Black Friday is the biggest shopping day of the year and it’s drawing closer each day. During this event, many shoppers flock to stores to get discounts on different products. While Black Friday is traditionally a mega-sale event in the United States, many brands and retailers in the Philippines have also adopted this event, offering huge deals for customers. The e-commerce businesses are no exception, as more and more, Filipino consumers prefer to shop online.
Filipinos look forward to Black Friday every year. According to the 2021 study of Black Friday Global, 73% of Filipino shoppers are aware of Black Friday.
If you’re one of the 27% who never heard the term Black Friday, the name may give you a sinister vibe. Well, we cannot blame you for that. After all, the term was first used to describe chaotic crowds and traffic. The term is also shrouded with different myths. So, we created this guide for you.
On this page, let’s understand what Black Friday is in detail. We’ll tackle the history of this event, including some facts that every business should know. We’ll also explain here the importance of Black Friday for e-commerce in the Philippines.
What is Black Friday?
Black Friday is an annual shopping event that originated in the USA. This day marks the unofficial start of the holiday shopping season. The event has a long history and now holds a cultural significance.
The term Black Friday was first used by cops in the 1950s in Philadelphia. They used the term to describe the congested traffic conditions on the day after Thanksgiving. This was because the suburban shoppers and tourists flooded into the city in advance of the big Army-Navy football game. Philadelphian cops back then had to work extra hours to deal with the crowds and traffic.
By 1961, the city tried to change the name to “Big Friday” to make it more positive, but it didn’t work. Only in the late 1980s were they able to reinvent the meaning of Black Friday. The retailers came up with the concept of “red to black”. The idea is that it was the day when they went from being in the red (losing money) to being in the black (making money).
Over time, the negative roots of Black Friday were soon forgotten. In the present, it’s become the day where retailers offer incredible deals and promotions to attract customers. In recent years, it has morphed into a four-day event and given rise to other “retail holidays” such as Small Business Saturday/Sunday and Cyber Monday.
When is Black Friday in the Philippines in 2023?
The popularity of Black Friday extended beyond the United States. Right now, it has become a global shopping event. Other countries, including the Philippines, have adopted the concept.
Black Friday in the Philippines is the last Friday of November. So, it typically falls on the fourth Friday of the month. In 2023, it landed on November 24th.
While Black Friday in the Philippines doesn’t hold historical and cultural significance, the excitement and opportunity it offers to retailers and customers alike are the same. Different brands and retailers offer promotions to entice customers.
Why is Black Friday Important for E-commerce Businesses in the Philippines?
Black Friday is no longer exclusive to brick-and-mortar shops. Nowadays, more and more shoppers are turning to online shops to avoid the hassle of waiting in long queues. This trend is also evident in the Philippines. If you are an e-commerce business owner, here are the reasons why you should prepare for Black Friday.
Your Customers Are Expecting It
One of the key reasons why e-commerce businesses in the Philippines should prepare for Black Friday is that Filipinos are already accustomed to it. Data from Google Trends revealed the interest of shoppers in Black is doubling every year. In the Philippines, queries relating to growth start on Wednesday and fade on Sunday (Google trend data in 2021).
Filipino shoppers already anticipated the Black Friday event. In fact, a past study from black-friday.global revealed that 59% of Filipinos already know what to buy for Black Friday. If your e-commerce business fails to participate in this event, you may risk disappointing your customers and losing potential sales.
Black Friday Shoppers Buy Online
As mentioned, Black Friday has evolved over the years. With the convenience and safety of online shopping, more shoppers in the Philippines are expected to turn online to find Black Friday deals.
Black Friday shoppers are more likely to shop online than in-store, according to insights from Oberlo. Moreover, a past study found that online traffic increases by up to 220% on Black Friday and 1555% on Cyber Monday.
To tap into this huge market, e-commerce businesses should optimize their online presence by creating a Black Friday marketing strategy.
Clear Up Your Inventory
E-commerce businesses often accumulate surplus stock throughout the year. Black Friday provides an excellent opportunity to clear up your inventory before the year’s end.
During the Black Friday event, you can offer different promotions on slow-moving items, overstocked products, or older models to make room for new inventory. By doing this, you’ll not only target bargain hunters, but you can also improve cash flow and reduce storage costs.
Entice New Customers
Black Friday is not only about retaining existing customers but also attracting new ones. By offering substantial discounts, you can capture the attention of new customers. Shoppers who have never purchased from your e-commerce store may be willing to give it a try if they find compelling deals.
Try offering exclusive promotions to first-time buyers on Black Friday. You can offer free shipping offer, a bundle offer, or just a huge discount.
Boost Your Sales
Increasing sales is definitely the ultimate goal of e-commerce businesses participating in Black Friday. Sounds straightforward, right? Yes, but it’s both true and effective.
According to Shopify, their merchants hit $7.5 billion in sales during Black Friday and Cyber Monday in 2022. It’s a 19% increase in sales from the $6.3 billion in 2021.
Boost your E-commerce Sales During Black Friday
The importance of Black Friday for E-commerce in the Philippines cannot be overstated. Your customers are already anticipating that your brand will join this year’s Black Friday event. If you disappoint them, you may lose an opportunity to create revenue.
So, don’t miss out on this golden opportunity to grow your business and meet your customers’ demands. Be Global E-commerce Corporation can help you prepare for this huge shopping event. From digital marketing to e-commerce store management and fulfillment, our team will be with you every step of the way.
Contact us and let’s make your Black Friday more lucrative than ever.
