Black Friday: A time of retail chaos and deals that are so good that people are out for blood to get them. Or are they? Should you really be fearing for your life as a small business owner during Black Friday? In short, no. While many people closely harbor their disagreements about Black Friday (yes, it’s pretty ridiculous to completely forgo your family Thanksgiving meal and jump straight into the shopping deals), there are a number of interesting misunderstandings floating around the internet about this “holiday.”
Prepare Your Business With Our Help
If you’re worried that your inventory levels are going to be completely wiped out due to the high demand during this time of year, or you simply want to ramp up production to be prepared for the busy holiday season, The Commercial Finance Group can help. In a sea of factoring companies to help finance small businesses, our unique approach to capital lending and invoice factoring is a refreshing way for companies to rapidly receive the funds they need to manage their business. By leveraging your accounts receivable, our invoice factoring company can help you achieve the growth to succeed in today’s competitive small business market. Learn more about what The Commercial Finance Group can do for you by visiting here.
Myth: Black Friday Is Always The Busiest Shopping Day Of The Year
Depending on what your revenue history is and how old your company is, this could be true. But in general and contrary to popular belief, Black Friday doesn’t always generate the most sales or the most foot traffic through the door. In fact, back in 2014, the main sales day of the year actually belonged to Super Saturday, or the last Saturday before Christmas. Indeed, sales on Super Saturday 2014 hit a whopping $23 billion, a significant $2 billion gain over Black Friday 2014.
Myth: Cyber Monday Deals Are Always Just As Good As Black Friday Sales, If Not Better
While some Cyber Monday sales are practically unbeatable, things are cheap on Black Friday for a good reason. We’ll admit that Cyber Monday (a marketing term reflecting the online bargains available the Monday after Thanksgiving) is quite a popular alternative to Black Friday, but many brick-and-mortar stores still offer the best deals. Why?
You’ll find some of the best deals at retail stores because merchants are gambling that, once the consumers are physically inside the store, they’re more likely to engage in some good ol’ impulse buying. Depending on the store in question, some online discounts are often bigger and better on Black Friday than they are on Cyber Monday.
Myth: High-End, Big Retailers Don’t Participate
This isn’t true. While your typical big-box department stores like JC Penney, Sears, Macy’s and Kohl’s participate in the epic retail savings, upscale stores also play the price-cut game. Indeed, luxury apparel companies like Nordstrom, Neiman Marcus, Eddie Bauer, The North Face and Bloomingdale’s all mark down select inventory during this limited-time offer. Even luxury car manufacturers like Mercedes-Benz, Audi, and BMW often participate in Black Friday specialists, however, some industry analysts will recommend waiting until December when year-end prices fall even further.
Myth: Black Friday Is Named After Pushing Annual Balance Sheets Into “The Black”
It makes sense, but it’s also not true. According to the fact-checking website Snopes, the term “Black Friday” actually dates back to the early 1950s when workers feigned sickness just to get the day off. The moniker really took off about a decade later, in Philadelphia of all places. In the 1960s, Philadelphia police were contending with massive crowds of fans and holiday shoppers who were arriving early for the annual Army-Navy football game. The day was actually deemed “black” because it was such a nuisance, and police used the expression to warn people away from this congested, dangerous area.
It wasn’t until the 1980s when retailers started co-opting the phrase, using the financial “into the black” connotation (a phrase meaning that profits surpass expenses) in order to put a positive spin on the day as a prime time for holiday shopping. We bet that you didn’t think you were going to get a bit of a history lesson in this post!
Myth: Black Friday Is The Best Time To Do ALL Of Your Holiday Shopping
It might be true that several types of items will be available at rock-bottom prices, but select categories will actually be a bit cheaper (sometimes significantly cheaper) if you wait. For instance, it might be a good idea to hold off on things like toys, winter apparel, and brand name TVs. There are actually several guides online that go over the best and worst things to buy in November.
Myth: If You Have Buyer’s Remorse, Just Return Your Purchases
Stores are smart, and they’ll often tighten their return policies considerably during the holidays, making it harder to return the items you hastily purchased. Some retailers will only give you store credit for your returned purchase even if you have a receipt – indeed, many stores out there are actually keeping track of repeat returners and banning them from the stores. And if you don’t remember to ask for a gift receipt for each item you purchase, your recipients might be offered only partial store credit for a limited portion of the return. So, if you buy anything during Black Friday, make sure that you intend on keeping it.
Survive Black Friday With Our Small Business Lending Solutions
With our invoice factoring solutions from The Commercial Finance Group, this time of year doesn’t have to be stressful for your business. Learn more about factored accounts receivable and money factoring by getting in touch with us today.
