What comes to your mind when you see this -
Urgency? Limitedness? Response-warranted? Or does it remind you of the popular words from the movie Anomalisa - “Our time is limited, we forget that.”
Here’s what it reminds us of - a viral marketing strategy. A phenomenon that’s just here and then gone in a flash.
Yes! We are talking about a flash sale.
A flash sale is a deep discounting strategy that runs for a short time on limited product sections. It typically lasts anywhere between a few hours to a few days. Most of us would have seen ‘limited time deal’ or ‘deal of the day’ in our fave e-commerce websites. That’s pretty much a flash sale!
Flash sales also show up during popular days of the month, such as Black Fridays or Cyber Mondays. Some stores like Amazon have their in-house flash sale days, such as Prime Day. The seeds of the flash sale were sown by Woot (now owned by Amazon) in 2004. Here’s a capture of probably what is the first flash sale of the world -
The popularity of this concept soon caught up with other businesses. Today thousands of websites and companies employ flash sales. Some sites like Groupon, Living Social, and Zulily offer daily deals that users can grab. Each day a specific product will be up for sale with a huge discount.
To answer this question effectively, we conducted an unofficial survey at our workplace. Here are the questions we asked -
The results were pretty much in line with what we expected. Here’s what a vast majority of them answered -
This short survey sums up the popularity of Flash sales and why it has evolved into the go-to discount strategy for most businesses over the years.
A flash sale increases your sales by triggering the phenomenon of FOMO(Fear Of Missing Out) in people. The urgency of the deal draws people to click and explore more about the product. It makes them think that this might be the best price for the product and it will not last long.
Flash sale is also a perfect tool for those looking to discard old inventory lying idle on their shelves. Apart from that, it aids in creating brand awareness, finding valuable customers, increasing overall customer loyalty, and boosting monthly GMV.
“Online stores saw a rise of 64,000% in their monthly GMV with the help of a flash sale in 2020.” - Wix
Remember - Businesses are in a race to steer their prospects toward purchasing their products. Any business that offers a product at a comparatively lower price wins this race. The loser ends up living with low conversions and unsold inventory.
Here are some tips and strategies to help you run a flash sale -
For existing Vajro users, here is a quick guide on how to add a timer to improve conversions.
With Vajro you can automate push notifications or send them manually. It even lets you schedule your notifications to a time when you think your users are most likely to respond.
For existing Vajro users, here’s how you create and manage your push notifications.
Businesses often forget that customers are sitting on a diamond-encrusted throne today. They have millions of options to choose from. If you’re not going to satisfy them, someone else will. This is where campaigns like flash sales can help. They help to quickly boost your sales volume and improve your overall brand visibility.
With most people spending a larger part of their time on smartphones, it has become easier to reach your target audience through a mobile application than a website. This is where Vajro can help. We are a leading mobile app factory helping brands expand their customer base.
Get in touch with us now if you want to know more about how to build a world-class mobile experience for your customers with Vajro.