Every year, on the fourth Friday of November, a day eagerly awaited by shopping enthusiasts arrives Black Friday. This special day traditionally follows Thanksgiving in the United States, marking the beginning of the holiday shopping season. Over time, however, this shopping frenzy has spread worldwide, and consumers’ eyes gleam with the anticipation of significant discounts and deals.
The origins of Black Friday date back to the early 20th century in the United States. During that time, the retail sector started organizing special discounts and campaigns to kickstart the holiday shopping season and enter a profitable period. However, the term “Black Friday” is associated with the financial term indicating businesses turning profitable during this period. First used in Philadelphia in the 1960s, the term implies a challenging day for police officers due to heavy traffic and crowds.
As the popularity of Black Friday has grown, so has the competition between stores and online retail platforms. Consumers expect to encounter incredible discounts and various promotions on this special day, while businesses strive to make it one of the most profitable days of the year.
This particular day is especially filled with significant discounts on products like electronics, clothing, shoes, and toys. Stores and online platforms entice consumers with attractive deals, encouraging them to make purchases. Discounted prices, “doorbuster” deals and limited-time campaigns with a limited number of products are just a few of the elements that heighten the shopping frenzy.
In 2023, a sales volume of 70.9 billion dollars was reached worldwide on Black Friday, and Black Friday was met with record sales in online shopping, especially in the USA.
Despite slow growth in the global retail industry, Black Friday sales brought an unexpected boost to the holiday season. While retail sales increased by only 2.3 percent compared to the previous quarter, e-commerce continued to grow faster with a market share of 15 percent. It recorded a growth of around 7 percent last quarter. In the USA, it increased by 72 percent compared to last year. Revenue from these payments increased by $79 million during this period.
In Turkey, an economic size of 801 billion TL, corresponding to approximately 6 percent of the gross domestic product, was reached in 2022. According to the E-Commerce Ecosystem Report, the number of transactions has doubled since 2020, reaching 4.8 billion. This shows that Black Friday is a strategic opportunity for e-commerce businesses. Businesses should take this size into account to strengthen their online sales channels and offer special offers to customers.
References
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