BLACK FRIDAY & Cyber Monday
GUIDE
Found a fashion bargain? Top 5 tips to protect yourself from cyber risks this Black Friday BLACK Friday is fast approaching and while you may be eyeing that new outfit that you’re hoping will go on sale, you still need to take precautions. While it is considered one of the easiest ways to shop, online shopping also carries several cyber risks such as malware, phishing schemes and data hacks. With the help of Nithen Naidoo, chief executive and Founder of Snode Technologies, below are the top five ways to ensure that your online time is safe and secure online during black Friday weekend: Look out for HTTPS When shopping online, check that the URL begins with HTTPS, not just HTTP, or has a little lock icon next to
it. It means that the site has security measures in place, ensuring that your browsing is encrypted and safe. Avoid saving financial info on shopping sites Websites with SSL verifications can still be hacked. Online stores allow you to save your card information on your profile for future purchases, but if you can access this information, chances are that hackers can, too. It’s better to secure your financial details by removing it completely after purchasing. Use reputable sites only When doing your shopping, the safest way is to stick with well-known online retailers with established payment gateways such as PayPal and card payments. Some sites might look legitimate but it could redirect you to a malicious payment gateway – always use reputable payment gateways with the necessary verification and security methods
in place. Stay away from retailers requesting wire transfers. Create strong passwords and change them often People often use the same simple passwords, which puts your accounts at risk of malicious passwordbreaking malware. Never use the same online password: if one site gets hacked, your credentials can be used to access other sites. Also, avoid using your name or date of birth as passwords. Aim for strong passwords. Be wary of sharing your information for marketing purposes When completing a transaction online, users are often prompted to avail their personal information, such as names and contact details, for marketing purposes. This can be recorded for future purposes. Also, never provide personal information over the phone – no retailer, courier or bank will ever ask for your credit card details, pins or verification codes when shopping online. Pro tip: Have a budget set aside for shopping and stick to it.
Think
living beyond your means.” Mopelong notes that budgeting can help with this. “The Momentum/Unisa Household Financial Wellness Index found that financially well households are 20% more likely to have a written budget (handwritten or electronic) than their financially unwell counterparts.” Using digital tools make it easy to identify negative spending habits by tracking and categorising your expenses. These will help you keep track of the money that you save, and seeing the rewards of your actions will encourage you to save further.
Establishing good money habits will see you safely through Black Friday
Before you spend BLACK Friday is one of the biggest shopping phenomena to ever hit our shores. But before you think about taking part in this spending frenzy, make sure that you plan to avoid incurring unnecessary debt. The fourth Friday in November is a much-anticipated opportunity for shoppers to splurge. Known as Black Friday, this shopping extravaganza sees retailers slashing their prices significantly in a bid to rake in sales ahead of the festive season. According to BankservAfrica, last year’s Black Friday and Cyber Monday was the biggest in South Africa to date, with more than seven million transactions processed – a 36% increase from the 5,2 million transactions in 2018 – and more than R6 billion incurred in card transactions. In retrospect, 2019 revealed that many consumers
didn’t realise the precarious state of South Africa’s economy, even before the onset of the pandemic. With the advent of Covid-19, the country’s economy has taken a further knock, leaving some consumers under more financial pressure. Many have lost their jobs and some had pay-cuts, while others find themselves financially responsible for more family members. Perhaps more than any other year, this year’s Black Friday will force us to look at our spending habits a little more closely. It has become increasingly important to improve our financial health and security by understanding patterns and behaviour in how we spend, save, and incur or manage debt. The financial insights are shared by Kim Mopelong, Multiply Money’s
Product Head. Mopelong says that findings from the Momentum/ Unisa Household Financial Wellness Index indicate that South African households’ real net wealth declined as a result of the economy, and will worsen as a direct consequence of the effects of Covid-19. Mopelong says the index found that consumers are more concerned about their finances, with around two-thirds of respondents feeling that they should try to save money where they can, and avoid frivolous spending. “While we all want to cultivate healthier money habits and improve our financial knowledge, we often forget that a spending habit is just that: a habit. With consistent and conscientious effort, all ‘bad’ habits can be undone,” says Mopelong. “Once you understand the effect
of your spending habits on your financial security, you’ll be in a better position to make sensible choices that work for you and your family,” says Mopelong. Mopelong suggests a few tips to help you avoid the debt trap, this Black Friday and beyond. Know your financial health First, take an honest look at your finances. You might believe your financial position is healthy. However, is this truly the case? “Compare your monthly income to all your expenses. The comparison can include automatic debit orders and monthly payments like rent and bank charges. It’s important to have a clear picture of these expenses to ensure that you’re appropriately prioritising your spending and not
Do not buy on impulse – rather plan before you purchase Don’t fall into the trap of buying on impulse, especially when faced with one of those ‘not to be missed’ deals. Where Black Friday is useful, says Mopelong, is in an instance where there is something you’ve been planning to purchase for a while. “Make a list of the things you need, and on the day, be prepared to hunt for a good deal on those specific items only. Do not buy anything that is not on your Black Friday shopping list,” says Mopelong. “When shopping online, you can prepare in advance by saving the items you would like to buy to your wish list, and adding them to your cart as soon as the discount is applied.” Use your rewards programme’s discount or cashbacks For all the necessary Black Friday purchases, use cashbacks or discounts from rewards programmes like Momentum Multiply. You can purchase travel tickets, bulk groceries, or wearable gadgets from your rewards programme’s partners to maximise your Black Friday savings. These discounts can go a long way in saving you money on holiday gifts, or for those rewarding experiences you want to create for your loved ones.
Just because it’s Black Friday doesn’t mean that all shops have the same discount for the items you are looking for, so compare prices. Think ahead before you swipe Before you get caught in Black Friday fever, consider purchasing back-to-school items now so you can enjoy the festive season knowing your essential January expenses are covered. Spending on essentials first will also help you promote good money behaviours for your loved ones. The journey to a rewarding future begins with a good financial plan and sound decisions. Shop around for the best deal “Just because it’s Black Friday doesn’t mean that all shops have the same discount for the items you are looking for, so compare prices. This is relatively easy to do online and ensures that you avoid the long queues at shopping malls. This is also far safer when there is still a pandemic to contend with,” says Mopelong. “It’s important to spend your money wisely. Always avoid unnecessary debt, whether it’s Black Friday or any other occasion. An important part of good spending is planning, which means only purchasing items on your budget. Take a closer look at what you are buying to see if it falls in line with your budget and avoid getting pulled into ‘unmissable deals’ on items you wouldn’t ordinarily purchase,” concludes Mopelong. | Personal Finance
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Navigating the Covid-19
Picture: TRACEY ADAMS African News Agency (ANA)
minefield
of Black Friday 2020 Business Reporter
IF YOU are wondering if Black Friday is going to be very different this year, the answer is a resounding yes! With stores navigating a Covid-19 minefield of hygiene protocols, limitations on customer numbers and social distancing against a backdrop of consumer financial constraints, Black Friday is moving online as a more viable alternative. “There has been a surge in people embracing e-commerce both globally and in South Africa over lockdown,” said co-owner Jonah Naidoo of Dry Dock Liquor, which transformed from a boutique local outlet to a national e-commerce platform during the lockdown. “We see this translating into a new Black Friday experience, both for consumers and retailers.” So how is Black Friday going to play out this year? Redefining luxury There has been a marked decrease in disposable income compared to last
year, even for those who have not lost their jobs – given salary cuts and curbs on bonus and commission payments. This will impact on people’s buying power and motivation for discounted items. For many shoppers the definition of luxury has changed, with the lockdown altering shopping behaviour and values, there is an upswing in attention on experiences. “This has led to a spike in hiking and other outdoor activities, spending quality time with loved ones with a focus on home entertaining – so food and good wine may be preferable indulgences
to spending money on bigger ticket items like a TV or fridge,” said Naidoo. Replacing Frenzy with value With the hype resulting from in-store crowds currently a thing of the past, stores will also need to rethink what the value of Black Friday is for shoppers. Migration from physical to virtual store has empowered shoppers to do more comparative shopping. Ordering from five different stores is also much easier in the online scenario, as shoppers can easily look for the best deal for a particular item. Offering exclusivity and being the only retailer to be selling a specific item will go a long way to attracting shoppers to your site. “Consumer spending is tight. Changing up different offers from specials running from a week to the entire November month, to those on the actual day of the Black Friday weekend leading into Cyber Monday,” said Naidoo. “Emphasis is on accommodating these and other shopper needs such as providing alternative payment options to meet the pain point of financial constraints. This can be either better payment terms or alternative payment solutions such as a buy now pay later plan.” Online is where it’s at This Black Friday, online trading is going to get a massive boost to levels never experienced before. There has been a massive shift to shopping online for the eight months since the onset of lockdown as more and more consumers transact in the digital environment. Major players like the big retail stores are further
galvanising this online move, focusing their messaging on e-commerce rather than having consumers visiting their physical stores. Additionally, news of European countries going back into lockdown is weighing on customers’ minds, which is going to translate into South Africans not wanting to queue in physical stores. Retailers are circumventing the previous norm of people flocking to stores by offering specials both online and in-store. In this way, people will have ample time and access to enjoy bargains without increasing the risks of contagion that crowds would bring. Leveraging in-store hype in the online arena With a bigger online shopping base, retailers are more emboldened to invest in technology and social media to support their Black Friday campaigns, changing the playing field associated with the biggest day in the shopping calendar. Black Friday is really about surprising and delighting customers. The success of Black Friday 2020 really depends on how innovative retailers will be in the offering and promotions and how successfully they can push in-store customers online. This could feature more bundles of offers online to replicate the in-store experience of buying more than you planned. Recouping losses from lockdown Black Friday and the year-end holiday season will be a major test for lots of retailers and might determine their survival in some instances. There have been months
of no trading activity over the lockdown, impacting retailers negatively. And while some industries managed to find their feet in the post-Covid-19 environment, industries such as alcohol and particularly tourism are still struggling to survive. Wine producers lost the Northern hemisphere summer season trade, not exporting to UK and Europe supermarkets. Additionally, wine farms with tasting rooms have lost the tourism market this year. This will continue to hurt producers until 2021. “On the other hand, good news for consumers is that there’s a surplus of wine in some producers,” said Naidoo. “This presents an opportunity for local consumers to take advantage of stock at value-formoney deals.” Discount focused shoppers It has been a tough year for the consumer, with job losses and reduced time as a result of lockdown. The credit data statistics out of TransUnion show consumers under strain, with accounts in early default (three months in arrears) increased by an alarming 21 percent year on year in the second quarter after rising 5 percent year on year in the first quarter. In this financial climate, shoppers are bargain hunting. Whether it’s stocking up on gifts for the festive season or spending on items for the home, consumers will want to maximise Black Friday offerings to avoid paying higher prices later on. “Whatever they may be buying and wherever they may be shopping – you can be sure of one thing: It’s going to be online!” said Naidoo.
Travel Deals Short on cash? Check out this year’s Black Friday offers
President Hotel, Western Cape The President Hotel in Cape Town, above, is currently running a preBlack Friday special that offers a discount of up to 60 percent on accommodation. Travellers will need to apply for a code on the hotel’s website. The code can be redeemed on November 26, 2020, only. Visit https://presidenthotel.co.za/
PEOPLE wanting to travel are waiting for Black Friday for the best deals. This year, the annual event takes place on Friday, November 27. Some South African hotels have already started advertising their Black Friday 2020 deals. Here is a list of establishments offering deals this year:
Emdoneni Lodge, KwaZulu-Natal If you book more than a night at 3-star lodge in Hluhluwe, north of KZN, you’ll receive a 40% discount. That means you will only pay R837 per person per night. The rates include accommodation, breakfast and dinner. Email info@emdonenilodge.com or WhatsApp 082 713 3686
Eendracht Hotel & Apartments, Western Cape Eendracht Hotel & Apartments in Stellenbosch is offering a 50% discount on its Luxury and Southern Rooms – from R575 per person sharing, including breakfast. The deal is valid until December 16, 2020. Call 021 883 8843 or email reservations@eendracht-hotel. com
Aha hotels, nationwide The hotel group teased their Black Friday and Cyber Monday specials on its website. It states: “We are cutting an incredible 50% off the best available rate on all our hotels and lodges. Subscribe to our newsletter and get exclusive Black Friday Sale access one day early.” (sic) Visit https://www.aha.co.za/ early-black-friday/
De Hoop Collection, Western Cape ‘De Hoop Collection in the Hoop Nature Reserve, one of the Western Cape’s largest nature sanctuaries is offering a 50% discount Black Friday Special. The deal is available for bookings made on Friday, November 27, 2020, and paid by November 30, 2020. The special discount excludes meals, beverages, Cape Nature gate fees and peak season, public holidays, long weekends, event weekends and the December school holidays, which is between December 15, 2020, to January 15, 2021. There is also a 40% discount for locals on all new accommodation bookings, valid until end February 2021, excluding December 15, 2020, to January 15, 2021. Call 021-422 4522 or email res@dehoopcollection.co.za
Walkersons Hotel and Spa, Mpumalanga Walkersons Hotel and Spa in Mpumalanga set in the rolling hills of the Mpumalanga highlands boast beautiful views, unspoiled scenery, a spa and culinary delights to match. The 5-star-hotel is offering two Black Friday Specials, which include the 50% Midweek (no minimum stay) and the 30% Weekend (a two-night stay), which is valid until end December 2020. Call 013 253 7000 or email reservations@ walkersons.co.za
Turbine Boutique Hotel and Spa, Western Cape The 5-star Turbine Boutique Hotel and Spa, Knysna is offering a Black Friday ‘Stay for 3 - Pay for 2’ special. Guests can book now and pay on Black Friday available to redeem in January 2020. Rates are R4 350 per couple per stay (50% off two-night stay) and a 50% discount on all spa treatments at the Turbine Spa as well as all food and beverages at the Island Café restaurant and Gastro Pub on Black Friday. There’s also the ‘Kids Stay Free’ campaign where two children under the ages of 12sharing with parents in a Luxury or a Suite stay free. The deal is valid for October and November 2020. Call 044 302 5746 or email reservations@ turbinehotel.co.za
Scams are calling…
DON’T ANSWER!
PAUL GRAPENDAAL
In it for the longer haul
Black Friday goes ONLINE
Consumer Watch
GEORGINA CROUTH
DEALS for more days, greater choice and other enticements to keep customers out of brick-and-mortar stores – that’s how retailers are responding to a pandemic Black Friday because Covid or no Covid, the sales bonanza is here to stay. E-commerce is estimated to have surged by 16% this year and Covid-19 has changed the game for retailers. In May, Nielsen found 65% of South Africans shopped less at supermarkets due to Covid-19, while those who shopped online shopped more (29%) and 21% continued as before. Marketing agency HaveYouHeard head of insights Claudia Schonitz says: “Many, many South Africans have emerged from the pandemic with considerably less spending power. Not only will this put pressure on brands and businesses to fight for less, they will need to work harder to convince consumers to support them.”
HaveYouHeard’s recent survey found 81% of respondents who shopped for groceries online said safety from Covid-19 was the biggest benefit to online grocery shopping. Only 27% said they would probably continue once Covid-19 was no longer a threat. Last week, announcements came in thick and fast about how brick-and-mortar stores would be offering Black Friday for the entire month. Warrick Kernes from the Insaka eCommerce Academy says physical stores have been forced to prepare for an online surge to avoid the risk of Black Friday becoming a super-spreader. “E-commerce has been growing 25% year-on-year over the past decade but its growth this year has been stepped up: consumers were forced to adopt processes and tech that they should have used before, because of the joy and ease of having things delivered at home or office.” The spectre of Black Friday,
though, raised concern about super-spreaders: “Even if we don’t see a second wave in South Africa, retailers would not want to encourage shoppers to come in droves to stores.” Spreading out the sale makes sense for any seller because there’s less “noise” around the day, customers get to pick their deals calmly and they aren’t bombarded by marketing material. Towards the end of a year scarred by a pandemic and economic devastation, online retailers can expect a bumper sales period because shoppers would want to avoid physical retail stores over Covid-19 fears – and capitalise on deals. Kernes says this is a massive opportunity for online sellers in South Africa to benefit. * Georgina Crouth is a consumer watchdog with serious bite. Write to her at consumer@inl.co.za, tweet her @georginacrouth and follow her on Facebook.
BLACK Friday 2020 could be bigger online than in-store this year, thanks to concerns about the Covid-19 risk in crowded shops, and more people now comfortable with shopping online. But in the quest for a bargain, online shopping could be more lucrative for criminals than it is for consumers this Black Friday. Cyber criminals and fraudsters can take advantage of unwary shoppers by getting access to their bank details to steal money; using personal information for fraud and theft; or accepting payment for goods they don’t deliver. To avoid disappointment, theft and fraud, here are tips for safer online shopping this Black Friday: • Make sure the software on your desktop, laptop or mobile device is up to date, and that you have anti-virus software installed. • Don’t let a “great” deal trump your common sense – if it looks too good to be true, it often is. • Buy only from reputable retailers – particularly for big ticket items. If you don’t know the store well, read customer reviews, look up their business address and phone number, and check that
they really exist. Some scammers list fictitious business addresses – check them by using Google Street View. Be particularly cautious about who you buy from on social media marketplaces: look at how long they have been around, and check reviews and ratings from customers. Don’t simply click on emailed links to competitions or discount vouchers, especially if they use urgency to encourage you to do so – for example, by saying certain benefits are available for the next 5 minutes only or only the first 50 shoppers will receive the discount. Cyber criminals can easily create websites and emails that appear to be from legitimate businesses. Don’t follow links from emails – rather go directly to the retailer’s website. Be cautious about downloading email attachments claiming to be price lists/vouchers. Check that the online retailer is using a secure payment gateway; that the site URL begins with “https” and not “http”; and retain proof of payment emails. Paul Grapendaal is head of managed security services at Nclose.
| BUSINESS REPORT
BLACK Friday and Cyber Monday continues to be a hit in South Africa and last year both days exceeded expectations. “Black Friday did not disappoint. Despite the tougher economy, South Africans took advantage of the day’s special deals with in-store and online transaction volumes reflecting strong yearon-year growth. Both in 2019 made their mark among local retailers and shoppers,” Solly Bellingan, head of customer relations at BankservAfrica said. South Africans shopped up a storm with the total number of Black Friday transactions processed by BankservAfrica (in-store and online) at 7 077117 in 2019 – 36% up from 2018’s 5 204 594. This translates into a total spend of R6 billion, an impressive 106% increase on 2018’s R2.9 billion. When compared to 2018, it seems bargain hunters decided to get the best deals early with a 33% year-on-year increase in sales at midnight. The 12-hour period between 6am and 6pm proved to be busiest with similar volumes being processed each hour. The highest number of transactions processed in a 60-minute period was between 10am and 11am at a volume of 595 792. How did Cyber Monday compare? “3D-Secure, our online card authentication service (ie transactions that require a one-time pin), showed steady growth this year with a 32% year-on-year increase on Black Friday and transaction volumes
The most expensive transaction on Black Friday was over
R10m
reaching a total of 534 828,” said Bellingan. The busiest shopping times were between 9am – 10am in 2019 compared to the earlier start in 2018 at 8am – 9am. The most expensive online transaction recorded on Black Friday was for a hospitality purchase of R 10 067 400 by an international company. The most uses by one card was 83. “During peak, we processed 717 transactions while the average was 371 per minute for the day.” Cyber Monday was less active than Black Friday with a 42% growth in online transactions that reached a volume of 249 908 in 2019 (up from 176 595 in 2018). In both years, most of the transactions took place between 10am – 11am with the most expensive being R1 997 800 and 151 uses by one card. The highest average transactions per minute was 322 at peak and 173 per minute for the day. “This year’s Black Friday and Cyber Monday data mirrors the global data of record-breaking sales – and the BankservAfrica featured figures are only a portion of the entire sales figures for both days. It will be interesting to see if these manage to outpace festive season spend this year,” Bellingan further said.
| BUSINESS REPORT
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What the hype is about THABISO MAMATHUBA THE end of November has recently become an annual treat for the most frugal customers in South Africa with the phenomenon widely known as “Black Friday”. Black Friday, which will be on 29 November, is an informal name for the Friday following Thanksgiving Day in the US, which is celebrated on the fourth Thursday of November. The day after Thanksgiving has been regarded as the beginning of America’s Christmas shopping season since 1952, although the term “Black Friday” didn’t become widely used until more recent decades. Although Black Friday has been a popular phenomenon internationally for decade, its was only in 2017 that the practice became well-known in South Africa. Initially, Black Friday used to be a one-day only event in the US; however, in recent years this event has grown into a shopping frenzy that has stretched over several consecutive days. In South Africa the phenomenon is by far the biggest shopping event in the year. Research conducted by Black Friday Global shows that ~87 percent of South Africans are aware of the phenomenon with approximately 66 percent of South Africans expected to participate this year. The internal Black Friday Global data for 2018 in SA shows a 1952 percent increase in sales compared to an ordinary day. Such high numbers are not uncommon. For example, in the UK the increase is 1708 percent, in Ireland over 1852 percent, and in Germany an increase in over 2418
percent in sales. In SA the event has already expanded beyond the Friday’s promotional activities to Cyber Monday, earlybird countdowns, pre and post deals with entire weeks now dedicated to a variety of promotions, flash sales and markdowns. This has resulted in consumers’ holiday shopping patterns shifting earlier than the However, retailers regard the November event as an opportunity to stimulate December sales, as the event drives visits and footfall online and in stores that expose consumers to the available products. Retailers have the opportunity to use this traffic for advertising and to keep consumer conversations going heading into the Christmas shopping season. Retailers have swiftly adapted to ever-changing consumer needs as they look for more opportunities to become competitive. However, the pressure of increasing markdowns puts already struggling retailers at risk of margin declines, especially as retailers try to unload piles of unsold inventory to a diminishing pool of customers. As a result, retailers could end up absorbing higher costs related to marketing,
logistics and returns, thereby further eroding margins. Levels of discounts vs expectations According to Black Friday Global, the event is well known for its discounts reaching as high as 80 percent–90 percent on a global average. Even though the number of items available for a single dollar or with 90 percent discount is highly limited, those participating in Black Friday can count on legitimate bargains. According to the 2017 data, the biggest discounts were available for Americans (68 percent average markdown), Canadians (66 percent) and Ukrainians (66 percent). A little less impressive rebates were found in Russia (58 percent average markdown), Brazil (57 percent) and Turkey (56 percent). The global average is set at around 55 percent off. Black Friday Global data from the past few years show that an average Black Friday discount in SA has decreased marginally from 61 percent in 2017 to 60 percent 2018. Interestingly, these numbers exceed expectations of SA consumers, who on average expect roughly 56 percent markdowns. This should bode well for customers as SA has become known as a nation of discountobsessed shoppers. A recent Nielsen report shows that 75 percent of South Africans claimed to know the prices of grocery items they regularly buy and notice changes in price, versus 69 percent in 2018, and their spending habits confirm that SA is the second-most price sensitive country in the world. While the impact of Black Friday on the global economy remains debatable, the event supported local retail sales numbers over the past two years and stimulated growth particularly within SA’s fast-moving consumer goods sector. Thabiso Mamathuba is an investment analyst at FNB
