The sale of goods at greatly reduced prices, lasting for only a short period of time. Groupon popularized the flash sale by offering discount tickets to local establishments that must be purchased very soon after the offer is made.
Why Flash Sales?
From furniture to apparel, flash sales offer customers, deals they just cannot refuse. The catch is, limited availability of products and time window to grab the best deals unlike other run-of-the-mill promotions. This simulates impulsive buying among shoppers. Online flash sales have been a great hit from the time big players have started them to, now, when even small kiosks have learnt the ropes of flash sales!
Not only are flash sales used to sell items that are either out of season or have been sitting in catalogs for a long time, but flash sales also present a great opportunity to increase brand awareness, both, online and offline.
How is it done?
Here are the most important factors a retailer would consider before launching a flash sale:
- Determining the goal
- Choosing a target group
- Relevance- Deciding on the time
- Promoting the sale
- Deciding the terms of service
- Monitoring the sale
- Leaving a positive impression on the customer