What is the significance of Black Friday? What are types of promotions on Black Friday in 2024?
What is the significance of Black Friday?
Black Friday 2024 will take place on November 29. It is a major shopping event with extremely attractive discounts, beginning early Friday morning after Thanksgiving in the United States.
Black Friday is a global phenomenon eagerly anticipated by consumers due to special promotions and deep discounts on numerous products, from electronics and clothing to household and technology products.
On this occasion, stores and e-commerce platforms simultaneously launch offers to stimulate shopping, marking the beginning of the Christmas and New Year shopping season.
The name "Black Friday" originates from the fact that stores often record abundant profits on this day. Black Friday is no longer prevalent only in the United States but has also spread to many other countries, including Vietnam.
What is the significance of Black Friday? What are types of promotions on Black Friday in 2024? (Image from the Internet)
What are types of promotions on Black Friday in 2024?
According to Article 92 of the Commercial Law 2005, forms of promotion are stipulated as follows:
Article 92. Forms of Promotion
- Providing sample goods, offering sample services for customers to try without payment.
- Giving goods to customers, offering services without payment.
- Selling goods, offering services at prices lower than the previous prices during a registered or notified promotional period. In cases where goods and services are subject to State price management, promotions in this form are carried out according to the regulations of the Government of Vietnam.
- Selling goods, offering services accompanied by coupons or vouchers so customers enjoy certain benefits.
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Thus, promotions on Black Friday 2024 are conducted under the following forms:
- Providing sample goods, offering sample services for customers to try without payment.
- Giving goods to customers, offering services without payment.
- Selling goods, offering services at prices lower than the previous prices during a registered or notified promotional period. In cases where goods and services are subject to State price management, promotions in this form are carried out according to the regulations of the Government of Vietnam.
- Selling goods, offering services accompanied by coupons or vouchers so customers enjoy certain benefits.
- Selling goods, offering services with attached contest entry forms for customers to win prizes according to announced rules and awards.
- Selling goods, offering services with the opportunity to participate in chance-based programs linked with the purchase of goods or services, and prizes being awarded based on participants' luck according to announced rules and awards.
- Organizing loyalty programs where reward gifts for customers depend on the quantity or value of goods or services purchased, represented as loyalty cards, purchase stamps, or other forms.
- Organizing for customers to participate in cultural, artistic, entertainment, and other promotional events for promotional purposes.
- Other forms of promotion approved by the state trade management authority.
What are rights of traders in Vietnam in conducting promotions?
Pursuant to Article 95 of the Commercial Law 2005, the rights of traders conducting promotions are regulated as follows:
Article 95. Rights of Traders Conducting Promotions
- Select the form, time, place for promotions, and the goods or services used for promotions.
- Define specific benefits for customers in accordance with Clause 4, Article 94 of this Law.
- Hire business service traders to carry out promotions on their behalf.
- Organize and execute promotional forms specified in Article 92 of this Law.
Thus, traders conducting promotions have the following rights:
- Select the form, time, place for promotions, and the goods or services used for promotions.
- Define specific benefits for customers in accordance with the regulations of the Government of Vietnam regarding specific maximum limits on the value of promotional goods or services, maximum discounts against promotional goods or services that traders can conduct during promotional activities.
- Hire business service traders to carry out promotions on their behalf.
- Organize and execute promotional forms.
