Flash Sales or ‘daily deals’ as they are known in the west, are a growing phenomenon in China’s competitive online market. Flash sales have become increasingly important as companies offering similar products are forced to compete on price in creative ways. Not only do companies list daily deals on their website, but they also have fully automated apps that allow users to receive notifications for products and brands that they select. Generally a flash sale will last up to 2 days, but it could be as short as 2 hours. The shorter the sale, the bigger the discount.
“In the west, we’ve had deal of the day type offers going for a while, but they’ve never taken flight the way they have in China,” says Ryan Cordoni, Marketing Manager at Richway Tech. “A company like VIP shop has built an entire business around the idea, with enough success to attract a lot of foreign investment in just a few short years.” VIP shop formed in 2008 and has been a publicly traded stock since 2012 in America.
VIP Shop is arguably the most successful flash sales company in China. They are one of several large Chinese companies coming to Vancouver, Canada to attend The Canada China Trade Conference. The CCTC is taking place on August 23rd of this year at the Vancouver Convention Centre with talks starting at 9:00AM. The event presents an opportunity for Canadian businesses to network with Chinese e-commerce companies as well as learn digital marketing strategies from the people who built China’s Internet from the ground up. Tickets start at $300.