2020 has been a really tough year mostly because of the global pandemic.
Most businesses have suffered this crisis, and are still fighting for survival.
In fact, despite government’s financial help, many local shops are struggling to make ends meet and they are now denouncing the beginning of the Black Friday.
Actually, they have won the case because Amazon and FNAC— the most attacked pure player and store— have officially announced that the previous date, 27 to 29 of november, have been rescheduled for the 4 of december 2020.
But let’s have a glimpse of history in order to get a better comprehension of how we get into this.
Black Friday, the Beginning
The Black Friday was created in the early 1930’s in the USA to boost the economy again after the 1929’s Great Depression.
It happens the Friday after the traditional family reunion on the fourth thursday of november called ThanksGiving.
There are several theories about the name origin’s and the two more ubiquitous are the following ones:
One the one hand, Black Friday name’s might refer to the kilometers of traffic jams anyone can find on the Friday morning after the thanksgiving parties.
On the other hand, Black Friday might come from the change of ink color from shortfall to benefits (red to black).
Both of them refere indeed to massive flows of money the customers spent during this period of incredible sales.
Since, this tradition has been carried on during the past decades and has even crossed the Atlantic Ocean since the early 2010’s.
The Old continent merchants have been hit by this growing trend. However, it has been adopted very slowly by the different countries, for instance Belgian merchants get their First Black Fridays in 2016.
Nonetheless, this year is like no other year as well as the 2020 Black Friday.
2020, a Year Like No Other
2020 has been a very particular year. Global virus, lockdowns, cancellations… Everyone was concerned at some point as well as the yearly Black Friday.
This Year, the very expected Black Friday was rescheduled from November the 27th to December the 4th in France.
Amazon declared that, according to the situation and the political pressure, it was better to reschedule it a bit further.
However many people are alors denouncing black friday sales because it threatens local shops, local economy and different merchants types. In fact, they can’t face Amazon strike forces.
With its short time of delivery, large offer of goods, from clothes to decoration by the way of digital stuff and multiple gadgets; this marketplace can be feared.
Nonetheless, this fear can also be explained by the lateness in terms of e-business development and especially, e-payment experiences for the European merchants.
How Can Merchants Improve their Situation?
Because of the lockdowns recurrences due to Covid, many local shops were forced to close and saw their business dropped.
In fact, a few local shops offer omnichannel experiences to their customers. However, the pandemic was a formidable accelerator for digital and online solutions.
In order to survive present and future lockdowns or their customers’ new habituation to digital services, companies have to improve their digital experiences and especially their payment experiences.
Despite a good offer of products, if the customers can’t reach the payment process or if the payment process is not easy as it should be, merchants can see their transformation rate decrease faster.
That’s the reason why at Market Pay, our teams work daily on new products and payment experiences to help merchants improve their payment journey.
Both in store and online, on the edge technologies can be implemented to improve payment pathways and help merchants to make their business back on trail.
For instance, merchants can propose their customers to pay by instalment or click and collect delivery, which imply to buy online and pick up their package in store.
Furthermore, merchants can also use payment links. Once the customer has chosen the product, it might be in store, online or over the phone, the merchant can send this link and ensure the customer that the transaction is safe and secured.
In fact the potential behind these new payment technologies is infinite and companies like Market Pay are meant to help merchants to pick the rights solutions that perfectly fit their needs and demands.
Because “We Are Born in Retail, to Drive Payment”.
Market Pay | LinkedIn
Market Pay | 786 followers on LinkedIn. BORN IN RETAIL TO DRIVE PAYMENT | Founded in 2016, Market Pay knows the…