Digital Content Manager Black Friday is the most popular term that is associated with shopping. Traditionally it was celebrated in the United States but retailers across the globe consider Black Friday a mandatory part of their festive deals to amplify profit gains.
But there’s a lot to know about Black Friday other than just correlating it with holiday sales.
That’s why I’ve done the hard work by referring to multiple sources and gathering credible information about this terminology.
On that note, we’ll be discussing a complete guide about what Black Friday is all about and how consumers get benefitted from shopping on this day.
Geared up? Let’s go.
What is Black Friday and how did it get evolved?
Black Friday generally refers to the day after the U.S. Thanksgiving holiday. Thanksgiving day means a day of giving thanks and sacrifice for the blessing of the harvest and of the preceding year.
Coming to the main point, the origination of the term has two different aspects. Generally while filling entries in the account book, officers differentiate profit and loss in terms of black and red colors.
The black color represents profit and the red indicates a loss. Since Thanksgiving day falls on Thursday and the very next day is Friday, people flock into malls and online stores for purchasing products at massive offers & discounts.
This boosts the financial gains and hence sources say it was termed Black Friday. It sounds interesting, right? But what if I say that there is another story hidden behind this name?
Earlier on Sep 24, 1869, two investors named Jay Gould and Jim Fisk drove up the gold price which landed on a severe crash. The term “Black Friday” was first coined on that day as there was a huge loss in the stock market.
Next in the period of 1950-1960, the Police officers in Philadelphia began using “Black Friday” to explain the problem that occurred when a myriad of suburban tourists came to visit the city.
This group of tourists started their shopping and planned to visit a big event that falls on Saturday. So a large crowd gathered, which made the police officers work 24×7 without any rest.
This made the cop’s life hectic and they named it “Black Friday”. However, efforts were made to change it to “Big Friday” but it didn’t catch people’s attention.
Later on, the word started to gain more traction and today it is celebrated as one of the main shopping days in all parts of the world.
Here’s a small recap: Pic Credits: Blackfriday.com
Now that you got an idea about the term, next we shall have a look at key insights about Black Friday that has shaped the consumer’s lives.
Interesting facts about Black Friday
With the pandemic rise, people have started to shop online abundantly which is an important factor to accentuate. ECommerce giants like Amazon, Walmart, Target, Best Buy, Home Depot, etc shower exclusive deals on their sites. As these behemoths are present both offline and online, sales will just flow over the roof.
Apart from them, local retailers in different niches also experience a considerable hike in their profits during Black Friday. But compared to normal sales day, the online traffic increases upto 220% on Black Friday and 155% on Cyber Monday.
Since it is a four-day holiday, retailers use this as a trump card and sell all the products at a discounted price to consumers. This is a win-win situation as shop owners can clean up their inventory and consumers can buy more products by spending less.
But remember these points!
As Black Friday is the most sought-after day for retailers and consumers, scammers use this as a trap to steal money. Don’t fall for it.
Read these points below to get rid of Black Friday scams that ensure you undergo a safe shopping experience:
- Beware of fake Black Friday emails and messages that you receive. Do not click any suspicious links as they might steal your personal information.
- Do not intend to pay via gift cards and only use credit cards while shopping.
- Scammers pretend to call from an NGO and might ask you for donations. We, thinking to be kind-hearted will share money with the intention of saving our fellow humans. This is a clear trap so do some research on whether the NGO is existent or not.
- Many shopping websites which are unknown to you will list amazing deals. Don’t go for it. To be on the safer side buy products only from trusted retailers.
On the whole, you need to be aware of the following scams to safeguard your potential data:
- Phishing scams.
- Gift card scams.
- Credit card skimming.
- Faux charity scams.
So stay vigilant by making smart moves and do not be exposed to these types of vulnerability.
Final Thoughts
I hope this mini-guide on Black Friday would have opened up new perspectives for you. Knowing the reason behind why it is celebrated makes sense in shopping right? So plan your shopping checklist for the upcoming Black Friday and buy products at rock-bottom prices.
I would like to share a popular quote of Bill Gates which has a deep meaning:
“You may have heard of Black Friday and Cyber Monday. There’s another day you might want to know about: Giving Tuesday. The idea is pretty straightforward. On the Tuesday after Thanksgiving, shoppers take a break from their gift-buying and donate what they can to charity”.
