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South Africans are not the only ones gearing up for Black Friday – retailers are equally upping their game to cash in on the pre-festive season fever.
While 2023 proved to be economically challenging for businesses and households alike, retailers are planning to make up for financial losses incurred throughout the year.
Estimates indicate that R60.4 billion will be spent in retail over the November and December period.
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Black Friday which was once associated with an American retail event has gained significant popularity in South Africa.
The massive shopping gateway that occurs on the last Friday in November has been rumored to be the silver bullet, paving the gateway to various opportunities for businesses to accelerate their growth to maximize profits.
Formal retail sales for Black Friday and the festive season are expected to top R60.4 billion.
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With ecommerce in South Africa breaching the R55 billion a year barrier, home delivery has become a way of life for the country’s consumers. Yet delivery isn’t the right fit for every retailer’s customer base or business model. Each merchant should balance the potential revenue gains against the costs and drawbacks of home delivery.
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The worldwide artificial intelligence (AI) industry is predicted to exceed $300 billion by 2026 and commerce and finance are expected to be the two key industries driving development.
Because technology is evolving at such a rapid pace, small and medium-sized shops should consider how they might leverage AI and automation to stay ahead of the competition.
This is according to fintech company Capital Connect's chief executive, Steven Heilbron.
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Eskom's load shedding on Black Friday will make things harder for shoppers and retailers, but malls with backup power stand to win big. The consumer frenzy on the final Friday of November will be the first in two years outside of lockdown, with retailers already gearing up for an influx of shoppers. Black Friday will see physical malls and e-commerce sites fill with bargain hunters, but load shedding has the potential to disrupt both shopping experiences.
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Black Friday—which has evolved into a month-long frenzy of sales and specials—is one of the most important events on South Africa’s retail calendar. Yet with fierce competition and a cash-strapped consumer, retailers have to be nimble and innovative to get their share of billions of rand in Black Friday spending this November.
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We are seeing a surge in entrepreneurial activity despite the difficult economic conditions South Africa has endured over the past two years with many many entrepreneurs reporting that they have identified new opportunities because of the pandemic. Yet the Global Entrepreneurship Monitor (Gem) reveals that ease of access to finance remains a perceived barrier for the country's entrepreneurs.
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We are seeing a surge in entrepreneurial activity despite the difficult economic conditions South Africa has endured over the past two years with many many entrepreneurs reporting that they have identified new opportunities because of the pandemic. Yet the Global Entrepreneurship Monitor (Gem) reveals that ease of access to finance remains a perceived barrier for the country's entrepreneurs.
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With Amazon reportedly set to launch in South Africa next year, forward-thinking retailers are starting to position themselves to defend and extend their share of the R30-billion per year retail e-commerce market.
Those that are agile and innovative enough will benefit from a surge in transactions as South Africans become more comfortable with online shopping.
“With a 30% share of the UK e-commerce market and 50% in the US, Amazon is a force to be reckoned with,” says Steven Heilbron, CEO of Capital Connect. “In recent years, Amazon has shaken up markets from Australia to the Middle East with its top-notch customer service, aggressive pricing and extensive product range.