Everything You Need To Know About Black Friday!
The Day Retailers Would Come Into The Black
The annual shopping festival, the biggest sales event, is a haven for internet shoppers. It traditionally heralds the beginning of the American holiday shopping season! Of course, Black Friday is one of the US’s most significant and craziest shopping days of the year.
The fourth Friday in November, the day following Thanksgiving, is Black Friday. It is most likely to fall on November 27 this year. This day is generally characterized by steep discounts and sizable throngs of eager consumers as shops provide sweeping discounts on products for the customers to expedite their sales.
While holiday shoppers anticipate Black Friday sales to start their festive shopping, some claim that the day encourages overconsumption.
Special discounts, deals, and offers are displayed alongside a massive shopping festival. Most of the time, it is observed in the United States, but it has gradually expanded to other countries. Plan for the masses if you’re going to be on the high street this year.
Looking into History - Why is it called ‘Black’ Friday?
Myths or Fact:
– The most widely held opinion is that the crash of the US gold market in 1869 was symbolized by Black Friday. It was the day that a market decline brought on by declining gold prices harmed the US economy for years.
– According to the word, accountants record profits in their books using black entries, whereas losses are recorded using red entries. The business people see numerous positive earnings on this day, culminating in black entries. Thus, Black Friday became the name of the day.
– According to the Oxford University Press dictionary, the tradition of marking Black Friday as the start of the holiday shopping season dates back to 1961. The famous Thanksgiving Day Parade by US department retailer Macy’s also helped to enhance the connection between the Friday following Thanksgiving and the start of the holiday shopping season.
– Another theory holds that Philadelphia in the 1960s, specifically, is when the phrase “Black Friday” first appeared. According to historians, the day before the annual Army-Navy football game became known as Black Friday, Philadelphia police had to put in long shifts and deal with unpleasant weather, traffic, and other conditions while on duty.
Interesting Statistics
– On Black Friday and Cyber Monday, eCommerce retailers record revenue increases of up to 240% and 380%, which adds to their yearly sales.
– Online sales surpassed in-store purchases in 2016. 174 million Americans spent Black Friday shopping in 2017. (roughly half the country).
– Black Friday customers increasingly prefer to make their purchases online than than in-person, and more and more individuals are using mobile devices to do it. According to studies, American consumers are 6 times more likely to make an online purchase on Black Friday than any other Friday.
– Around 13 million internet purchases were made on Black Friday in 2017
– Online traffic on Black Friday and Cyber Monday can climb to 220% and 155%, respectively, above a typical sales day.
– Shoppers aged 25-34, which focuses on the Millenials
– Clothing, computers, tablets, laptops, and smart home appliances
– Customers will stand in line for 2.5 hours to grab the finest offers!
– It has developed into a persistent tendency. On Thanksgiving Day, many stores open at midnight or even earlier.
– Flash sales are less efficient than sales that last all day or for a significant amount of time.
– More than 70% of Black Friday online buyers make significant purchases from merchants that provide free shipping.
– The five-day extravaganza is a great opportunity for online shops to get rid of their goods.
Is it a Holiday on Black Friday?
Black Friday is not a federally recognized holiday, but some US states have made it a holiday for public employees.
Cyber Monday, the Monday after Black Friday
It was developed as a 24-hour online shopping event to persuade people to shop online and is now recognized as a continuation of the Black Friday deals.
Tips To Prepare For Black Friday
(an intelligent guide for sellers and retailers)
1- The early bird catches the worm
Buyers: Start Early
You can shop wisely if you can snag the most significant early discounts. It’s common for businesses to advertise special deals in advance; you can get some excellent savings right now. On Black Friday, early in the day is the ideal time to shop. If you don’t want to miss out on the best offers, you should shop early because they often sell out quickly. Please note what you want, whether a new TV, a laptop computer, or something else, and do your homework before settling for the cheapest offers. Make a note of any specific brands or features you’re interested in so you can quickly access the most appealing savings. Make a note of any particular brands or features you’re interested in so you can quickly access the most appealing savings. Budgeting seems simple enough, but it cannot be easy to pass up good discounts! Before you purchase, consider whether you can afford it and whether you need it. Keep the receipt just in case you decide otherwise. To be the first to learn about new, exclusive deals, follow your favorite businesses on social media and sign up for email newsletters. You can thank us afterward.
For Sellers: Prepare Well-in-Advance
More than half of shoppers are seen starting their holiday research or purchasing for Black Friday as early as October. So now is the perfect time to tempt them with discounts and exclusive deals.
2- Win-Win for Both
Buyer: Use money-saving shopping apps
Some of the most valuable apps can be used wisely to improve performance. While other apps may shower you with discounts, loyalty points, prizes, free food, and much more, certain apps are eager to pay you with cash. It would help if you did not overlook Vouchercloud, one of these money-saving apps. Use them to your advantage to research online and in-person discounts, look for local businesses in flyers and catalogs, compare pricing, and take advantage of additional advantages. Many retailers have price-matching procedures, which can be handy when looking for seasonal discounts. Target, Walmart, and Best Buy are US-based companies renowned for their price-matching practices on Black Friday and Cyber Monday. Finally, because many credit cards offer sizable incentives, using a credit card might be a safer and simpler way to pay for larger purchases. Additionally, there are a lot of interest-free promotions available, which are great, provided you can pay the remaining debt in full and on schedule.
Seller: Use the precise discounts strategies
With such high market expectations, you want to distinguish yourself from the competition and be fiercely competitive. Consider including a gift with your purchases to clinch the deal and attract customers. Try coming up with innovative and fresh ideas, such as giving new customers a flat 50% discount or 20–30% off four or more things. Displaying deals prominently on the homepage is a brilliant idea because it not only draws online shoppers’ attention but also fosters a sense of urgency and passion. One may be produced quickly using programmes like Power. This will also make it easier for your target market to comprehend how much money they will save on Black Friday and Cyber Monday.
3- Make the most out of online-shopping experience
Buyer: Look at the Websites
Searching in-store for the finest Black Friday deals is not necessary. There are sites on the internet that make your work easier. Additionally, you can sign up for category-specific alerts and notifications for the products you want. The crowded environment is another another reason to stay inside during this season. By doing your shopping online, you can completely escape crowds of people. With additional benefits like free delivery and door-to-door pickup, all of the major businesses are probably going to offer the same deals online as they do in-store.
Seller: Refined Searches/Cross-Selling
Customers are typically turned off by slow websites, and they are less likely to return to the same page as a result of a terrible purchase experience. Utilizing more cross-selling of items is a more recent and efficient technique to increase sales of your brand’s products. You should suggest something that will logically go together to a customer that is buying from you. Imagine that socks and shoes are like paper and pencils. In this sense, you might desire to maximise sales!
4- Steal Deals
Buyers: Are Black Friday deals real?
Absolutely, in order to increase their sales, the majority of brands work to offer the finest Black Friday bargains. This is how you’re likely to discover the biggest sales all year long, as merchants reduce prices by up to 70% to outperform rivals. Start keeping an eye on costs across many websites for the products you want to buy to ensure you’re getting a good bargain when the time comes.
Sellers: Pulling customers to your store for Black Friday / Cyber Monday
Utilize social media effectively and launch email marketing efforts weeks before the holiday shopping season. The fastest-growing approach to digitalize product sales using featured and sponsored advertisements is social media marketing. You have the chance to communicate with your devoted consumers and those who have signed up for your email list directly through email marketing. Additionally, you can write eye-catching email headers to draw readers in. Word-of-mouth marketing continues to be the most effective selling strategy and is most beneficial to retailer business. Information and favourable reviews quickly flow from one client to another! Connecting with famous bloggers is the best way to do this, and sponsoring one of their gift guide blogs is a terrific way to start. You could also create a gift guide for your own store.
5- Is it worth waiting for Black Friday?
Buyer: Know what would actually be beneficial for you
Yes, it is worthwhile to wait until Black Friday if you plan to buy a large item. especially when buying expensive things like televisions, laptops, gaming systems, and other electrical devices. Nevertheless, you can find excellent bargains throughout the year at a variety of promotions. Although Black Friday is still some time off, you can anticipate price reductions to start considerably sooner.
Seller: Ensure that your product descriptions do the most
Use consumer psychology to your advantage. The following expressions might be used to emphasise the urgency of selling products and the limited-time bargain:
- Limited time only
- Only one left
- Selling out fast!
Now is the moment to use your persuasive abilities. Your sales may be seriously impacted. If you ran promotions last year, it would be a good idea to evaluate your sales statistics to determine what worked and what did not. You may get inspiration from this information for changes you could make to current items
6-Worst Mistakes to make on Black-Friday
Buyer: What should you not do on Black Friday?
Some mistakes are very common, that includes getting overspending and looking out for the cheapest deals instead of the value to money. Falling for deals on older tech stock. If you’re shopping with your smartphone, do not forget to keep your location turned on!
Seller: Ensure that your product descriptions do the most
Bring consumer psychology to great use. You can play up the limited-time bargain of selling goods with these following phrases:
- Limited time only
- Only one left
- Selling out fast!
It is time to bring your persuasive skills into action. It can really have an effect on your sales. If you had promotions last year, it is a good idea to take a look and review your sales data to see what went well and what did not work in your favour. This information can give you ideas on making alterations to existing products.
Black Friday Around The World
Around this time of year, prices have always been drastically reduced, but e-commerce has recently become involved. In many nations, online shopping is really becoming more and more popular around the holidays.
The yearly event isn’t observed everywhere; some parts of the world have their own form of Christmas shopping mania. Retailers in other parts of the world have also joined the Black Friday game.
The shopping extravaganza has become so well-known that it is now ingrained in non-Thanksgiving-celebrating cultures, such as Spain, which has fully embraced the sale day and Canada, which follows it. In 2017, clothing retailers Zara and Mango saw a 35% increase in sales over the Black Friday weekend. Brazilians also enjoy Black Friday, anxiously anticipating discounts on equipment like TVs the day after Americans celebrate Thanksgiving.
Indians don’t typically celebrate Thanksgiving, but internet companies have started courting Indian customers as a result of a rise in the number of people using Amazon to look for Black Friday deals on goods.
In comparison to other sales or discount periods throughout the year, Black Friday stands out. The finest time of the year to increase sales of your goods and acquire the item you’ve always desired from the week of limitless buying and selling is now. Black Friday can be the most affordable shopping day. However, not every offer made in November is a good one, and only savvy consumers who make earlier preparations will benefit from this sales season.
Making poor purchases might be simple for the unwary. Nevertheless, Black Friday is still worthwhile despite this unpredictability. In spite of inflation, Black Friday prices are probably some of the lowest of the year, so it’s definitely worth for keep watching for these bargains.
