The holy month of Ramadan is nearing its end, leading up to the beginning of the festivities of Eid-Ul- Fitr. Muslim families and individuals are getting ready to celebrate the occasion with loved ones, kicking off four days of excessive celebrations, food banquets and family gatherings. A big part of Eid celebrations includes giving, receiving gifts and charity/donations. As such, people start to plan their gift-giving and usually like to wear something ‘new’, making this special occasion a prime time for shops and businesses to dazzle their customers and encourage them to shop and spend. Therefore, marketers are under more pressure than ever to come up with ingenious marketing ideas and keep up with the marketing trends to reach more consumers.
Eid-Ul-Fitr is one of the most important marketing periods during the year for brands operating in India. As we near the end of the holy month of Ramadan, entrepreneurs and small businesses are preparing for the season with a strong social media and digital presence.
Eid-Ul-Fitr is an important festival for many businesses, especially for Micro, Small and Medium Enterprises (MSMEs). It marks the end of the holy month of Ramadan and is usually celebrated with lots of festivities, including shopping. MSMEs have a great opportunity to enhance their businesses at this time of celebration and make the most of the festive season. However, they should take measures to ensure that their businesses remain on track and become more successful. To help MSMEs enhance their businesses, here are 5 top tips they should consider.
While Ramadan is a key shopping period with people shopping for food, snacks, chocolate and sweets, as well as eating out, Eid-Ul-Fitr represents another major shopping opportunity. This time mostly for apparel and fashion, health and beauty products, as well as gifts like jewellery, decoration and toys. The food and beverage industry witnessed a significant boost during Ramadan and Eid Al Fitr, with sales increasing by 20-30% compared to other months. Certain categories, like dates, fruits, juices, tea, etc, have higher demand during this time as they are popular Iftar and Suhoor foods and beverages. Therefore, MSMEs can take advantage of the increased customer demand to increase sales and revenues.
Eid is a special time for restaurants and delivery services because it gives them an opportunity to offer unique menus and special items for Iftar. They can add a variety of delicious dishes to their menus that appeal to different tastes and cravings. Delivery services can add special items like fruit platters, boxes of dates, and samosas, as well as specialities like haleem, that can be delivered right to a customer’s doorstep. This adds convenience to customers who are looking for delicious Iftar meals without having to go to a restaurant. Restaurants and delivery services can also offer discounts and promotions during this period to encourage more people to order from them like special Iftar buffets. This gives customers a chance to sample different dishes and items and encourages them to return in the future.
As Eid is a time when customers are ready to spend generously, MSMEs can also reward and encourage them by hosting ‘giveaways’, and ‘social interactions and sharing’ to garner interest and to help increase brand awareness and engagement rates on social media pages. They can also take the opportunity to launch new products and services, as customers are more likely to be interested in them during the festive period.
Another great way brands can celebrate this season and reach out to potential audiences is by sharing their products and services attractively on their social media platforms, especially Facebook and Instagram (feed posts and Instastories). This will help to spread awareness about their products and services and will also help to reach out to a wider audience.
Put yourself in the celebrating customer’s shoes who are starting to think about last-minute shopping and gift-giving. What would they want to buy? Who will they buy for; their friends, children, family members themselves, or even business acquaintances? Bear in mind the seasonal, religious and cultural significance. Keep up-to-date on local and regional trends and showcase trending products to guide your customers towards popular products and best meet their needs.
MSMEs can make the most of the festive period to build relationships with their existing customers. This can be done by sending them special messages or offering exclusive discounts and deals. This will not only help strengthen customer loyalty but also encourage them to return and shop again. In addition, sending out personalised messages to customers during the festive period can help to show customers that MSMEs value them and their continued business. MSMEs can send these messages via email or social media platforms.
MSMEs can also use this time to offer special discounts, deals, or promotions that are exclusive to existing customers and help to encourage them to shop again. This can be done by offering discounts or rewards points for customers who shop with them during the festive period. This will help to build strong relationships with customers and encourage them to shop with MSMEs in the future.
As the holy month of Ramadan is coming to an end, and Eid is fast approaching, businesses can provide customers with convenient bundle packs of popular and traditional Ramadan products. Such bundle packs can include the traditional grocery products that are commonly associated with Ramadan; these include dates, nuts, olives, and calorie-rich and nutritious foods that are ideal for suhoor times. These bundle packs are particularly beneficial for businesses as they can help to increase their Average Order Value (AOV).
Customers are more likely to purchase bundle packs due to the convenience they offer, as they do not need to purchase individual items. Furthermore, these bundle packs can be tailored to meet the needs of specific customers, making them more appealing. In addition, Ramadan bundle packs can be used as a form of gifting. Customers can purchase bundle packs to send to their loved ones, allowing them to stock up on traditional Ramadan products. This gifting option is particularly appealing during the pandemic, as it allows people to show their love and appreciation to family and friends without needing to visit in person.
During the Eid Festival, small businesses can face unexpected costs that can be difficult to manage. This is where applying for a business loan from one of the best NBFCs in India, like Kinara Capital, comes into handy to cover these expenses. Business Loans from Kinara are a great way to get quick access to capital without submitting any property collateral. When applying for a business loan, it is important to consider all the options available. With the help of a loan, MSMEs will be able to keep their business running smoothly and help to manage the financial challenges that come with running a small business. In addition, a business loan will also help me to cover the costs of advertising and marketing during the festival, allowing MSME entrepreneurs to reach a larger audience and grow their businesses.
Eid-Ul-Fitr can be a perfect time for brands and small businesses across many industries to engage with their loyal customer base and increase their sales. With an increase in customer spending and online usage to search for gift ideas for themselves as well as others, entrepreneurs are encouraged to engage with their customers throughout the festive period. A new small business owner looking to attract customers or a seasoned business looking forward to Eid-Ul-Fitr to boost their business can make use of this time-sensitive and busy shopping season.
There are several ways in which MSME entrepreneurs can take advantage of this festive period to enhance their businesses and make the most of this period of celebration. By offering discounts, participating in local events and festivals, advertising online, building relationships with existing customers and carrying out charitable activities, MSMEs can become more successful and profitable during Eid-Ul-Fitr 2023.
During the Eid season, there is usually an increase in consumer demand which can put a strain on SMEs’ resources. Therefore, they can apply for Unsecured Business Loans online from financial institutions like Kinara Capital to help them capitalise on the festive season. Business loans can help small businesses build their businesses and gain a competitive edge in the market. It can be used to meet a variety of business needs, such as expanding operations, purchasing equipment and inventory, opening a new branch, hiring additional employees, and investing in marketing and advertising campaigns. Online Business Loans can also help MSMEs to manage their cash flow more efficiently.
Kinara Capital is an RBI Registered Systemically Important NBFC firm in India that provides Unsecured MSME Loans to MSMEs. Kinara has disbursed 90,000+ loans worth INR 5000+ crore to MSMEs around the country to purchase inventory, meet payroll, and cover other expenses. Kinara has built a strong presence and credible name for itself as a fast-growing, socially responsible fintech in the last-mile lending segment. In the 11 years journey, Kinara has expanded its presence in 133 branches serving MSMEs in 100+ cities across Andhra Pradesh, Karnataka, Maharashtra, Gujarat, Tamil Nadu, Telangana and UT Puducherry. The company has 5000+ happy customers who always come back and get Kinara’s helping hands whenever they need financial assistance.
Kinara’s MSME Loans also provide access to personal customer service and a fully digital process through the multilingual myKinara app. It offers fast and flexible disbursement of Unsecured Business Loans within 24-hours through an end-to-end digital process. MSMEs can avail of Rs. 1 lakh to Rs. 30 lakhs of Working Capital and Asset Purchase, Loans from Kinara through a variety of channels, including downloading the app and approaching a representative at one of 133 branches. In addition, women entrepreneurs qualify for an automatic discount with HerVikas Program on all business loans. Give a missed call at 080-68264454 to talk to Kinara’s in-house customer support team to learn more about Kinara’s Business Loans and if you need assistance to apply.
Eid-Ul-Fitr, or the “Festival of Breaking the Fast”, is an important religious holiday that marks the end of the month-long period of fasting and prayer known as Ramadan. It is also a time for families to gather and celebrate with feasts and gifts.
Activities associated with Eid include special prayers, exchanging gifts and giving charity to the less fortunate, visiting family and friends, feasting, and dressing up in new clothes.
Eid is usually celebrated on the first day of the Islamic month of Shawwal, the tenth month of the lunar calendar.
The traditional greeting for Eid is “Eid Mubarak”, which means “Have a blessed Eid”.
Iftar and Suhoor are the two key activities that mark the flow of the day during Ramadan. People break fast at iftar and eat their last meals during suhoor, a pre-dawn meal. Apart from these two key meals, people abstain from eating and drinking water for the rest of the day in observance of the holy month.