How Flash Sales Can Help Your Business
Adam Lilling is a Serial Entrepreneur & Investor (http://www.lilling.com/). In this video he talks about how flash sales can help your business.
- Flash sales: a limited offer of high discounts
- Allows product flexibility
- Offers unique value to customer base
- Enables buying power with manufacturers
I'm spending a lot of time investing and building in the social commerce space and one of the first big breakouts is flash sales.
Flash sales is this idea that there's a very limited number of products. It might be one thing. It could be ten things but it's not a whole storage worth of products and it's creating limited availability.
It's available until it's sold out and it can help a business tremendously by saying, look, I don't have to take and buy lots of different products. I could focus on ones that I really want to sell whether I'm liquidating them or I have the ability to buy lots of them from a manufacturer.
I'm able to bring value to my customers by giving them an opportunity to get something either early or cheaper and I'm going to get buying power out of that with my manufacturers because I'm going to buy more than one or two units that I normally buy. I might buy 10 or a hundred or a thousand and they're going to look at me differently. They're going to say I can get lots of buyers through you.
And then you'll create more and more programs over time so flash sales is a good way to start by taking your existing customer base, maybe finding new customers by selling various limited amounts of products at a great price for a very limited amount of time and then you'll find those people coming back more and more just to look and see is there something new that I can get from you
And as a business, flash sales can really increase your growth rate but not increase your expenses by adding lots and lots of inventory to your mix.