November 27, 2019
November is globally recognized as the month for Black Fridays. Officially in 2019, Black Friday is expected to be on November 29, 2019. However, most retailers have launched their deals earlier than the said date. So what really is Black Friday and why should it matter to you?
What is Black Friday?
Black Friday is known as the biggest shopping event of the year. Most people are of the opinion that Black Friday connotes a dark time in the history of the world when slavery was legal in the Western world, while the actual origin was from the 1950’s when Philadelphia law enforcement officers dreaded been on duty on the day when the popular ‘Army-Navy football game’ was played.
This particular day saw the influx of people not only to watch the game but to shop. In turn, the city was turned into a traffic nightmare for just that day which made the name stick.
Over time Black Friday has evolved to become the day when retailers delight their customers with some of the best mouth-watering discounts on products sold. This not only builds brand loyalty for the retailers but is also a good avenue to make huge sales.
Why you should consider shopping on Black Friday?
Seeing discounts such as 50% off, 80% off and as high as 99% off on products which you want to buy might cause you to go on a shopping spree. This is further enhanced when your payment is made easy through e-channels instead of cash. You might lose track of the amount which you have spent. The best way to avoid this is to have a Budget.
Plan well ahead before Black Friday sales begin on how much you are willing to spend. This way you can properly channel your spending to just the most necessary items you need.
On the positive side, Black Friday is also a good day to make some buying decisions as items will be at the most discounted prices which you might never get all through the year. It is thus a good day to buy items cheaper and minimize costs.
Who are the major dealers involved?
This is typically the biggest sales day for e-commerce. This is the day when companies like Jumia, Konga, are the brands on the minds of consumers. It is also worthy of note that in recent years SMEs have also taken advantage of this day to boost sales towards their products and make consumers aware of their brands.
In 2018, there were 10,000 small businesses on the Jumia platform for Black Friday and in 2019 this figure has increased to 12,000 with over 10 million products on sale. This is the one single day when e-commerce records some of the highest sales. For instance, in 2016, Jumia recorded 7 billion naira in sales while Konga recorded 3.5 billion in sales. In 2019, popular Chinese retailer Alibaba (AliExpress) recorded $38.37 billion in gross merchandise volume and 1.29 billion in delivery orders at the end of its Black Friday sales.
How do you get informed about Black Friday?
Most e-commerce companies deploy a combination of print, digital, and electronic media channels to inform not just their customers but the wider public about the upcoming sales. The most popular platform utilized are Social Media Platforms.
In Nigeria, there are over 7 million active users on popular social media app ‘Instagram’ and over 23 million users on ‘Facebook’. We are in the digital age and the channels of information have largely moved from traditional forms of advertising or marketing to digital. This is due to the vast number of consumers who can be reached with ads through the digital channels which are easier to track and optimise. Nevertheless, other forms of promotional materials like Print media (Newspaper, Flyers), Outdoor Advertising (Billboards) are deployed to ensure a wider reach.
How can you get the best deals?
One of the ways to get the best deals is to sign up for the e-commerce newsletter. In most cases, this is the channel utilized to inform customers about specific deals that will be offered on that day. Some companies might also offer exclusive deals only to their newsletter subscribers. This way it gives them an edge over other buyers on how to make the best buying decisions.