Somewhere in the world, there is Black Friday Mayhem!
Up to 50% off…Ends tonight! Deep discounts with time based offers is the promotional tactics used by retailers to reel in consumers to buy more this Black Friday. If that’s not attractive, how about “Extra 10% off these prices” to really get you excited. In reality, Black Friday is a 3-day event, there is an offer for everyone, Pre-Sales, Event-Sales and Post-Sales. It is hard not to be excited this weekend.
Black Friday, a massive day for retail sales, originated in the USA. Started in 2005, when the National Retail Federation, an American trade association, noticed a spike in online sales after Thanksgiving, which falls on the fourth Thursday in November. While Thanksgiving is a long tradition for families to get together, this weekend in November is month away from Christmas, and it marks the start of the holiday season.
Black Friday has become a popular shopping event in Vietnam with retailers offering promotions to boost revenue while shoppers hunt for attractive discounts. You can feel the buzz of excitement at shopping centres like Vincom and Aeon, as well as stores along shopping streets like Chùa Bộc, Bà Triệu, Bạch Mai, Lương Ngọc Quyến and Phạm Ngọc Thạch.
Online retailers like Lazada, Shopee, Tiki are rolling out time based events, massive discounts for popular products by the hour. So you have to watch the clock, catch the offer, and be quick to hit the buy button. It is a good time to grab an offer and make your Christmas shopping early.
So how big is Black Friday in Vietnam?
From a study by Black Friday Global, this event is significant retail awareness and consumer participation. 88% of Vietnamese know what Black Friday is all about. 28% participated in 2017, and in 2018, participation rate increased significantly to 44%. Less buyers seek deals in brick and mortar shops from 6.98% to 4.17% and more buyers shopped both online and physical stores from 55.81% to 62.50%.
From the study, an average of 3,000,000 VND will be spent by consumers in Vietnam on purchases this Black Friday. Whereas the average American is expected to spend $515 USD over the same period. Most purchases are made in categories of daily use products like clothes, shoes and cosmetics, and also big ticket items like home appliances.
Today, consumers are increasingly trolling the Internet for discounts and spend less time window shopping in malls like before, and they are buying more online because of the convenience. With just a few simple mouse clicks, the product you purchased is delivered to your door after a few hours. E-commerce giants like Amazon and Alibaba are driving this trend and their exponential growth proves it.
The Fourth Industrial Revolution is unfolding, keep up with the trend, don’t be left too far behind. The traditional retail model of yesterday will not survive the competition from multi-channel e-commerce today. Think about the current trends to build your retail business strategy. Follow us on Facebook for more stories.
