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What is Black Friday and why is it gaining popularity in India?

By Finserv MARKETS - Nov 30,2019
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For various reasons, the end of each year is often a cause for celebration worldwide. There’s the cheeriness associated with Christmas, and a general sense of positivity accompanying the beginning of a new year. But you don’t have to wait till December to let the joy sink in. November comes with its own share of great celebrations. Black Friday is fast becoming the most celebrated phenomenon this month has to offer. And India is quickly catching up. Wondering what it’s all about? Here’s everything you need to know about why this fabulous holiday has become popular in our home country.

What is Black Friday?

Black Friday is the Friday immediately following Thanksgiving (which always falls on the last Thursday of November). Typically, this last Friday of November is regarded as the start of the Christmas shopping season. While it’s considered as an official holiday in many cities, it’s observed as an informal holiday in others, with employees taking the day off and making it a four-day weekend. This time around, Black Friday falls on November 29th.

This day is best described as ‘Christmas come early’ for shopaholics and retailers alike. There are discounts everywhere, and if you have some things that’ve been sitting on your wish list for ages, the Black Friday sale might be the perfect time to take advantage of online discounts and clear up your list.

India has quickly caught on to this trend, and retail platforms like Finserv MARKETS are all geared up with incredible online discounts and fabulous deals to mark the Black Friday Sale. If you’ve had your eye on some premium home appliances, head to the Bajaj Finserv EMI Store this Black Friday to grab some one-of-a-kind deals on them. In addition to attractive price drops, you can even opt for low-cost or no-cost EMIs on the EMI Store.

Why is it gaining popularity in India?

A few years ago, Black Friday wasn’t such a huge phenomenon in India. More recently, however, that seems to have changed, with Black Friday sales becoming nearly as popular as Diwali shopping. Here’s a behind-the-scenes look at the factors that contributed to this growing love for Black Friday sales.

1. Penetration of international brands

The rapid growth of e-commerce in India has opened up new avenues for shopping. And India is poised to show even more rapid growth in B2C e-commerce development in the coming years. The compound annual growth rate (CAGR) of retail e-commerce sales in the country is projected to show an increase of 17.8% between 2019 and 2023. But that’s not all. This brisk rise of e-commerce has also encouraged the penetration of international brands into Indian economy. With the government increasing FDI limit to 100% for single brand retail, global brands like Nike, Sony, HP, and Puma have increased their presence in the Indian market.

What is Black Friday and why is it gaining popularity in India?

Source: emarketer

2. India’s growing consumer market

Aside from the attractive FDI policy, international brands have another reason to head to India. The consumer base in the country is only growing, and at the start of this year, India was well on its way to becoming the third largest consumer market in the world, preceded only by China and the US. The increase of FDI permissions to 100% in the electronic systems sector has also helped increase the inflow of international brands, especially with regard to consumer products like laptops, TVs, air conditioners, and smartphones. This, coupled with the untapped potential in the Indian consumer market, poses a favorable scenario for global retailers.

What is Black Friday and why is it gaining popularity in India?

Source: emarketer

 

 

3. Easy-to-access online discounts and deals

Data related to online shopping reveals that India loves its online discounts and deals. In 2017, the average online retail expenditure in India was $224 per person. The following year, the number of online shoppers in India stood at 120 million. And by 2025, the number of users is projected to grow up to 220 million. This tremendous growth is primarily because of easy access to price drops and excellent deals available online. The widespread usage of smartphones and the increasing number of applications that connect consumers with the best discounts online also contribute to the increasing popularity of the Black Friday sale in our country.

So, when Black Friday rolls around this year, you’ll want to be prepared with a well-populated wish list that you can check off in a frenzy of excellent online discounts. On the Bajaj Finserv EMI Store, you can purchase the latest smartphones, tablets, audio systems, gaming accessories, and a lot more from internationally acclaimed brands. The great thing is that in addition to the attractive discounts that are in store for the Black Friday sale, you can also make use of other customer-centric deals like no-cost EMIs and same day delivery, available exclusively on the Bajaj Finserv EMI Store.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522