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5 Black Friday Strategies

By Samuel Emmanuel — 2 weeks ago

Creative Black Friday Ideas for Small Businesses in 2024

Black Friday has become a global shopping phenomenon, with consumers spending a staggering $211.7 billion during the season in 2022. For small businesses, this is more than just a sales event—it’s a chance to capture the attention of new customers and build loyalty.

But success on Black Friday isn’t automatic. It takes more than discounts and promos to make an impact. A fast, reliable payment system and thoughtful marketing strategies are key to standing out in the crowd.

Here are five innovative ways to make Black Friday 2024 a profitable event for your business. But first, let’s touch on the history behind this shopping extravaganza.

Where Did Black Friday and Cyber Monday Begin?

The origins of Black Friday are steeped in various stories. One of the most popular explanations ties the term “black” to financial ledgers: retailers would go from losses (red ink) to profits (black ink) after Thanksgiving.

Another historical perspective traces Black Friday back to the 1950s in Philadelphia, where the day after Thanksgiving caused significant traffic congestion as shoppers flooded the city for the Army-Navy football game.

In the modern retail landscape, Black Friday refers to the Friday following Thanksgiving (November 29 in 2024), kicking off a weekend of deals that culminate in Cyber Monday, a day dedicated to online shopping.

5 Black Friday Strategies to Try This Year

1. Spark Engagement with a Contest

Contests are a fantastic way to connect with your audience while promoting your brand. You could create a simple social media challenge—ask customers to share creative ways they would use a product from your store.

Encourage participants to tag friends and engage with your page. Offer a free product or service as a prize. Not only does this build excitement, but it also drives traffic and boosts your online presence.

2. Introduce Limited-Time Deals

Time-limited offers play on the natural fear of missing out (FOMO), making them highly effective. Here’s how you can use time-based promotions to your advantage:

Exclusive early bird discounts: Reward early shoppers with special deals to create buzz.
Hourly sales: Keep customers coming back by introducing new discounts at different hours.
Daily countdowns: Build momentum by offering unique deals in the days leading up to Black Friday.
Last-minute steals: Tempt late shoppers with final offers as the clock winds down.

Use social media, email, and website banners to promote these deals with a sense of urgency.

3. Maximize Impact with Email Marketing

Email marketing is a powerful tool for Black Friday promotions. Send targeted campaigns to your subscribers featuring your best deals, gift ideas, and exclusive discounts.

Keep your emails visually appealing and include clear calls-to-action, directing recipients to shop with just a click.

4. Give Shoppers a Little Extra

Adding a freebie to each purchase is a simple yet effective way to encourage buying. Options like surprise gifts, sample products, or small complimentary items can create memorable shopping experiences.

You could also let customers choose their gift from a curated selection to make the incentive feel more personal.

5. Make Checkout Hassle-Free

A surge in Black Friday transactions can put strain on payment systems, leading to delays and frustrated customers. Offering fast, secure payment options is critical to ensuring a seamless shopping experience.

Consider tools like point-of-sale (POS) systems and reliable online payment solutions. By streamlining the checkout process, you’ll stand out from competitors who might struggle with transaction bottlenecks.

Wrapping Up

For small businesses, Black Friday is a chance to get creative and connect with customers in meaningful ways. Whether it’s through interactive contests, limited-time offers, or thoughtful customer incentives, the key is to experiment and find what resonates most with your audience.

And don’t forget—having a reliable payment solution in place can make all the difference during this busy shopping season.

Start preparing now to make Black Friday 2024 a standout event for your business!

Why Core Banking Matters

By Samuel Emmanuel — 2 weeks ago

Why Core Banking Matters

Why Core Banking Matters: A Friendly Dive

Let’s rewind to the early 2000s in Nigeria. Back then, banks operated in silos—each branch was like an island. If you opened an account at one branch, you had to return there for every transaction. Frustrating, right? Enter core banking, the game-changer that united bank branches and made life so much easier.

Fast forward to 2020: Moniepoint took core banking to another level. While many fintech companies relied on prebuilt systems, Moniepoint built their own from scratch. Why? To handle billions of transactions daily with speed, trust, and reliability.

So, What Is Core Banking?

Think of core banking as the central nervous system of a bank. It handles all the behind-the-scenes operations, like updating balances, managing loans, and processing transfers. The software that powers this is called a Core Banking Application (CBA)—essentially the bank’s digital ledger. Without it, a bank simply couldn’t function.

Here’s what a CBA does:

Manages customer data: From personal details to account types.
Tracks transactions: Keeps an eye on every deposit, withdrawal, and transfer.
Customizes accounts and loans: Configures different products with unique terms.
Handles daily operations: Ensures smooth transactions and provides detailed reports.

Why Do Banks Switch Their CBAs?

Migrating to a new CBA is a big decision. Banks usually switch for reasons like:

Cutting Costs: Relying on foreign CBAs can get expensive due to currency fluctuations.
Scalability: Growing banks need systems that can handle more accounts and transactions.
Innovation: New CBAs support modern features that older ones can’t.

Challenges of Switching

Migration isn’t as simple as flipping a switch. Banks must transfer massive amounts of data, test systems rigorously, and plan carefully to avoid disruptions. Timing is critical—most switches happen during off-peak hours to minimize impact. Even minor errors can create huge problems, like incorrect balances or duplicate transactions.

How Moniepoint Built Their CBA

In 2020, Moniepoint realized they needed a robust system to meet growing demands. Off-the-shelf solutions weren’t enough, so they built their own CBA using tools they knew well, like MySQL and Java Spring. They planned for growth, running tests with future traffic in mind, and adjusted quickly when actual numbers surpassed expectations.

Backup plans? Of course. Moniepoint ensured seamless operations by creating backups, simulating real-life scenarios, and even building systems that could redirect traffic to alternative providers during downtime.

Wrapping It Up

Core banking applications might not be flashy, but they’re the foundation of every smooth banking experience. At Moniepoint, their custom-built system keeps your banking stress-free, secure, and lightning-fast.

To stay informed about Moniepoint’s innovations and the evolving world of banking, make sure to visit our website. We’re always updating with insights, tools, and the latest in financial technology, ensuring you’re never left behind. Check in regularly—you’ll always find something new to learn!