Retailers expect TL 5B in card payments during shopping spree

Turkish retailers and customers are all eagerly awaiting Nov. 29, also known as Black Friday – one of the busiest shopping days of the year with its special campaigns and discounted prices.
“We expect that the legendary discount in the retail sector on Nov. 29 will have a doping effect on shopping and that the amount of card payments will reach TL 5 billion in one day,” said Sinan Öncel, chairman of the United Brands Association (BMD), the representative of apparel brands.
“We anticipate that the share of online shopping in card payment of TL 5 billion will approach TL 2 billion,” Öncel told Anadolu Agency (AA).
The shopping spree provides brands with the opportunity to deplete their stocks and for customers to meet their needs at affordable prices. The legendary discount has turned into a literal shopping festival in Turkey, as in many countries in the world.
“On the occasion of the Singles’ Day on Nov. 11, many of our brands and online shopping sites offered attractive opportunities to their customers. Now we have the legendary discount campaign on Nov. 29,” said Öncel.
He suggested that since most of their customers have been waiting for Nov.29, for several weeks, they see a decrease in the number of visitors and store turnovers in shopping malls since Nov. 11.
TL 3.4 BILLION IN CARD PAYMENTS IN 2018
“Considering the monthly performance, we cannot interpret this situation positively. Nevertheless, our brands and customers are now waiting for Nov. 29. Many of our brands have largely completed the preparations for the campaign. Products in stocks will be sold with very low profits, sometimes even at a loss. Although it varies by category, we can say that some products will have discounts up to 70-80%,” he added.
He pointed out that Nov. 29 will be a shopping feast for customers who want to meet their postponed needs or take advantage of discount opportunities.
The Interbank Card Centre (BKM) revealed that card payment of a total of TL 3.4 billion, including TL 975 million online, was made on Nov. 29 last year.
Recalling that the legendary discount coincides with the midseason, Öncel stated that the increase in sales is not reflected in the profitability of brands, but can be seen as an opportunity for customers who want to meet their needs.