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Flash Sales Definition
Closely related to daily deals, this term refers to sale events that take place for a limited time. Flash sales can last anywhere from several hours to a couple of days and entice consumers with huge bargains (usually 50% and up). The catch is, shoppers have to complete the purchase ASAP. Otherwise, they risk losing the items to other shoppers or they run out of time and miss their chance to grab the deals they want.
Zulily, a shopping site for moms, babies and kids, is an example of a flash sale website. Zulily’s events “open at 6am PDT and usually last 72 hours (some are one-day sales). After that, they scoot away to make room for new events.”
That’s why customers are encouraged to shop early and shop fast, so they can get their hands on the widest selection. Zulily does announce its flash sales in advance so moms can mark their calendars and prep for the sales they wish to attend.
Flash sale is a convenient means to promote sales of products and attract customers to purchase products. It helps businesses to accomplish or achieve great results in sales through a means that can be termed smart. It involves selling products on discounts or promotions on goods for a short duration. In other words, it’s a strategy by e-commerce store where the prices of products are suddenly reduced in what is sometimes termed last minutes’ deals, Black Friday sales, end of the year sales and so on.
It is a fast means to create awareness about new or existing products which improve sales. These products sold on discounts are earlier or later sold at a high price. The truth is most companies or businesses have already accumulated enough profit for these goods when the prices were earlier high. Flash sales can also be a means to sell off remaining company’s products at little prices whose loss is already covered by the high price sales on the products earlier on.
Now as a seller, flash sale helps attract customers and increase revenue for your business. Research has shown that individuals easily order goods seen during flash sales, which are of immense benefit to the e-commerce companies and help to promote sales of goods that might have stayed for long without any prospect of being purchased.
Also, it helps to gain loyal customers who most times continue their purchases from that online stores and even recommend people to them. Flash sales generate and promote sales and traffic to the website of the business.
While flash sales are important, sellers must take note of some factors that are important to maintain confidence and customer loyalty. One of the factors is making sure that the goods sold are in good condition and the value is worthwhile, prompt delivery of goods purchased. Goods should not be below the expectation of customers.
If goods are not in good condition and you are aware, it is better not to sell them on flash sales because it will make your customers lose confidence in you and your products. Also, advertisements for goods on flash sales should be genuine and sellers must make sure that everything they say about the product is at least 90% true.
Furthermore, there should be no unnecessary extra cost in an attempt for customers to purchase these products because if they notice there are unnecessarily extra charges, it might give them an impression that these goods are not actually sold at cheaper rates instead the cost is subtly being divided into different means which must or will be paid in course of the purchases.
Finally, the response on complaints must be prompt and effective, and sellers must be willing to accept back or take responsibility for goods that were found to be faulty or spoilt when the error cannot be traced to the customers. Sellers can decide to offer other goods in return or refund. This gesture will help create a sense of confidence in the mind of the customers and eventually loyalty to your company.
Though flash sales are good and efficient means of promoting awareness to products online and improving sales of the product, there have been some concerns over the years such as increase in impulse buying, unnecessary credit card purchases, misuse of budgets and purchase of products that are not really important to the customer, exaggeration of products and what they can offer.
Overall, it is one of the best channels to promote sales on e-commerce platforms. Many e-commerce stores such as Jumia, Amazon, Alibaba express, J. C. Penney recorded loyal customers and success through flash sales.