Before October was even over, the big market players had activated their plans for Black Friday, with major retail, home goods and electronics chains already launching their micro-sites dedicated to Black Friday shopping. day.
With this year’s organization, Black Friday confirms its reputation and value as the big discount event of the year, which is expected to start at least from Monday 25 November, taking the place of intermediate sales.
This November, moreover, will be the third, after many years, without interim discounts, since the institution was abolished at the beginning of September 2022, by article 6 of law 4965/2022.
In order to harmonize the market with foreign trends and not to lose share from the competition of online shopping from abroad, the retail trade mobilized the interest of consumers through discounts and offers that link them to the specific day.
Black Friday: Preparation via the Internet
The chains allow those interested to fill in the special form and leave their email, in order to be informed first through a newsletter with the special discounts and offers that will apply during that period.
Through their platforms, the chains mainly enable the creation of wish lists, on the one hand, to show their preference for the products they want to buy, so that the companies’ algorithms can send them the corresponding newsletters with the corresponding offers.
On another level, there are not a few of those businesses that have already announced the percentage of discounts, in which they will proceed, strengthening the climate in their favor and attracting more customers.
There are not a few chains that, according to their tactics from other years, have already set the “clock” to count down, while small and medium-sized businesses in local markets also enter the game.
Despite the reluctance of consumers to proceed with purchases, it is clear that they attach importance to the offers made during this period. Thus, of those who said they plan to make purchases, nearly four in five survey participants (79%) said they are postponing some shopping until Black Friday and Cyber Monday.
A barrage of ads
And here comes the ad, which is appearing more and more often on television sets but mainly on social media, in an attempt to combine the discount event of Friday, November 29 with that of Cyber Monday on December 2.
Players, such as Public, Plaisio, Kotsovolos, Marmaridis, IKEA, but also large sporting goods chains, from JD.com, Cosmos Sport, Zackret to Intersport, intensify their communication with consumers, even announcing the start of Black Month – instead of a week or day – or Black Season to indicate the time period with big discounts.
Who is Black Friday for?
According to the first processing of the findings of EY’s major survey, Future Consumer Index Greece 2024, which is expected to be presented in its entirety in December, 1 in 2 Greek consumers intend to make a purchase.
As is reasonable, the willingness to buy is linked to income criteria and the price of the products, as among the five typologies of consumers monitored by the research, 62% of those who attach primary importance to the price and affordability of the products (Affordability First) state that they do not intend to buy something.
Young people aged 18-29 (65%) – and especially students (69%) – and secondarily the 40-49 age group (54%) are more willing. The presence of children in the family also seems to be decisive, with the percentages of those intending to make purchases being higher among those with minor children (60%).
Despite the reluctance of consumers to proceed with purchases, it is clear that they attach importance to the offers made during this period. Thus, of those who said they plan to make purchases, nearly four in five survey participants (79%) said they are postponing some shopping until Black Friday and Cyber Monday.
Black Friday like sales?
“What happened in the sales is expected to be repeated on Black Friday as well”, Makis Savvidis, vice-president of the Athens Chamber of Commerce, representative for Greece in the European Federation of Electronic Commerce (Ecommerce Europe) and vice-president of the Hellenic E-Commerce Association, confirmed to OT (GR.EC.A).
“In any case, this period is about the plastering process. However, it is estimated that it will have a shorter duration than other years. It was the pandemic that caused businesses to hold a lot of inventory, and after it ended, the business world made the inventory available to sell. This is no longer the case, as there are no such reserves anymore,” he added.
As the main reason, he mentioned the broader economic situation, the smaller profit margin that Greek companies have anyway, but also the change of model by the companies.
As Bain & Company emphasizes in a recent study, “Black Friday is a prime opportunity for retailers to improve promotional strategies, ensure adequate inventory and perfect in-store experiences.” Marketers who are ready to meet consumer demand this season and prioritize this channel will also take the lead.”
The 3+1 points that will determine the “winners”
Same day delivery and as soon as possible – even within an hour. Immediacy also concerns the flexible collection as and where each customer wants, a service that is combined with the famous Click & Collect, for collection from physical stores as well as lockers – a remnant of the pandemic period.
Payment in interest-free installments leveraging BNPL system, without or with credit card, quick payments in stores without customers going through the cash register, telephone purchases and installment plans make up the shopping scene, with options for consumers.
Depending on the company, it is possible to enroll in loyalty programs that ensure return in points, offering more benefits. Likewise, they secure part of the value in euros, for redemption in subsequent purchases at the same stores.
Variety and exclusivity in products, as each company tries to attract buying interest by projecting its own competitive advantage over the rest of the players in its own category.
Source: ot.gr
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