This research examines the impacts of electronic commerce platforms’ sales promotions’ benefits on customer-based brand equity (platform brand awareness and platform brand association) and how these relationships are moderated by the promotion stage. Based on the two functions of sales promotions (stimulation vs. maintenance), we propose a five-benefit framework consisting of exploration, convenience, savings, social bonds and structural bonds. Our results reveal the two functions of sales promotions and the positive effects of the benefits on customer-based brand equity (CBBE). The differences between pre- and post-purchase sales promotions are also significant. We discuss the managerial and theoretical implications of these results at the end.