The Method Behind Black Friday Madness
Black Friday is quickly approaching, with the crowds descending into end of the week madness, all in the name of sales. The discount day is a tradition carried over from America and it is now taken of high note by British shoppers. This year, the extension of online sales has continued to grow, with Ebay reportedly anticipating 9m visits from British consumers. Last year, Black Friday sales amassed £810m in 2014, overtaking even boxing day sales. The rise in popularity is clearly noted with the projected sales of £1.07m this Black Friday.
Images of crowds reaching out for televisions and other tech have become synonymous in the media with Black Friday reporting, but it isn’t just tech retailers who are capitalising on the big event. High street stores are quickly stepping into line, with Black Friday discounts on clothing, jewelry, and footwear. Virtually everything is up for sale at a discounted price, providing retailers with an opportunity to clear old stock and furthermore increase footfall for the rest of the Christmas shopping period.
The concept of loss leaders is one that is perfectly employed during Black Friday, with the tactic of enticing shoppers with items that the retailer can afford to take a loss on, which is then surpassed in return with the increased likelihood of the same shopper purchasing additional items.
Small Business Saturday
One persistent argument against Black Friday is that it is economically unviable to small businesses, therefore excluding them from the busiest period of holiday shopping. The latest addition to the approaching discount weekend is Small Business Saturday, which is essentially the antithesis of Black Friday for small scale retailers still looking to offer consumers the deal that they’re conditioned to search for. Having already been accepted by Obama and being driven by American Express, the date is an ever-expanding success in the US. As Black Friday and Cyber Monday would show, it’s only a matter of time until the date fully integrates into UK markets.
In addition to Black Friday, there’s the follow up that comes in the form of Cyber Monday. As much as £3.4bn is predicted to be spent across the entire weekend that carries from the lead of Black Friday. During 2014, 40% of all shopping was completed online, which carries back to Black Friday which is boldly embraced by online retailers. The integration of Cyber Monday into the UK is becoming increasingly mainstream, with the distinction between Black Friday and Cyber Monday predicted to eventually be made redundant.