India is the second-largest country in the world. The average age in India is about 28 years. We are an immensely big young nation and we do what every other continent does but more in volume. With a population of more than 130 crores, India is a hotspot in demand generation. This makes it a prominent place for old businesses and new businesses.
India is not only big in terms of people, but we also are a huge celebrating nation. Speaking of both regional and national events, India has the most festivals in the world. Needless to say that with this young generation and driving fast-paced technology, Indians are not normal citizens anymore.
We are turning more into global citizens. Global citizens are not just confined to their nation but are open to accepting global traditions. They break open the national boundaries of culture and tradition the fastest of all. We love shopping cultures. This explains millennials acting all excited for global festivals like ‘Halloween’, ‘Thanksgiving’, and ‘Black Friday’.
This article is about one particular festival. A global festival starter to be precise. The Black Friday. How it affects our new businesses and startups in providing them with a boost. A cultural boost, read on to discover.
The Black Friday
Black Friday is the Friday that just precedes Thanksgiving in the United States. Retailers all around put sales on the occasion to kick start the festive season. The next month is December and December means Christmas around the world. This is the sweet spot just after Thanksgiving and right before Christmas.
Black Friday has been the busiest day in the US in history and it continues to be the show starter even now. This festival provides a good boost for retailers and businesses in the US. Since India is open to all cultures, we also flow with this wind.
India and Festivals Culture
As mentioned previously we all know that India is a land of festivals and homogenous culture. When globalisation and technology hit, we opened our wings to the world. Make no mistake that culture travels faster than goods.
India has seen increasing celebrations of western festivals and occasions continuously. From malls covered in themes of Halloween to the lights and blushes of Christmas. Our culture has globalised. So does the behaviour of consumers.
Now we look forward to not only the Diwali sale but also the ‘Black Friday' sale. Shopping in India is a culture and globalisation has boosted it for sure. Now brands and new businesses look forward to launching in the festive season.
Black Friday Sales Wrestle
Black Friday is synonymous with huge discounts. It is also synonymous with shopping like absolute animals. Shoppers go mad and they raise a ruckus. An employee had to climb on a table to avoid a crush of shoppers at a Chattanooga Victoria's Secret Pink store, the news reported.
People wrestle over discounted clothes and fight for plants and pots. This is what a good Black Friday deal can do to consumers. Reports said that in the 2018 black Friday, shoppers on average spent up to a thousand dollars. While most people try and suffer the hassle of going to stores, eCommerce websites also witness huge traffics. Such traffic that heats up their servers.
Black Friday Business Intrusion
If you think that consumers are the only demographic that enjoys this Friday, you're probably wrong. Brands all over the world start preparing to fulfil the demand months before this day. They know how to make and generate demand for their goods. So they also wash their hands in celebrations, with campaigns.
Businesses try to capture people with campaigns. If you're a startup, winning this day of the year can ramp up your whole game. This is a high tide and if you know how to surf, you are all set. Here we'll discuss how brands manage to get a large economic pie.
How Black Friday can help you get initial boost for your startup?
As people celebrate, brands lend a hand with campaigns. They start decoding the market from September itself. So September and October are the planning months.
Brands and newbies need to be sure about the goals. There can be explicitly two goals - To acquire new customers or to increase current profits. It will be the compass for planning further. Figure out deals, deals that are mouth-watering. This is the month where credit cards get warm.
You can’t really imagine your sales without creatives. It is imperative to spread the marketing butter all over socials. Make your signs a little squarish for better communication. Spend October spreading the news, discounts and whatever. Try paid marketing, diversifying your posters, and emailing. The point is to buy traffic earlier than others.
If your goal is to maximise profits, then you need to notice and enhance the AOV. Average order value can be enhanced by grouping products. Grouping products with others will lead to more freedom to give discounts. As well as it will increase your revenues too.
While established brands go for more orders, new businesses or startups go with more conversion rates. Converting more people into consumers will take spending. So before a successful Friday sale, comes spending. Figure out a CAC, customer acquisition cost and plan your deals and discounts accordingly.
Black Friday is followed by Cyber Monday. Which means more space for spicey offers. Brands should keep in mind that Black Friday and Cyber Monday aren't just for e-commerce but can be a big sales day if you apply the right Black Friday Tactics, Black Friday promotion ideas, Black Friday Promos, Cyber Monday ads, and Cyber Monday Marketing techniques. That will be the recipe for your successful sales season. As always, It's not too late to get started.
What is Black Friday?
Black Friday is the day stores began to turn a profit for the year as it is the biggest shopping day in the United States.
How to boost sales on Black Friday?
Build anticipation about your product, Make exclusive offers, and Reward your previous customers.
Do companies make money on Black Friday?
Yes, Black Friday is the most profitable week or month for the majority of retailers.
Must have tools for startups - Recommended by StartupTalky
Subscribe to StartupTalky
Get the latest insights delivered to you right in your inbox