Pundits are predicting that this year’s Black Friday will be the biggest yet. However, the question is do consumers actually save with these specials?
“Yes, but they will have to be savvy,” says Mishaan Ratan, co-founder of Rentoza – Africa’s first on-demand premium goods subscription platform. He explains some of the potential pitfalls consumers should consider ahead of Black Friday and Cyber Monday:
“For the most part, people fall prey to the pressure of purchasing electronics, appliances and other big-ticket items simply because they are available at a discounted price for a limited time. This often ends with shoppers buying items they don’t actually need and spending unnecessarily. In brick and mortar stores, this is compounded by the frenzy people see and feel around them, with fellow shoppers loading up trolleys with their finds.
What’s more, a lot of the time the products on sale are actually old stock that retailers wouldn’t normally be able to move and the value of these items will continue to decline as newer models with improved features or technologies come out.”
Ratan advises South Africans not to succumb to the trap of instant gratification. “A recent survey by international retail research agency, Nielsen, found that South African shoppers are ‘obsessed’ with discounts and even suffer from ‘promo fomo’, especially around Black Friday, as they see this as their big chance to save money on electronics and appliances. Bargain hunt like you do all year round and don’t let this day distract you from how you assess deals.”
With some retailers inflating prices ahead of Black Friday to make their discounts look larger than they really are – something which the Advertising Standards Authority has previously had to rap companies over the knuckles for – he suggests that consumers carefully consider the true costs involved of their purchase.
“A subscription model like Rentoza’s, for instance, can affordably accommodate consumers’ needs for these products all year around – making every day Black Friday. But instead of having to fork out a large amount on one day, subscribers can pay this over six or 12 months – a far less painful knock on people’s pockets, especially after the financial struggles many South Africans have endured this year.
Plus, consumers have the option of owning the item outright once the subscription period is over, or they can return it and get the latest model while continuing with a new subscription. That way, they have the newest tech and gadgets as they come onto the market and won’t be stuck with an item they don’t need or intend to use again.”
He concludes: “A subscription model changes how people buy and own things. Access is the new ownership and a smarter way to shop this Black Friday, or any other day for that matter.”
To become a subscriber, or for more information, go to https://rentoza.co.za.
