2021 Black Friday is truly ‘black’ for shop owners

Many retailers say that consumers ate indifferent to sale promotion programs for Black Friday 2021, the biggest sale campaign of the year.

2021 Black Friday is truly ‘black’ for shop owners

For some, there are 100 messages asking about products and prices, but only 5-6 customers closing a sale. Shoppers are curious about clothes and other products quoted at very reasonable prices, but don’t intend to buy the products.

Manh Thinh, the owner of V.W clothes shop in HCM City, said he has for the first time in the last six years offered a discount rate of 70 percent. He is selling some products at a loss in order to attract customers. The principle of not returning and not changing sale products also no longer exists: customers can reject products if they feel unsatisfied.

Black Friday is a much-awaited event this year as people have entered the “new normal” period. This is a great opportunity for retailers to boost sales.

But for Thinh, Black Friday 2021 is really a ‘black day’ as there have been only a few orders. He hoped that the demand for clothes would increase in the post-lockdown period, especially with the year-end sale season. He has prepared many products and online ads. However, the market is still quiet.

“In previous years, Black Friday lasted three days at the end of a week. My workers were busy all day selling products. The offline sale amount at trade fairs was around VND200 million, while online was VND300 million,” he recalled.

“But everything is frozen now. Customers hesitate to spend money. Revenue is just 40 percent of the previous years,” Thinh said.

Nguyen Dang Hien, CEO of Tan Quang Minh - Bidrico, also noted that there are clear changes in the spending culture. Customers are becoming choosier and more economical.

Tran Viet Anh, CEO of Nam Thai Son Import-Export, said people experienced a 3-month long lockdown, so they don’t have money to shop. Mekong Delta’s customers, usually generous, now also are tightening their belt.

According to the HCM City Statistics Department, the retail turnover of goods in October was VND30.007 trillion, a 40.5 percent decrease compared with the same period last year. The food and foodstuff revenue fell by 18 percent, and household use tools by 44 percent.

Shop owners in dilemma

According to Thinh, the demand is low not only because of customers’ limited financial capability, but also because the number of Covid cases is rising in many localities. Goods transport has had difficulties, causing orders to be pending and customers to cancel orders. A trade fair to stimulate demand could not be organized because of the pandemic.

Thinh said the only solution is running more online ads to boost sales instead of spending money to lease retail premises.

 

“I still hope that I can make money this year-end sale season, so that I can maintain my shop,” he said, adding that he cannot let his achievements of many years go down the drain.

Hien of Tan Quang Minh - Bidrico said retailers have had to scramble for every customer and grab every small opportunity. If businesses cannot find solutions to attract customers to their products, they will fall into serious difficulties.

The drink manufacturer has launched a promotion, offering a 25 percent price discount, which is unprecedented in the company’s history, on the occasion of Vietnamese Teachers’ Day on November 20.

According to Huba (HCM City Union of Business Associations) Deputy Chair Luu Huu Nghia, Black Friday is near (November 26) and enterprises are running a lot of attractive sale promotion programs, but the market is not bustling as was expected. Retailers are witnessing indifference from customers.

Nghia said businesses want the State to apply solutions to stimulate demand. Reducing the VAT, for example, would help reduce production costs.

He said there should be a significant demand stimulus package and the package should be announced soon so that businesses can draw up their production plans and people can arrange their shopping plans.

Once businesses recover, workers will receive higher pay from employers and will feel more secure to shop.

HCM City is running the "Concentrated Promotion 2021" programme from November 15 to December 15. Nearly 600 businesses have registered to participate in the program with price discounts of 30-70 percent.

The city is also planning a conference this year that will help connect goods demand and supply in cities and provinces, and a trade fair gathering prestigious brands. 

Tran Chung

Black Friday 2021 launched in HCM City

Black Friday 2021 launched in HCM City

The shopping festival Black Friday was kicked off on November 19 in Ho Chi Minh City.

Single’s Day 11/11: millions of products at super-low prices

Single’s Day 11/11: millions of products at super-low prices

E-commerce platforms have launched sale promotion programs for Single’s Day November 11, the biggest shopping event of the year, promising big sales on millions of items.

 
 

Other News

.
Farm export deadlock at border gates: long-term solution needed
Farm export deadlock at border gates: long-term solution needed
FEATUREicon  29/12/2021 

Preliminary treatment centers and cold storage warehouses along the border and systematic logistics chains are both needed, experts said.

Finance ministry proposes tax policy to prevent land speculation
Finance ministry proposes tax policy to prevent land speculation
FEATUREicon  29/12/2021 

Prime Minister Pham Minh Chinh has assigned the Ministry of Finance (MOF) to study and design some kinds of tax related to the real estate market, including property tax, in order to stabilize the market and reduce speculation.

ESports could be lucrative for 4G, 5G service providers
ESports could be lucrative for 4G, 5G service providers
FEATUREicon  28/12/2021 

As the telecommunication market is getting saturated, new content services such as livestream and e-sports are expected to help telecom carriers maintain growth.

5,000 container trucks stuck at border gates amid 50 talks with China
5,000 container trucks stuck at border gates amid 50 talks with China
FEATUREicon  27/12/2021 

The Ministry of Industry and Trade (MOIT) reported that 1,555 trucks carrying exports to China are stuck in Quang Ninh as of December 25, and 4,204 in Lang Son as of December 25. Some of them have been deadlocked for a month.

Thu Thiem land auction puts an end to sale of public land at low prices
Thu Thiem land auction puts an end to sale of public land at low prices
FEATUREicon  28/12/2021 

Four land plots in advantageous positions in the new urban area of Thu Thiem in HCM City were sold for VND37.346 trillion through an auction recently.

Hanoi needs to change its way of managing Covid patient treatment
Hanoi needs to change its way of managing Covid patient treatment
FEATUREicon  28/12/2021 

As the number of Covid-19 cases is increasing day by day in Hanoi, the municipal authorities need to create another scenario.

Casinos suffer heavy losses, wait for brighter days
Casinos suffer heavy losses, wait for brighter days
FEATUREicon  25/12/2021 

As many as 56 businesses in Vietnam are licensed to provide prize-winning games at 63 hotels and nine casino businesses.

Metaverse: the race to enter the virtual universe
Metaverse: the race to enter the virtual universe
FEATUREicon  27/12/2021 

Metaverse is very close to human life. Right now, government agencies, businesses and citizens need a way to be ready to adapt to a future world.

Congestion at border gates, seaports stalls transport of farm exports
Congestion at border gates, seaports stalls transport of farm exports
FEATUREicon  25/12/2021 

Farm exports experienced a tough year in 2021 due to continued congestion at border gates. Despite this, agricultural produce still reached export turnover of $47 billion for the year.

Pandemic offers lessons and once-in-a-century opportunity: MIC Minister
Pandemic offers lessons and once-in-a-century opportunity: MIC Minister
FEATUREicon  25/12/2021 

Vietnam expects to jump into the second position in the region in terms of digital economy, just following Indonesia, officials have said.

When will congestion at Vietnam-China border gates end?
When will congestion at Vietnam-China border gates end?
FEATUREicon  24/12/2021 

Vietnamese exports stuck at Vietnam-China border gates has been a common sight for years.

Parents debate about need for handwriting practice
Parents debate about need for handwriting practice
FEATUREicon  24/12/2021 

Vietnamese parents agree that their children need to be good at math, but disagree on whether they need to have good handwriting.

Vietnamese fruits sell for sky-high prices in world market
Vietnamese fruits sell for sky-high prices in world market
FEATUREicon  24/12/2021 

2021 has been a fruitful year for Vietnam’s agriculture as many farm specialties have entered choosy markets.

Hanoi has ‘more than enough’ money to develop modern transport under new investment model
Hanoi has ‘more than enough’ money to develop modern transport under new investment model
FEATUREicon  27/12/2021 

The Cat Linh – Ha Dong elevated railway project provides a lesson on public asset valuation. Selling and buying back infrastructure projects at their real value will allow the effective usage of resources.

Lockdown is unnecessary amid rising Covid cases in Hanoi: official
Lockdown is unnecessary amid rising Covid cases in Hanoi: official
FEATUREicon  23/12/2021 

The number of Covid cases in Hanoi is increasing rapidly, but experts believe that re-imposing a lockdown would be ‘unnecessary’ and ‘ineffective’.

No guidance yet for international flight reopening slated for January
No guidance yet for international flight reopening slated for January
FEATUREicon  22/12/2021 

Airlines are ready to resume routine international flights from January 1, 2022 after two years of interruption. However, they are concerned as regulations have not been released. Meanwhile, some problems still exist.

Welcome int’l guests: overcoming fear to safely adapt to pandemic
Welcome int’l guests: overcoming fear to safely adapt to pandemic
FEATUREicon  24/12/2021 

For the January-November period of 2021, the number of domestic tourists was 34.75 million, and total revenue was 167 trillion VND, 40% down year on year.

From village student in Vietnam to famous scientist in Australia
From village student in Vietnam to famous scientist in Australia
FEATUREicon  26/12/2021 

Nguyen Trong Hieu, PhD, senior researcher and lecturer in solar energy at Australian National University, is a Vietnamese national.

Some western tourists want to sample dog meat: tour guides
Some western tourists want to sample dog meat: tour guides
FEATUREicon  22/12/2021 

Most foreign travelers are against the use of dog meat as food and some of them show harsh opposition, but there are some travelers who want to try dog meat.

Persevere with reopening and recovery
Persevere with reopening and recovery
FEATUREicon  21/12/2021 

After over two months of implementation, Resolution 128 on shifting from the state of epidemic prevention to the stage of "safe and flexible adaptation to the epidemic" has left positive imprints on the economy and socio-psychology.

 
 
 
Leave your comment on an article

OR QUICK LOGIN