40% of shoppers will buy on Black Friday. What does this mean for small businesses? Will they be able to cope with it? Do they even want it?
Since its inception in the United States, Black Friday has spread throughout the world with businesses offering a variety of deals and discounts for a limited time. It officially kicks off the holiday shopping season the day following Thanksgiving in the United States.
Is Black Friday really as relevant as it always was, given the massive shifts in how shoppers shop? Will it be a day of “too-good-to-be-true discounts,” which fuels consumerism? Is it still in line with the values of today’s buyers, especially those who want to support local businesses?
Black Friday business is still a staple of the retail calendar.
Despite the retail industry’s rocky last two years, Black Friday remains an important aspect of retailers’ annual sales plans. According to a recent survey, 38.6 percent of customers intend to shop on Black Friday this year.
Another survey says 30 percent of all retail purchases occur from Black Friday through Christmas, which is possibly significant this year due to anticipated delays and shortages.
Small business is where the conscious shopper goes for their deals.
Consumers are increasingly interested in shopping locally, environmentally, and supporting small companies.
Without a doubt, Black Friday is a terrific time for small businesses to sell goods. They’re either early holiday sales or moving stock to make room for more Christmas products. They also build client loyalty.
Smaller merchants might offer incentives such as exclusive products, referral bonuses, free next-day shipping, longer returns, and loyalty advantages in addition to discounts. For many independent stores, a charitable donation speaks directly to their customers’ values. It’s not all about price cuts.
Modest enterprises who want to stay away from Black Friday have options.
Small Business Saturday has grown in popularity in recent years, and Holly Tucker’s “Colour Friday” was recently created as a Black Friday alternative. It was designed to encourage us all to appreciate the color and creativity that small businesses contribute to the UK…before it’s too late.
Smaller firms have a lot of clout in the retail world. A vast majority of the 5.7 million registered firms were small or medium-sized at the start of 2020. So independent retailers shouldn’t be put off by the fact that the major names seem to dominate this event. They’re not thought of as least, since local delivery is a huge benefit for smaller firms in these difficult times.
The internet reigns supreme.
The shift to online shopping represents a significant change in how customers shop. When physical stores were unable to operate due to the pandemic, retailers were forced to adapt quickly to reach their customers.
This year, 84 percent of Black Friday customers will make some purchases online, according to research from shopping comparison site finder.com. As a result, small businesses must ensure that their websites are in tip-top shape, ideally with several payment methods — as recommended by independent retail experts for a successful Christmas.
The business of giving.
Independent retailers participating in Black Friday should focus on creating a warm festive atmosphere for their consumers and displaying their gift items prominently.
Small businesses can capitalize on their USP — thoughtful, local, and ecological gifts — while major stores fight to meet the consumer’s thirst for cheap discounts.
Small business does not need to be small potatoes.
The owners of small enterprises know that technology can be either friend or foe.
Many small business owners have confronted challenges with technology, especially in the last two years. That’s because the pandemic has proven a fertile field for technological innovation. This is true in everything from medicine to education to politics to merchandising.
The business of business has never been made easier than by today’s technology. At the same time trying to navigate innovations such as Zoom has given many owners and entrepreneurs nightmares. Small establishments cannot usually afford a full-time IT person. Yet they cannot get along without full-time help in that area.
What to do? Some small enterprises now offer reimbursement or outright bonuses to employees who take technology and computer courses. Other owners find it more practical, cheaper, and less time-consuming to simply hire a consultant. The problem with tech consultants in the post-pandemic era is that they are as scarce as feathers on a bowling ball. If you can find one you are likely to pay dearly for their services.
On the other hand, many small business owners find they have a flair for working with technology. Necessity is the mother of invention…and the mother of technology expertise.
