Dubai’s Souq.com is introducing a version of “Black Friday”, the name for America’s biggest shopping day, in a bid to help boost sales, online media has reported.
“White Friday”, which will take place on 27 and 28 November is predicted to attract 10 million visitors to souq.com’s websites and mobile apps and generate sales of 250,000 items. Souq.com will partner with 20 major brands and offer exclusive deals.
Ronaldo Mouchawar, chief executive of Souq.com said: “Our market share is developing. Keeping that share, while growing that pie, is really our goal.”
According to Reuters, regional internet usage is growing about 40% a year, with Middle East and North Africa e-commerce spending estimated at $12bn in 2014 and $15bn the year after. Souq.com sees its strong growth potentially laying the foundation for a stock market flotation or initial public offering (IPO).
“For the next two to three years, we’re aiming for a high double-digit top-line growth and not looking for profit, which will come at the right timing, along with (an) IPO,” Asif Keshodia, Souq.com group chief executive said.
Souq.com, which has a group of companies including online businesses Cashu and Cobone, has raised $150m to finance its growth plans, with South Africa’s Naspers contributing $75 million of that total earlier this year.
Black Friday is held in America on the Friday after Thanksgiving and is named because it traditionally indicates the point at which retailers begin to turn a profit, or go into the black.
