Black Friday continues to be a “pivotal” season for brands to connect with consumers

November 24, 2023 | By RetailME Bureau

According to Redseer Strategy Consultants in 2023 Black Friday (on November 24) will represent a $74-billion retail opportunity for the Middle East and North Africa (MENA) region, although its significance within the region’s online retail calendar is “moderating.”

From $61 billion in 2021, Black Friday sales soared to $70 billion in 2022 – driven by an overlap with the Football World Cup in Qatar – and are estimated to touch the $74-billion-mark in 2023.

While growth in retail sales during Back Friday is expected to continue this year, it will be at a “subdued” pace. This can be attributed to a shift in consumer behaviour towards “living in the moment,” which has resulted in more “impulsive” shopping habits, stated Redseer Strategy Consultants’ MENA-focused 2023 Black Friday report.

The anticipated growth in Black Friday online sales (18%) is expected to be slower than the overall market’s online growth rate (25%). This can be attributed to multiple factors, including the increasing tech-savviness of consumers, who now shop throughout the year embracing a more continuous shopping approach.

This change in consumer buying behaviour is one of the possible reasons why this year Redseer expects fashion to surpass electronics sales during Black Friday. The availability of competitive prices throughout the year has “reduced” the importance for Black Friday deals in the electronics sector. Additionally, electronics brands have adopted a strategy of releasing new products throughout the year, thereby diluting the traditional importance of Black Friday in the electronics market.

Having said that, Black Friday continues to be a “pivotal” season for brands to connect with consumers, Redseer observed.

Over 90% of consumers in the MENA region exhibit a willingness to explore new online brands during the Black Friday shopping season. This strong inclination underscores the importance of this period as an opportunity to acquire new customers and foster direct relationships. Brands must recognise that Black Friday has evolved beyond “just a day of discounts” to an opportunity to leave a “lasting impression” on the customer base.

It’s a strategically opportune time for them to not only capitalise on the market but also launch private labels and increase market share. By focusing on delivering value, trust and quality, brands can make the most of the evolving consumer landscape, foster brand loyalty and ensure they remain at the forefront of consumer choice.

Brands should adopt a multi-faceted advertising strategy that integrates in-app advertising within retailer apps and leverages influencer and performance marketing on digital media to effectively engage and connect with their target customers.

Overall, Black Friday’s influence on consumer buying behaviour in the MENA region has evolved over the years, becoming an integral part of the retail calendar. Originally a two-day event, it has now transformed into a festive quarter, alongside other key shopping periods such as Singles Day, Christmas/New Year sales, and locally created moments that extend the buying season throughout the entire last quarter of the year.