Black Friday and Cyber Monday are two major retail events. Over the years, they’ve become global phenomena. For many businesses in Australia, they mark the beginning of the holiday shopping season and a key opportunity to help boost revenue.
For small businesses, Black Friday and Cyber Monday can be a great time to promote sales, invest in attracting new customers and help boost your brand. With many consumers actively searching for deals, you can use these events to help promote unique offerings. This can help you build customer loyalty to compete in the holiday sales.
You can also take advantage of this sale period to grab great deals to help boost your business operations.
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In this article we look at what Black Friday and Cyber Monday are, as well as how your business can take advantage of this important period in the trading calendar.
Black Friday is held the day after Thanksgiving (United States holiday), usually in late November. In retail, the term ‘Black Friday’ first appeared in 1950s Philadelphia.
Over time, Black Friday grew in popularity across the US, then globally.
Many retailers around the world have now adopted it as an annual event to help draw in customers with compelling offers and discounts.
The origins of the term ‘Black Friday’ date back to Friday 24th September 1869. At the time, it had nothing to do with retail.
It was first associated with the Wall Street financial markets and two traders who purchased a large amount of gold. Their intention was to push up the price and sell at a large profit. They succeeded and as a result, the US gold market crashed. The term ‘Black Friday’ was used to sum up the feeling of doom and gloom.
Fast-forward to the 1950s and the term Black Friday was also viewed in a negative light. With masses of people entering Philadelphia, virtually all police officers in the city had to work long shifts. Many wanted nothing to do with the stress caused during the day, hence the name ‘Black Friday’.
But as the concept grew in popularity, by the 1980s, retailers had reframed the term. They wanted it to reflect the idea of stores ‘going into the black,’ or becoming profitable.
Held on the Friday after Thanksgiving, Black Friday has evolved from a single day of promotions. It often goes across the entire weekend and into Cyber Monday.
Some retailers may also offer discounts slightly earlier than Black Friday (Thanksgiving Day) or across the entire week preceding the date.
Black Friday can be both an in-store and online sales event. In the past, it began as an in-store shopping day. Retailers offered limited deals to draw customers into physical stores.
Now, online shopping is very popular. As a result, retailers have expanded Black Friday deals to include this. Many will offer discounts both in-store and online at the same time. In some cases, there might be exclusive online deals to help retailers reach a wider audience.
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Cyber Monday is another major online shopping event. It’s held on the Monday after Black Friday and was created to encourage people to shop online for exclusive deals.
The term Cyber Monday originated in 2005, when the US National Retail Federation (NRF) noticed an interesting trend. They saw people returning to work after Thanksgiving and shopping online for items they missed on Black Friday.
Cyber Monday complements Black Friday by extending holiday shopping momentum online. It often features deals focused on tech products and electronics, but also extends across a wide range of items e.g. clothing and household items.
Like Black Friday, Cyber Monday sales traditionally began as a one-day event. Online retailers would offer exclusive, time-sensitive deals to push sales. These discounts may only have been available 24 hours, which helped drive demand for specific items.
As online shopping has grown in popularity, many businesses have extended Cyber Monday deals beyond one day. This helps attract shoppers who may have missed the Monday or are still searching for holiday deals.
Together, Cyber Monday and Black Friday are often merged to create a four-day shopping event known as ‘Black Friday Weekend’. Retailers will offer in-store and online options, meaning they can reach different types of shoppers and maximise sales.
Many products are available on Cyber Monday. While electronics (laptops, smartphones, and smart home devices) are popular items, deals go beyond tech. Businesses may use this time to promote anything from fashion or beauty items, travel packages or unique products such as artisan goods or niche lifestyle items.
So don’t be put off if your business doesn’t offer tech or electronics products. You can still consider how to make the most of this sales period to reach new customers in a period where they’re on the lookout for a deal.
Cyber Monday can help you get the attention of a large online shopping audience that might not otherwise consider your products or offers.
Careful planning for sales events such as Black Friday and Cyber Monday can help you maximise sales and deliver a great customer experience. Below we unpack some things worth consideration.
Make sure your website is fast, responsive and easy to use. Many shoppers buy using mobile devices. Check that your website is mobile-optimised.
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It can help to build anticipation by announcing sales early through social media, email newsletters or digital ads.
Check stock levels of your popular items and plan for a possible increased demand. Also set expectations regarding shipping times to customers. Think about business management over the holiday sales season too.
Consider offering guest checkout to speed up the process for new customers. Multiple payment options can also help reduce cart abandonment and help you close sales. Explore more tips on how to plan and execute a sales promotion for your business.
It’s not just your customers that can benefit from Black Friday and Cyber Monday. Your business may be able to take advantage of special offers too. From essential office supplies, devices, software subscriptions and digital marketing tools. You can use this time to help secure valuable resources for your business.
Consider upgrading your tech, or stocking up on supplies at reduced prices to help set you up for future growth and profitability.
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Make the most of Black Friday Weekend by putting in place efforts to help boost your sales and strategically investing in your operations in preparation for the new year.
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