DISCOUNTING

How to prepare your business for Black Friday 2021 mayhem

By our News Team | 2021

‘Be realistic, but proactive’ is the advice from experts as African retailers gear up for the big day (or longer).

Many brands are celebrating African consumers’ rush to embrace e-commerce. However, the advancement is not without its repercussions, including some very high expectations. 

It is alarming that everyone is placing so much store in what Black Friday can deliver, even if the event has now stretched to include a whole month. Indeed, some e-commerce players have unrealistically forecast 60% of their revenue will be made over this period. This is according to Chelsea Owens, Business Unit Director at UK digital marketing specialists Incubeta.

Few knew what to expect ahead of some of the earlier Black Fridays, but now it has become clear that African companies have woken up to the power of online sales on one of the biggest (in some markets, the biggest) sales day of the year. 

Top tips on how retailers should prepare

Black Friday

Photo by Cardmapr at Unsplash

Incubeta shares six recommendations on how businesses can best prepare for the 2021 event.

  • Discount what your customers actually want: Retailers should avoid using pre-lockdown data as the basis for what they promote in 2021. Rather use online data and sales trends from just the last few months. 
  • Don’t neglect your feeds: Once retailers have their products chosen, it’s important to then check the correct product descriptions and have the right pricing ready for the day of the sale.
  • The cookie is not dead … yet: Firefox and Safari already block tracking cookies by default, and Google’s Chrome browser has joined the third-party-cookie-blocking fray. Therefore, this may be the last Black Friday where they can use the power of the third-party cookie.
  • Consumers are savvy, don’t try to trick them: It is brand suicide for companies to increase their prices a few weeks or months ahead of the sale and then promote ‘sale prices’ which are the normal retail price.
  • Start speaking to partners now: Make the decision on what stock to discount early and then begin preparing suppliers well in advance. This will ensure that merchants have stock to deliver and that their logistics are in place. 
  • Get your agencies on board well ahead of time: The best way to avoid disappointment is to engage with agencies early.

PS: In case you haven’t checked your calendar, Black Friday 2021 is on 26 November.

 

Source: Incubeta, UK

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.