Are You Using THE ONE Proven Tactic to Boost You Black Friday Sales By Up to 320%?
It’s that time of the year again!
Did you know that there are less than 4 days before the biggest sales period of the year? Both Black Friday & Cyber Monday are set to rake in the lion’s share of sales this season as holiday shoppers scour the web for the best deals.
So is your eCommerce store ready for the year end shopping galore? What have you prepared to OFFER your customers?
THE ALL IMPORTANT STATS:
According to surveys and analysis by Deloitte & Adobe, both expect holiday shoppers to spend in excess of $1 trillion this holiday season. Yep, that’s 1,000,000,000,000 to be spent in just 3 months. It’s not often you come across such a large number in a way that isn’t theoretical, so I had to do several takes to make sure I had the correct number of zeroes.
So the question is: How do YOU get a piece of that pie?
Traditionally, retailers will be having a sale throughout the weekend, luring customers with irresistible offers! Say you’re looking for a pair of Adidas NMD sneakers, you will have tens of thousands of stores coming up with similar offers and customers are just completely spoilt for choices.
WHY DO FLASH SALES SELL BETTER?
It’s actually a combination of different factors.
SCARCITY AND URGENCY SELLS!
The limited time span and limited availability increases your visitor’s desire for your product and boosts urgency through the roof! When you know a deal will end in the next 10 minutes, you’re not going to think too long and hard about whether you should buy that thing or go running to a price comparison site to compare the different prices. Emotion is at an all time high! You make your customers DESIRE to immediately buy the product that you have on offer RIGHT AWAY. Scarcity and urgency sells…. Period!
Saying that, there are a few details you want to make sure you have in place to make sure your Flash Sale is a success rather than a flop.
RULE #1 – ONLY THOSE FEW SELECTED ONES, PLEASE!
Have a limited number of items. Don’t put your WHOLE STORE on sale. If you’re selling niche products, keep it to within 10-20 products. You want the decision to be “I want it” or “not”…. Not do I want this or this or this?
RULE #2 – IT SHOULD BE IN MINUTES, NOT HOURS!
Put the flash sale to a max of 60 minutes. This makes it WAY MORE urgent for visitors to take action immediately. The faster they take action, the less time there is to think whether they actually “need” it. Think back to the last time when you were at a store and you were thinking if you should get that red sweater and the sales person comes up to you and say, “That’s the last piece!”. Those 4 magical words! It immediately helps you to make up your mind and walk straight to the cashier.
RULE #3 – DON’T LIMIT TO JUST 1!
Don’t just have that ONE Flash Sale and put all your hopes in it! You may set yourself up to fail with just that offer as you may be offering something that your visitors do not desire. Instead, have several. Put different products on Flash Sale at different periods. And “leak info” about upcoming Flash Sales. Social media is a very powerful tool for leaking information or if you want to take it a step further, you can send out SMS-es to your customers to inform them about the upcoming sale. Emails do work too but as we all know, sometimes email is not immediate and your customers may not be aware of the upcoming Flash Sale.
Don’t be afraid to limit the quantity of items you have in the Flash Sale. If you have an amazing deal that the visitor missed out on, that’s normally a great incentive for them to take action quickly when the next Flash Sale comes along in the next hour.
TIME TO GET STARTED!
The Retaily Flash Sale Module is here to help you capitalize on the biggest eCommerce pie the holiday shopping season has ever seen. Access to the module is available only on InstanteStore V8 however, so if you have questions about updating your store, feel free to get in touch with us.
It’s easy to integrate with your store and setting up your flash sale is simple. You get a bunch of customization options with regards to duration (an hour, 12 hours, 24 hours etc), and a countdown timer for your product pages ensuring shoppers are always aware of the ongoing promotions.
There are conveniently placed social sharing buttons as well to that you can use to encourage your shoppers to spread the words to their own networks. This is something you can choose to further incentivize with social media promotions or contests.
Products included in the sale automatically display a “flash sale” icon on product listing pages so shoppers are aware which items are on limited time offer.
This encourages shoppers to keep checking back for different bargains once they know that such offers could be available on your site.
Once your flash sale concludes, you have full access to clear reporting to conduct your post-sale analysis. You’ll be able to see which products did well, then compare how sales were against non-sale periods.After that you’ll decide if you want to have another flash sale featuring those products, or choose different products to offer.
You can then email your customer list, telling those that missed out about upcoming opportunities for them to get great bargains.
Quick tip! Don’t try to sell everything you have, instead look at a profitable segment of your customer base and run a flash sale directed at them.
The benefits of adding the flash sale module to your online store don’t stop when the sale is over. With lots of data and new customers, you can immediately begin to leverage their lifetime value.
Don’t miss this opportunity to build trust, loyalty and improve your brand reputation by following up with brand messaging at touch points like order confirmation, shipping notification and updates and completed delivery. If you can, try and have a referral programme in place as well, it will help increase exposure for the flash sale.
The appeal of flash sales is the spontaneity and the surprise, which plays well with what experts call the experience economy. Retailers attempting to be unique and shoppers feeling they might be able to find blue moon items is an experience itself.
Online merchants capitalize on the shopping frenzy by having multiple flash sales, and if successful, end up skyrocketing your traffic and conversions.
Increase Conversions During The Holiday Season With Your Own Flash Sale
Thanks for reading the InstanteStore eCommerce blog. We hope you’ve found it valuable, let us know in the comments and share it!
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