The Significance of Black Friday for FinTechs in Nigeria
Black Friday, an event that started as a day of bulk purchases right after Thanksgiving in Philadelphia, USA, has now become a global practice that runs throughout November, sometimes even December. It is a season characterized by ridiculous retail discounts and blockbuster deals that have become a significant opportunity for both sellers and buyers all over the world, including Africa. In recent years, FinTechs in the continent have become more aware of what this global shopping experience can mean for their growth and customer acquisition strategies.
For FinTechs, Black Friday is not only a catalyst for increased digital transactions, since their customers are constantly trying to get the best deals and so, there is a spike in online payments. It is also a season that challenges different Startups to be more creative about convincing users to partner with them for all their shopping payments. From exclusive deals, to cash backs and reward gifts, Startups entice their users and potential users to engage with their platforms, which eventually fosters their loyalty to the brand.
In 2017, Jumia - one of the largest shopping platforms in Nigeria- recorded 14.4 million visitors during her Black Friday sales with over 320,000 orders recorded in the first few days of the sale. The then CEO, Mrs. Amammah commented, “This year’s explosive Black Friday numbers demonstrate the increasing capacity and flexibility of the retail online space in Nigeria”. Nigerians and Africans at large, are voraciously adopting the online shopping system and more so during the Black Friday sales season.
Here are some tips on the best ways to position yourself to your users and potential users, to choose you for all their purchases this season;
1. Offer Rewards for their spending; Most people, if not everyone, like a little extra gift, or discount. This season, offer your users treats like Coupon codes, discounts, or Cashbacks every time they shop or spend on their favorite platforms using your products during this Black Friday. This gesture does not only encourage them to use your product, but it also lets them know that they are considered by your brand, which will eventually foster their loyalty toward you. With our Rewards API, you can offer all of these rewards more seamlessly to all your users, according to a specific pattern. The best part is that we can get you started in 5 working days or less!
2. Offer Branded items; As a Startup, building a community of users who engage and interact with your brand is a priority. This community of people is not only a family who identify with your products, but are also your potential advertisers in their worlds and spaces. Providing your most frequent users or engagers with branded merchandise or products during this season is a strategy that fosters the sense of belonging they have with your brand, while you also reach out to other potential users around them.
3. Run Ads relevant to your users’ needs:- Another way to position your brand rightly is to create and run ads that show how you can solve some of the issues your users might have during Black Friday. For example, you can create content on how your cards work on some of the most popular platforms your users interact with, so they can be assured they won’t have any issue purchasing items on these platforms with your products.
4. Send Reminders:- You can make use of App notifications, e-mails, or social media posts to remind your users of some of the Black Friday deals they can enjoy on the platforms they interact with most frequently. This would bring different deals to their attention and encourage them to spend more using your services.
5. Gamify their usage:- Since the goal is to encourage your users to spend more during Black Friday using your products, you can introduce a contest between your customers, rewarding the highest spenders within specific time frames. Adding attractive prizes to competitions like this can drive your users to increase their transaction volumes, trying to emerge the winner of the competition and elevating the rate of engagement with your products too!
Black Friday is not just a moment of shopping frenzy; it is now an annual event that presents opportunities for you as a FinTech to showcase your abilities, attract new users, and solidify your position in the dynamic financial landscape. Records show that participation during Black Friday sales is usually better than the year before so, as a stakeholder that is looking to discover better ways to solve it’s users’ needs during the next Black Friday, you want to gather all the data and information you can about the behavior and interactions of your users during this season, to enable you to plan for subsequent Black Friday Sales, with offers and solutions that are best suited for your users.
In summary, Africans largely depend on technology to manage their money and Black Friday is an opportunity for you as a FinTech to prove to them why they should choose you.
For more information or inquiries, please visit www.bridgecard.co