Black Friday: Things you need to know

Black Friday: Things you need to know

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Black Friday is an American tradition that has quickly taken root in Nigeria. The large online e-commerce shops like Shoprite, Jumia, Konga, Yudala, and other major retail chains in many parts of the country have been splashing out with big promotions and marketing campaigns to get consumers to part with their cash on the last Friday in November.

It’s a great opportunity for small & medium-scale business owners to build some hype on a day that consumers are particularly receptive to spending money.

If you’re a shopping enthusiast, you may wonder whether it’s a good idea to take part in the mayhem of the day where crowds pack shops and storm websites looking for bargains.

So, let’s look at five things you need to know before taking a decision to join the Black Friday jamboree.

1. Shopper enthusiasm If you are among those who love shopping for a treat or shopping for Christmas gifts, Black Friday is an excellent day to look forward to shopping for bargains.

2. Low-cost, tactical campaigns Small & medium-scale retailers, who have the right offers and a sharp marketing message, might be able to attract some good business with low-cost, tactical campaigns on Black Friday, because of the combined hype created by large retail chains and e-commerce sites.

3. Old stock are sold-off Most of what will be up for discount sale would be old stock. Black Friday is a great opportunity for all categories of retailers to market old inventory that they would need to mark down or dispose of, anyway. So, you are most likely to get bargain prices for old stocks only

4. Be quick and fast. On Black Fridays, retailers can generate a lot of footfall into their shop or traffic for their e-commerce websites just with the right offer. So, be fast and hurry to the stores, if you want to buy highly discounted items.

5. Shopping Adventure Finally, Shoppers are adventurous on Black Friday, so retailers have an opportunity to attract new customers or to get customers to buy goods from them that they usually get somewhere else.

As to the pros and cons of Black Fridays, there is no clear-cut answer to the question whether Black Friday is a must for shoppers or for small retailers – each must look at its needs, expectations, capacity, and ability before committing resources to Black Friday.

What is clear, however, is that you must do Black Friday well if you are going to do it at all – or else you might end up with disappointment and anger

Vanguard

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