Online sales in Nigeria have multiplied between 2011 and 2012 from $10.5 million to about $3 billion according to a recent report by Euromoney International. This was in 2013.
This figure is now over the roof if the prediction of experts in the Nigerian financial service sector is anything to go by. They estimated that Nigeria’s e-commerce market value could rise to $50billion (N15.45trillion) over the next decade.
Furthermore, mobile phones significantly contributed to the country’s booming e-commerce industry. A 2016 report by Criteo found that 73% e-commerce transactions in Nigeria happened on smartphones in Q1.
There is no gainsaying that e-commerce has come to stay in the country and of course, the numbers will continue to appeal to the players in the industry including -Jumia, Konga. Yakata and Payporte.
Understandably, eCommerce came to Nigeria with some perks. One of such perks is Black Friday. Black Friday is the day following Thanksgiving Day in the United States. Since 1952, it has been regarded as the beginning of the Christmas shopping season in the U.S.
Bring it down to Nigeria, we have infused our own ideas and thoughts to make it a Nigerian Black Friday. This year Jumia and Konga’s Black Friday has started in earnest when the real Black Friday falls on November 24th. The competition is real.
Black Friday the Nigerian Way
There is no doubt that many Nigerians wait for Black Friday to shop because of the discount they are offered. However, they have raised eyebrows on some of the practices of some e-commerce platforms especially Jumia and Konga. You can fathom this through social listening on social media.
According to popular belief, these websites inflate their prices few months before Black Friday and they will restore the original price of the product a day or two to Black Friday. In other words, shoppers are not getting any discount on whatever they are buying.
Furthermore, another group of Nigerians have complained that there is nothing outrageous about Nigeria’s Black Friday because they are not getting ridiculous discounts. Regardless, there are stories of Nigerians who got fantastic deals.
The fact that the anti-black Friday movement in Nigeria needs to realise is that Nigerian Black Friday can never be compared with that of the US or the UK. If Black Friday is done the way it is done in these countries, many of the e-commerce stores in Nigeria will go under. Additionally, Nigeria’s economy is still teething and the business environment is still a bit unfriendly. Therefore, they have to be smart about it.
How To Get The Best Black Friday Deals
Set a budget
How much can you realistically spend this year? No one wants to be drowning in debt because of Black Friday. Allocate that budget across your list.
Do your research before Friday
If you are hoping to get a deal on a big-item during Black Friday sales, go ahead and get your research out of the way as soon as possible. Being knowledgeable about the products you want to buy will help you avoid being carried away with intensive advertising for poor products.
Do not just jump at the price you are offered. Ensure you compare prices.
Decide where you want to shop
Knowing when the stores and online platforms are having their biggest sales and comparing prices on the things that you want to buy will allow you to come up with a strategy on which stores you need to shop first. To help ensure that you do not miss a good deal, prioritise which stores you do not want to miss going to.
Shop in tandem with your friends
One of the fun ways to get the best Black Friday deas is to shop in tandem with your friends. Also, let them know the list of things you want so that when they find the best deals on any of these products, they will send it to you and vice-versa.
Should Black Friday Continue?
As far as e-commerce exist and continue to expand in Nigeria, Black Friday is unstoppable. For many of these e-commerce platforms, Black Friday is when the day (or week) they make the most sales and if they perform creditably well, they will break even. There no argument about this. The only thing they need to do is to step up their game and reasonable discount to shoppers.
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