, you can start stocking new, exciting products to alert your customers about.
Almost 70% of customers say that digital coupons build brand awareness and encourage them to be loyal to the brand in question. Clearly, offering customers the option to grab a bargain has excellent value for your online store, and a flash sale is one of the best ways to do this. Marketing efforts that you make during a flash sale will get your brand name in front of a lot more eyes than normal, which can also improve your customer numbers.
While there will always be flash sale customers who simply turn up for the deals and disappear once prices return to normal, bear in mind that the end of a flash sale brings about several new opportunities for online retailers. Customers who came to take advantage of the event will now be in your address book, so you can use email marketing strategies to reach them and let them know about any products you’re selling that they might be interested in or future flash sales you plan to run.
While reducing your prices might seem counterintuitive in the short-term, hosting a flash sale can have many long-term benefits for your online store.