Last Updated on November 23, 2022
It’s that time of year again. A time when people go crazy for sales, and retailers try to outdo each other with the biggest and best deals. Black Friday has become one of the biggest shopping days of the year, and it’s not just in the US anymore. Countries all over the world are getting in on the action, and people are spending billions of dollars on this one day. But is Black Friday really what we think it is? Is it a day of great deals, or is it a day of madness? Let’s take a look at some of the facts.
What is Black Friday?
Black Friday is typically a US tradition of retail sales that comes a day after Thanksgiving (usually the last Thursday of November). Black Friday is known to be the biggest retail sales in the US but it has piqued its way to being global now. Many countries partake in the black Friday sales usually in the last five days of November.
Brief History of Black Friday
Many believe that the term Black Friday has its roots in the meaning of black, which means “to show profits.” shows no loss”, but this is not the case.
Historically, black has been associated with days of financial stress as opposed to days of commercial success. The first Black Friday occurred in 1869 after financier Jay Gould and railroad entrepreneur James Fisk attempted to monopolize the gold market, ultimately leading to a financial panic and market collapse. A little over 60 years later, on October 29, 1929, another stock market crash called Black Tuesday marked the beginning of the Great Depression.
The true origin of Black Friday after Thanksgiving lies in the word black, meaning “marked by calamity or calamity”. This is because so many workers accidentally called in sick and decided to extend their holiday weekend. About ten years later, the Philadelphia Transit Police called the day after Thanksgiving Black Friday. Visitors flocked to the city to start their Christmas shopping, and sometimes this popular shopping day coincided with the annual Army and Navy football game. The term became popular among buyers and dealers in Philadelphia and from there spread throughout the country.
The 1980s gave rise to the Black Friday myth we know today. The terms black and red are used in business to denote profit and loss, in the 1980s, nearly two decades after the term Black Friday became an everyday use.
Black Friday is part of a series of unofficial holidays focused on shopping at the start of the holiday season. This period begins with Black Friday, the oldest and most established day. Cyber Monday is a recent addition along with Small Business Saturday. The annual charity fundraiser, called Giving Tuesday, takes place on the Tuesday after Thanksgiving. Giving Tuesday is an annual event that encourages people to donate to charities and volunteers.
Is Black Friday What It is For Consumers?
We have seen the hustle and bustle that comes with Black Friday. The unending traffic, the stores dragging and trampling. It can all be a complete hot mess, this is because everyone is looking to do their holiday shopping before prices are back to normal or even more hiked than usual.
Now the truth is though the deals during Black Friday are mouth-watering and tempting, experts have found out that consumers can easily find the same deals and sometimes even better at other times of the year.
Tom Church, the co-founder of the money-saving community LatestDeals.co.uk, said:
“Remember that just because it’s Black Friday doesn’t mean you’ll get the cheapest price. Most retailers have regular deals and sales throughout the year.”
Research suggests that shoppers can find items cheaper at other times of the year. However, for 2022 Black Friday, experts say, the economic meltdown and the degrading cost of living can influence retailers to be more competitive with their sales this year.
Black Friday can be an opportunity to get the best steal-away prices on all of your favorite products and you can even get to save money, which is the hardest thing for people during the holiday season. In light of all of this, we know you’ll be looking to get the best deals you can.
Here are some tips you should try to implement.
Plan and do research
Once again, do not forget to do your research on these stores. This can be the easiest time to be a victim of a scam, check them online and their previous Black Friday sales, and be on the lookout for faulty products and credit card scams. Do your due diligence.
Shoppers may find discounts, but having a list of what to buy before Black Friday weekend will help you to shop, compare prices, and see if it’s worth it.
“It’s always best to research the brands you’re eyeing and look at the different offerings on different websites and stores. Once you’ve compared a few options, you’re more likely to find the best deals for your budget,” he says Rojdmark.
Price tracking websites such as PriceSpy, camelcamelcamel, and PriceRunner help you monitor the price of the item you are about to buy and check the price history to ensure you get the best deal.
If you’re using Black Friday as an opportunity to buy big items like kitchen interest for a specific period of time. However, the budget to pay off the loan before the 0% period of implementation ends.
Curb your spending enthusiasm
Historically, shoppers have splurged during the Black Friday weekend, spending billions on bargains. However, experts warn the event may encourage customers to overspend and could lead to problem debt.
Sue Anderson, a spokesperson at debt charity StepChange, says:
“The intense marketing of Black Friday offers at this time of year is impossible to ignore, but it’s important to be aware that these sales are designed to encourage consumers to buy things they may not necessarily need, and leave some shoppers particularly vulnerable to the risk of problem debt.”
While using credit cards, overdrafts, or Buy Now, Pay Later schemes to make purchases during Black Friday can help spread the cost of your purchases, consider whether you can afford the repayments before taking on new debt.
“It may seem tempting to use options to Buy Now, Pay Later but that is still a form of credit and while some of it may be interest-free, there can still be serious financial consequences if payments are missed,” says Anderson.
If you’re struggling with debt or concerned about keeping up with repayments, it’s really important to get the help you may need to navigate this period.
Black Fridays are not just for consumers, the retailers have their backs to the wall just to make sure the black Friday sales period is a success for them and their customers. Here are a few tips to aid their success:
Get the Right Discounts
For Black Friday and Cyber Monday, most people want at least 20% off the items they buy. You want to be competitive. To help you stand out from the crowd, consider sweetening the deal by offering a gift along with your merchandise. Shopify lets you add gift cards to your store. Most retailers offer discounts of at least 20% on Black Friday. How many offer 50% off for first-time buyers, or 30% off for 5 or more items? Get creative with the discounts you offer.
Here are some tips for Black Friday discounts.
- Display your discounts prominently on your home page. This gives customers a clear view of what they are saving for Black Friday and Cyber Monday
- Add banners that display a countdown:
Countdown banners add urgency and heighten excitement. With tools like Powr, you can create one in minutes.
Cross Selling
This is a great time to step up your cross-selling game. Don’t expect your customers to buy what they want and leave your website. When customers buy, you need to guide them to something that fits naturally. Think socks and shoes, paper and pens, yoga mats, and yoga straps. When someone buys, what else do they need?
You may want to create separate pages for Black Friday and Cyber Monday with related products for your customers. This will strengthen your efforts.
If you currently have a SALE section on your site, it’s easy to change the text and make the navigation bar dedicated to Black Friday and Cyber Monday. You should load-test your site before the sale weekend. Also, get feedback from friends about your website’s shortcomings.
Amazon does a great job with cross-selling. Clicking on an article will direct you to other articles of interest. In an experiment, we clicked on the New Balance shoes. Related products that surfaced included some insoles and other similar branded shoes. Heel guards and insoles are often purchased alongside tennis shoes for comfort. Advocating for high heels might be a bit off-topic, but the products they pull are sponsored. may prompt you to
Leveraging Social Media
Social media is a huge boon to e-commerce businesses. When advertising on Facebook, remember that the more engagement your ad gets, the better your ad will perform. Therefore, you need to create highly engaging and shareable Facebook campaigns. Remember, you don’t just want your ads in front of you, you want those ads to reach your target market.
“Sending someone who likes hockey an ad for his vintage football jersey is like sticking a square pin in a round hole.” Please pay attention. Find out which hashtags your consumers are using and how to incorporate them into your boosted posts. Make sure your social media plugins integrate with Facebook and Twitter so consumers can share your offer with their friends.
Facebook has proven to be the most effective way to drive traffic to e-commerce websites. In 2016, the purchase rate of e-commerce businesses on Facebook increased by 42%.
The best way to sell your products on Facebook is to choose high-quality product images and add your logo and text promoting your offer. Start distributing this ad at least a few days in advance to build excitement. When you advertise at the last minute, the customer will only see the ad once and is less likely to click through. Remember, many retailers need to pay attention to this big shopping weekend.
A great example of Facebook marketing is the Jeulia Jewelry ad below. They created a great video of their product with 360-degree rotation and classical music added. Clicking on an ad takes you to a product page on your website.
Conclusion
The truth is the Black Friday tradition is something that is here to stay and it is whatever you make of it. Whatever you do, be sure to take precautions while doing those holidays shopping. Tell us what deals you are looking out for?
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