Planning a Flash Sale for Your Fashion Brand: The Pros, the cons
A flash sale is a limited time discount on your products. It often comes as a percentage reduction price or as a buy one get one offer. Such propositions trigger impulsive buying by giving customers very little to deliberate on.
Everyone wants to save. Customers see sales as an added benefit to getting a product of their choice. This makes promotions a great hook to reel in both new and returning customers.
Flash sales make people want to spend more money, quickly. And the thing is, they work. Whenever we see a limited time offer pop up in front of us, the fear of missing out is very real. “But I’m saving half the price!”. If any time was a good time to buy the television, it’s now.
Is a flash sale right for your business?
Flash sales increase your sales and bring attention to your brand. Almost like a wildcard for businesses, these will work any time of the year to help you meet your projections and optimize your profits. You’ll likely witness the most traffic and your best sales numbers during these promotions.
Considering this, should you consider hosting one? Absolutely yes. And here’s why:
- Increased sales: The limited-time duration of a flash sale makes customers buy fast and buy more to truly make the most of a good deal. This generates high sales in a small amount of time, generating revenue that your company can then use to grow. You can also use promotions to boost profits during slow seasons.
- Brand loyalty: Flash sales build brand loyalty in two ways. Firstly, they give curious visitors a reason to try out your products and become returning customers. Secondly, they show existing customers you care about their experience. This promotes warm feelings towards your brand and increases loyalty towards you.
- Stock clearance: The longer you’ll have idle inventory around, the more losses it will incur. Put these items on sale so they’ll find their way to the right customers. Reduce your storage costs and make room for newer, more profitable items.
- Brand awareness: Consumers love discussing sales. If you’re putting up a surprising sale, it will quickly become fodder for gossip in your target market. People will also share around your social media posts, bringing your brand in front of newer audiences. Even if they don’t make a purchase, they’ll still be more likely to buy from you in the future if they’ve heard about your brand from a friend.
All these are reasons you’ll see a massive spike in your website traffic during the sale season. The buzz surrounding your brand will keep bringing in new prospects, even after the sale is over. All you need to do is execute a flash sale right.
You can easily run a Flash Sale in form of a physical Pop-up, in partnership with a non-competing brand, who has significant foot traffic from your target audience; if you are into the production of Female Clothing, a beauty or skincare shop can host one of such Pop-up sales for your fashion brand, with both parties benefiting from the resulting buzz.
In planning a Flash Sale, make sure it runs only for a short duration, this will ensure urgency on the part of the buyers. Also, be careful to lower your price just enough to encourage rapid sales, and not to reduce the overall worth of your brand in the eyes of the customers. You don’t to be seen as cheap at the end of your flash sale. Offer limited stocks ONLY, to further pace up buying decisions.
Culled from: mailmunch.com