What is Black Friday?
Black Friday is one of the most awaited and busiest shopping events worldwide. It is originally from the U.S and now so many other countries around the world are celebrating this. People start doing holiday shopping with so much craze.
When does it happen?
It falls on the day after Thanksgiving, which is the fourth Thursday of November. The days are slightly different every year, generally towards the end of November. Most of the time retailers start the offers earlier and even extend for a small duration.
Origin of Black Friday
There are several theories associated with this. Retailers have an interesting way of signifying their profit using color codes. Red indicates not a good profit and Black indicates good profit. These days give retailers a chance to turn red into black, so the name is “Black Friday”.
Online shopping during Black Friday
Online shopping has been a part of Black Friday for quite some time, but its significant growth and widespread adoption as a major component of the Black Friday shopping experience began in the early 2010s. The COVID-19 pandemic in 2020 accelerated the shift to online shopping even further This is the best option for those who do not prefer crowds. These days market places are mostly crowded, sometimes shoppers can not complete shopping properly, so they switch to online mode of shopping. E-commerce portal .also participate in this event and offer huge discounts on several products with names such as best buy Black Friday, Black Friday offers, Black Friday sale deals etc. Convenience is the factor which attracts so many customers towards this.
Impacts on the market
It impacts the economy for both the retailers and overall. Retailers get great opportunities to enter into the competitive market, showcase and promote their products and marketing strategies through Black Friday Sale. It often involves extensive advertising and promotional efforts to attract customers.
Impacts on people
People get a wide range of products at reasonable and discounted prices. There is an opportunity for saving on buying with the Black Friday deals. For some it has become a way of bond through purchasing and bargaining together.
Products
Here is the list of most sold products
- Home and Kitchen-Furniture and home decor, Cookware and kitchenware and Home improvement items
- Beauty and Personal Care-Skincare and cosmetics, Perfumes and fragrances and Haircare products etc.
The essence of Black Friday can be captured by this following line:
It is an event of shopping, fun, holiday and togetherness with revenue generation and employment opportunities.