8 November 2022 – (Cape Town) As retailers prepare for Black Friday to officially kick off the festive shopping season, South African business owners seem to be weary despite the incredible earning potential of the sales extravaganza. A local Fempreneur community, Xena, is taking to their online platform to educate female founders on how they can use Black Friday as an opportunity to make strides in their business.
Why is it so important for females to succeed on Black Friday?
New analysis by Boston Consulting Group (BCG) shows that if women and men participated equally as entrepreneurs, global GDP could rise by approximately 3% to 6%, boosting the global economy by $2.5 trillion to $5 trillion.
When looking at why women are not able to fully participate, research found that women have less confidence, less financial ‘know-how’, less access to finance and funding, and less access to networks.
And it shows…
A quick poll on the Xena network of over 7,000 fempreneurs, resulted in a whopping 63% who voted that their businesses would not be offering any sort of Black Friday deals. Reasons for this lack of participation include:
• Unsure of which products or services within their portfolios to promote
• Unclear on finances, profit margins and how to maximise on the Black Friday craze
• Lack of confidence with marketing and advertising
More than ever, South African consumers are hyper-focused on finding the best bargains to alleviate a long year of financial strain, and Black Friday is no exception. For most, the effects of the COVID-19 pandemic, petrol hikes and ever-increasing cost of living have left them pinching pennies when it comes to their spending habits. That said, very little will stop local consumers from participating in Black Friday & Cyber Monday with many consumers saving up to get the most value during the biggest sale weekend of the year.
“Globally entrepreneurs have seen a growing trend to eCommerce and social trade especially during the month of November. This year is no exception and it is clear that Black Friday deals will extend beyond retail, to building new customer networks and sales ecosystems. Women in particular are incredible collaborators and it would be great if we could see brands collaborating as they go up against the industry “Goliath’s” to generate even stronger acquisition opportunities and leverage off the increased social traffic. It is the perfect time to leverage the spending trend and get in on the pre-festive action”.
– Erin Louw, Founder, Xena.
10 tips for female business owners to dominate this Black Friday:
- Do your research. There is never a need to reinvent the wheel. Try something that has been proven to work before and put your own ‘flavour’ to it
- Think about timing. Can you fill a ’quiet gap’? Can you start your promotion early or run it a little later than the rest?
- Run the numbers. Figure out which products/services within your repertoire can get you the highest return on your investment both in the short term and the long term
- Set up a seamless transaction system. You want your customers to be able to transact with ease, with no time for ‘second thoughts’
- Personalise your communications. Make customers feel ‘seen and heard’ and save their data (with their permission) so that you can transact with them again in the future
- Collaborate with other local, female-run small businesses to create unique, irresistible offers
- Wear your fempreneur badge with pride! Be the face of your business and make your customers feel like they know you
“This Black Friday, Xena is focusing on empowering our community to maximise on the biggest shopping weekend of the year. With the start of the festive sale season and the post-covid comeback in full swing, female founders can and should play a monumental role in boosting the economy.”
– Cate Williams, Head of Product, Xena.