Black Friday has evolved into so much more than just finding the best discount. It has also become a clever way to earn points and rewards from your bank and loyalty programmes, with several leading lenders taking part in the retail phenomenon this year.
Dr Christoph Nieuwoudt, CEO of FNB Consumer says that e-commerce is likely to get a boost around Black Friday and Cyber Monday as some consumers will be looking to avoid the long queues associated with such shopping sprees.
“Any savvy shopper can cash-in on the specials without spending time in queues and traffic, trying to move from one destination to another. While e-Commerce is still in its infancy in South Africa compared to global standards, both the consumer and retail sectors are warming up to the use of technology to deliver and acquire goods and service.
“From placing a food delivery order, buying clothing, booking a taxi ride or renewing your license disc, it’s all being integrated into the virtual world and available at your fingertips.”
Dr Nieuwoudt said, broadly, the use of online shopping is a trend that has been gradually gaining momentum locally, pointing to the growing number of customers who are using the bank’s digital platforms to purchase goods and services.
“We expect the use of technology, especially for day to day services, to increase significantly over the next few years, partly because consumers are starting to realise that it’s both inevitable and a much better way to do a lot of things,” he said.
And while digital transactions may be on the rise, Geoff Lee, Absa head of card, noted that approximately 65% of all transactions in South Africa are still done in cash, which he warned was dangerous and inconvenient.
“The perks of plastic are fast eclipsing those of hard cash, particularly when you take into account the loyalty programme benefits that also come with card purchasing,” added Lee. “So the reasons for adopting this behaviour are simple and logical: it’s faster when you Tap-and-Pay, it’s safer than carrying cash, you earn rewards when you swipe, and you can easily track your spend.”
BusinessTech looks at what some of the major banking groups will be offering on Black Friday 2017.
To help customers save and start using cards more, the bank said it has partnered with a number of leading retailers to bring customers registered for Absa Rewards ‘even better’ specials this Black Friday, 24 November 2017.
Absa’s one-day-only Black Friday specials include:
Every customer that opens a Dynamic Fixed Deposit account and keeps it running for 12 months will earn up to 8.20% when the account is opened at any Absa Branch, or through your Private Banker.
You won’t pay commission when you buy your Forex from any Absa branch on Black Friday.
Absa Rewards members will enjoy as much as 7% cash back when you swipe your Absa card at any Tiger Wheel & Tyre for transactions greater than R4 286.
Instead of earning up to 15%, you will earn as much as 30% in Cash Rewards when paying with your Absa card at hi-stores, which are owned by The Foschini Group and offer a comprehensive portfolio of 18 retail brands that cover clothing, footwear, jewellery, sportswear, mobile phones and technology products, and home stores.
Relax at select Mangwanani African Spas on Black Friday and pay R599 for a half day spa which includes three treatments and a meal. Bookings must be made and paid for by card on 24 November 2017; the deal will be applicable for Tuesday and Friday bookings until 24 December 2017.
Get 1% cash back when you purchase a 2017 Toyota RAV 4 and get 7 years / 150 000 km Service Plan and an eight-year Unlimited mileage warranty. Or get R15 000 deposit assistance from McCarthy.co.za when you buy a 2017 Polo Vivo Trendline 1.4 and still earn 1% cash back.
Get as much as 50% off on back-to-school bundles, IT hardware, stationery and more when you use your Absa card for online purchases made on Bidvest Walton’s website, www.waltons.co.za. You will also receive your normal benefit of 3.5% in Cash Rewards.
With Standard Bank, customers will be able to collect double UCount Rewards Points when swiping their Standard Bank Credit Card at the group’s Rewards Retailers this Black Friday.
The bank will also run special offers through its business banking unit, which will be announced on Black Friday.
FNB, through its rewards programme, eBucks, will offer Black Friday deals with an 80% discount on its products for members.
The company told MyBroadband that Black Friday fits in well with a bigger campaign it is currently part of – Tap Into Summer with FNB & eBucks.
The Tap Into Summer campaign started on 1 November and offers FNB customers and eBucks members good deals from the eBucks Shop.
“In addition, during this campaign eBucks Shop offers great deals daily which are valid for one day,” it said.
On Black Friday, a discount of 80% will apply on its products – including electronics, appliances, gaming, and consumables.
The eBucks Shop will also offer free delivery on selected products during this period.
Source: Business Tech