South African retailers traditionally look forward to Black Friday because of the potential to drive strong additional sales and increase their revenues. But Black Friday has not been the same since the pandemic; this year, record levels of load shedding and a difficult economic situation muddy the picture even more.
Ingrid von Stein, host of Biz Insights connects with Gerhard le Roux, Capital Connect to find out more about the company and how they work with SME’s, and delves into ways retailers can maximize on their sales, not just for Black Friday, but beyond.
Research commissioned by Capital Connect forecast that additional retail sales from the promotional period will be nearly 25% weaker than they might have been in a year with more stable power supply, indicating that load shedding to cost retailers R5.4 billion-plus in lost Black Friday revenue this year.
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. Le Roux further discusses some of the key trends shaping consumer behaviour, how they will affect Black Friday retail sales, and some of the ways retailers can respond. Furthermore he sheds light on how leading retailers are innovating to grow, despite the tough economic conditions and key tactics for retailers who haven’t already moved into top gear for Black Friday and the festive season.
