Online mega sales days and flash sales were once large drivers of e-commerce transactions but the proliferation of platforms and specials sales days is starting to wear thin with buyers.
FanRu Meng, CEO of e-commerce analytics firm Intrepid Singapore, said that the more frequent these retail sales are, the more customers see less value in them. In turn, it becomes more challenging for retailers to drive sales and conversions.
“There will be shopper fatigue. From a consumer perspective, there’s no more anticipation building up with significant dates to purchase a certain item when every other day, one can expect massive deals and discounts offered,” FanRu told Singapore Business Review.
To counteract shopper fatigue, FanRu said mega sales of retail brands and e-commerce platforms should be “differentiated.”
Lazada does this by localising its campaigns and working with merchants that will entice and will be relevant to communities in Singapore like Lunar New Year, Ramadan, and Christmas.
Lazada Chief Business Officer Carey Chong said they inject “exciting promotions” during mega sale campaigns, such as the million-dollar condo giveaway in their last 11.11 sale.
In Singapore, Lazada introduced Lazada Bonus, an additional campaign-only voucher that can be used on top of the existing store and Lazada vouchers, as well as Everyday Cashback, which presents shoppers with 9% cashback on eligible purchases.
These promotions are the “hallmark” of mega sales, Chong told Singapore Business Review.
This story is from the Issue 100 edition of Singapore Business Review.
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This story is from the Issue 100 edition of Singapore Business Review.
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