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Black Friday 2024: Indian Retailers Gear Up for Massive Growth
Retailers across various categories have already kicked off their Black Friday campaigns, with expectations of 10% – 200% sales growth compared to last year
Originally an American retail tradition, Black Friday has firmly rooted itself in the Indian market as a prominent sales event in stores and online. Indian consumers are extending their shopping momentum beyond Diwali to take advantage of Black Friday and Cyber Monday, reaping the benefits of discounts and deals.
Retailers across India are adapting to this demand by curating early bird discounts and exclusive promotions turning the event into a key opportunity for boosting year-end sales..
The global Black Friday sale market is projected to reach approximately $278,645 million in 2024, according to data analytics platform Future Market Insights. Meanwhile, in India retailers across various categories expect a 10%-200% sales growth this year, some of them told IndiaRetailing.
What they are offering…
Many brands are launching early promotions to capture consumer attention before the official start of Black Friday, offering sneak peeks and early access deals to loyal customers.
“Black Friday Sale is always an exciting event not only for our customers but also for us as we experience an increase in footfall,” said Rohit Gopalani – SVP and head – leasing, marketing and corporate communications, Inorbit Malls.
The mall is preparing for the sale season, featuring discounts of up to 50% from brands such as H&M, Victoria’s Secret, Samsung, Starbucks, Vero Moda, and Lenskart, among others.
“One noticeable trend is that many brands are starting their promotions earlier, with some launching sales a full week in advance. This strategy not only helps to spread out consumer demand but also reduces the intensity of the one-day rush, allowing retailers to sustain sales momentum throughout the entire week,” added Gopalani.
London-based online fashion brand Urbanic kicked off its Black Friday sale on November 24. Meanwhile, Savana, Urbanic’s newly launched Gen-Z-focused label, began its sale on November 25. Both platforms are offering discounts of up to 70%.
Online fashion and beauty retailer Nykaa has returned with its Pink Friday Sale, offering discounts of up to 60% on all products. Meanwhile, Myntra has announced its Black Friday Sale, running from 27 November to 1 December, featuring discounts ranging from 40% to 70% on premium brands. Flipkart has also started its sale with up to 60% off on brands, mostly focusing electronics and consumer durables.
Amazon India will be having its first-ever Black Friday event, running from 29 November to 2 December. It will feature deals on brands including Apple, Samsung, Nike, Calvin Klein, Tommy Hilfiger, Panasonic, Jean Paul, Dabur, LG, ALDO, Swarovski and more across electronics, appliances, fashion, and beauty categories.
Several brands, including Savana, feminine hygiene label Pee Safe, fashion retailer Latin Quarters, Gen-Z fashion brand NEWME, skincare brand Clinique, and beauty brands Pilgrim and Blur are adopting the clever ‘buy 2, get 1’ and ‘buy 1, get 1’ strategies, where the customer will receive the lowest-cart value item for free.
“For this Black Friday, we are planning to launch a storewide offer that will apply to all products across our store,” said Rahul Bhalla, CEO, Latin Quarters. “We are also making sure that our stores are stocked with a 100% fill rate. This means that every product will be available in ample quantities, to avoid any stockouts.”
Brands are also investing heavily in digital marketing, with targeted ads, influencer partnerships, and email campaigns aimed at driving traffic to both online and physical stores.
“Beyond offers, businesses are employing tactics like tiered discounts, AI-driven recommendations, and gamification to enhance engagement,” said Gopal Asthana, CEO, Tata CLiQ. “They are also leveraging influencer marketing to amplify visibility and enticing customers with perks such as free shipping, complimentary gifts, and exclusive deals for loyal shoppers.”
To boost awareness of the sale, Tata CLiQ has rolled out a social media campaign on Tata CLiQ Luxury, spotlighting Bollywood director and choreographer Farah Khan.
Skincare brand Fixderma deoesn’t typically encourage heavy discounting, but it believes in riding the wave of Black Friday. “Black Friday offers help us to gain interest of new customers and alongside increase the excitement amongst our existing ones,” said Preetam Jena, CMO and e-commerce head at Fixderma.
What they are expecting…
Black Friday 2023 delivered strong results, with consumers spending $9.8 billion on online purchases, a large share of which came from mobile devices, according to a Forbes report. Shopper traffic to physical stores also saw a 2-5% increase compared to 2022.
This year retailers are expecting increased participation, particularly from young, urban consumers drawn to attractive discounts across categories like fashion, electronics, and beauty.
Two-year old fashion-tech start-up NEWME is expecting 10-fold growth in a single day and is prepared to serve over three to four lakh customers nationwide.
“Last year’s sale was a game-changer, driving a 10-fold growth in online orders and a 6-fold increase in sales across our Bengaluru stores in just one day. This year, we aim to achieve approximately 10-fold growth in a single day. What we usually accomplish in an entire month, we plan to achieve in just two days this Black Friday,” said Sumit Jasoria, co-founder of NEWME.
Urbanic is aiming for over 200% growth during this year’s campaign. Meanwhile, Tata CLiQ, Tata CLiQ Luxury, and Tata CLiQ Palette are forecasting double-digit growth compared to last year’s sale, with categories like winter wear, western fashion, and wedding attire projected to perform well this season.
Menswear brand The Bear House is targeting a 100% growth compared to the sales achieved during the same period last year.
Pee Safe is aiming for a 40-45% sales increase compared to last year’s Black Friday and Cyber Monday results. The brand also expects a 25% rise in order volume, along with an increase in average order value (AOV), according to its growth marketing manager Gopal Dutt Vashisht.
Latin Quarters is targeting a 15% sales growth this Black Friday and Cyber Monday compared to the same period last year, while multi-brand beauty retailer Kindlife is aiming for a 10% increase in sales over last year’s performance. Fixderma has already achieved 3.3-fold growth compared to last year.
Source: India Retailing