First thing’s first, what is Black Friday? Originally an American tradition, Black Friday is the day after Thanksgiving when retailers cut prices on a huge range of items, causing a surge in consumerism.
British retailers have since jumped on the bandwagon and in the past few years, the UK’s Black Friday has grown and grown, becoming a key date for businesses and kick-starting the Christmas shopping season.
If you’re the owner of a small business, here’s everything you need to know to get the most out of the day…
When is Black Friday?
Get it in your diary – the official date for this year’s Black Friday is the 29 November.
That being said, Amazon has already announced that they’re starting early this year with an eight-day sales period starting from the 22 November. As the giant online retailer is one of the market leaders for Black Friday, you can probably expect deals to be popping up from other retailers around the same time.
So, is Black Friday really that big of a deal? Studies have shown that 62% of British people plan to take part this year and the total amount spent is expected to increase significantly from last year, rising from £4.5 billion to £7 billion.
What’s interesting is how consumers like to shop on this day. We’ve already mentioned market-leaders Amazon, who is an online retailer, and the number of online shoppers on Black Friday has certainly grown.
In fact, Amazon has estimated that they sell over 200,000 toys in their first five hours of sales. However, you shouldn’t dismiss brick-and-mortar as many consumers still prefer to shop in physical stores during the sales season.
How Your Business Can Prepare
For businesses, Black Friday signifies the beginning of what’s likely to be their busiest and most profitable season. So, how can business owners make sure they’re ready for the potential influx of bargain hunters?
More than half of consumers start thinking about Black Friday before 1 November, so it’s best to plan your promotions in advance. Do you want to offer a discount on a big-ticket item? Free delivery?
A complimentary gift with each order? Each of these incentives could bring in new customers and raise your profile, so it’s just a case of trying it out and seeing which works best for your business.
According to TNT Direct, it is vital to make sure you check your tech so you can avoid any downtime on your website. You don’t want it to crash at this crucial time as it may discourage new consumers from returning to your website or shopping with you again in the future. Also, it’s a good idea to monitor your social media channels closely as the number of queries and engagement might increase and you can use this to build your online visibility.
Don’t miss the boat when it comes to Black Friday this year. Get your business involved by introducing enticing offers and promotions, which could boost your profits and increase awareness of your brand.