Black Friday, the day following Thanksgiving in the United States, is considered to be one of the biggest retail events of the year. While everyone pays attention to the blockbuster sales and massive discounts during Black Friday, very few know how it came into existence and its importance. This ShoppingGreedy post aims to enlighten you about Black Friday’s history.
When is Black Friday 2024 | Black Friday Sale 2024 Date
Mark the date 29 November 2024 on your calendar, for that is when Black Friday falls this year. Don’t forget to share the Black Friday Sale 2024 Date with your friends and family members!
Black Friday History & Origin | What is Black Friday?
The term “Black Friday” was first used in the 1950s by police in Philadelphia. They used it to describe the day after Thanksgiving when the city would be overwhelmed by hordes of suburban shoppers and tourists, creating chaos and traffic jams as they prepared for the annual Army-Navy football game. However, the term wasn’t seen favorably because of the volatile period in the United States at that time.
The phase began taking a positive meaning by the sixties as merchants saw it as an opportunity to appeal to the massive number of people on the streets. In fact, by the eighties, the entire nation adopted Black Friday as the start of the holiday shopping season. It was now seen as a transformative day for businesses, as they shifted from operating “in the red” (indicating financial losses) to “in the black” (indicating profitability). Why? Courtesy of the increase in sales volume.
Black Friday Significance
Black Friday is an economic juggernaut that keeps many retailers – both local and online – on the path of profitability. Black Friday’s significance can be attributed to these reasons:
Economic Boost
For businesses, Black Friday is an opportunity to significantly boost revenue before the end of the fiscal year. Many retailers rely on the profits from this day to stay afloat, making it an essential part of their annual sales strategy.
Consumer Anticipation
Shoppers eagerly await Black Friday for months, researching deals and planning their purchases. This anticipation translates into a surge in both in-store and online traffic, driving the sales figures to record highs.
Retail Strategy and Employment
Black Friday is also crucial for job creation. Seasonal employment rises as stores hire additional staff to manage the influx of customers. For many temporary workers, this offers valuable job experience and income during the holiday season.
Why do Retailers Offer Discounts on Black Friday? | Black Friday 2024 Facts
Retailers benefit in several ways by rolling deals and discounts during Black Friday. The factors outlined below explain the sizzling price drops you will come across during Black Friday Sale 2024.
Inventory Clearance
The new year is generally earmarked for the launch of new products and models. Hence, sellers use the holiday season to sell older inventory and prepare for new stock. Moreover, Black Friday is proven to draw large crowds of bargain-hungry shoppers. This heightened activity allows stores to sell off regular-priced merchandise as consumers are already on a shopping spree.
Competitive Edge
In an era dominated by e-commerce giants like Amazon, brick-and-mortar and smaller online stores need to stay competitive. By offering attractive discounts, they can capture the attention of customers and prevent them from going to rival businesses. Black Friday has become a game of who can offer the best deal, pushing prices lower each year.
Customer Base
Black Friday is synonymous with brand loyalty. Picture this. You get a brand new laptop at 75% off through a retailer during the Black Friday Sale. Content with your purchase, it’s likely you will think about checking out this retailer for a future purchase. That is also the reason why stores extend their offerings for “Black Friday Week”; the intention is to push out their loyalty programs and reinforce their connection with consumers.
Conclusion
While Black Friday originally focused on in-store shopping, the digital age has transformed it. The shift to online shopping has changed the landscape, making Black Friday a more versatile and accessible event. Moreover, technology has revolutionized how consumers engage with Black Friday. Shoppers now have access to apps, price comparison tools, and exclusive email promotions, making it easier to snag the best deals without ever leaving home. That said, check out the ShoppingGreedy website for trending Black Friday Deals 2024. Happy shopping!