How Nigerians make money with Black Friday sales

Posted by Felix Okoli on Saturday November 28, 2015 at 10:53:45:

There is a shopping culture that it taking root in Nigeria and it's something which used to be done in foreign countries only but now it's becoming common in Nigeria and I'm talking of Black Friday sales. The Black Friday phenomena has arrived Nigeria and it doesn't seem to be going away any time soon.

Every year and on the last Friday of November which normally happens after Thanksgiving day, retailers across the world now offer a lot of products to customers at really low or discounted prices. During black friday, one can buy items as low as 90% off it's originally listed price on several online and offline shops.

Sellers across the world including Nigeria now make use of black Friday banners to tell their customers in advance that there is a special shopping day on which they can get the lowest prices in a year and this helps them to make more money since they'll make more sales. Buyers on the other hand also save money since they'll spend less than they usually do to buy items at prices they'll probably never be able to get any other time of the year.

Shopping websites in Nigeria like Jumia, Konga and Yudala all offer Black Friday sales and buyers can make or save money from this by simply buying those items either for use or sell them back when inflation sets in.

How do you as a buyer make money shopping on Black Friday? Well, it's simply by buying items you know someone else would want to buy later on or that you can resell later on, keeping it for the short term and then reselling it probably within 3 months later. In Nigeria, inflation is a common thing that happens at the first quarter of every year and since prices are going to go so low in November, it's best to just convert your Naira into a tangible asset you can resell for more Naira and that's how you make money. The more items you buy, the more money you are likely to make as a buyer.

As a seller, you can also make money by offering Black Friday sales and the first thing you should so is by using adverts to inform your existing and potential customers of a big sale day you are going to have. You should start informing them in advance like say 1 or 2 months and telling them how they'll be able to save money shopping at your store. Since you are going to make more sales on that day, your profit will also increase.

So, it's not every one that you see shopping on Black Friday that is really buying things for use as some of them are just buying it so that they can sell it later on as the returns they'll get from reselling it would be higher than what they'll get keeping their money in a Nigerian bank for 1 or 3 years. As a seller, you stand to make more sales when you dedicate a day for low prices at your store while you also ensure that it doesn't get lower than your purchase cost.

Black Friday shopping is now common in Nigeria and you can learn a thing or two about it to improve the way you make money. As a buyer who wants to resell, you can buy things that you can easily store for the long term without getting destroyed such as mobile phones, TV sets, computers, electronic accessories and other well packaged products. As a seller, you can reduce the prices of more expensive stuff that you are selling while also maintaining some profit on it.

Even after Black Friday, prices of stuff at several stores in Nigeria remain low and this continues a few weeks before Christmas as retailers intend to get rid of their old stuff and close their books for the year. So, even if you missed Black Friday shopping, you can still make up for it on the Monday, Tuesday or Wednesday that follows afterwards.