by Mandisa Makubalo, Unlimited Experiences
Research has revealed that from the year 2020 (which is less than 6 weeks away) Product and Price will no longer be the differentiator but Customer Experience, what does this mean for the future of Black Friday when the very essence of this day is about Product and Price.
So, who stands to benefit on Black Friday? Who is this day about? If retailers can drive such great traffic to stores and online on this day, the question is what makes this day different to other days? What are retailers doing that results in such high traffic on this day only to revert to business as usual at the end of this day? This brings us back to the original question "Black Friday, who benefits?" Who is at the core when it comes to this day, is it the retailer or the customer?
Is Black Friday a tool for businesses especially the retail sector to achieve break-even point? Does Black Friday mean that retailers are more brand-centric (focusing on profits and conversions) rather than being customer-centric (focusing on value creation, satisfaction and accessibility)? What message are retailers and brands sending by taking part in Black Friday? If competition is still based on Product and Price what does this say about the future of retail? Who benefits, the question still stands? What is the future for those retailers still taking part in Black Friday?
Should Black Friday not become the new business as usual where retailers and brands compete on customer experience rather than competing on Product and Price? Why do retailers feel the need to beef up on resources from the parking lots to the exit point and at every touchpoint on this day, working extended hours and allocate such huge budgets towards advertising and marketing just for this one day?
The question still stands, Black Friday who benefits?
Mandisa Makubalo is the founder of Unlimited Experiences, co-founder of WasteMinders, and Customer Experience Advocate. She is a highly experienced serial entrepreneur and change-maker. She is the founder of Unlimited Experiences SA, the first 100% black-owned customer experience management consultancy in South Africa, a business that helps companies become more customer experience centric. She is also the Co-Founder and CEO of a waste management non-profit organization called Waste Minders NPS, a company driving economic development through waste management and creating awareness around environmental degradation. Mandisa has studied and worked in customer environments for most of her professional career - her expertise lies in Strategic Planning, Design and Implementation and Service Excellence. Mandisa has been recognised and awarded for her exceptional leadership qualities throughout her career.
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