You may have been hearing about Black Friday and Cyber Monday shopping but I am not sure you are familiar with their meaning, how they started and what they represent. This is piece provides a quick understanding of what the two concepts mean and why Americans fight one another while struggling to buy products during shopping on these two days. Black Friday which is the first Friday after Thanksgiving in the United States of America, is followed by Cyber Monday which is the First Monday after Black Friday.Though in the US there is no official holiday for Black Friday, many organisations make it a free day for staff. The 2017 edition of Black Friday is today (November 24) while cyber Monday holds on Monday, November 27. Black Friday is widely regarded as the beginning of Christmas shopping. The deals on Cyber Monday are online only and generally offered by smaller retailers that cannot compete with the big retailers. Why not read this piece and understand what they both represent. Also find out how you can be part of Black Friday here in Nigeria.
Black Friday History
For millions of people Black Friday is the time to do some serious Christmas shopping –even before the last of the Thanksgiving leftovers are gone! Black Friday is the Friday after Thanksgiving, and it’s one of the major shopping days of the year in the United States -falling anywhere between November 23 and 29. While it’s not recognized as an official US holiday, many employees have the day off -except those working in retail.
The term “Black Friday” was coined in the 1960s to mark the kickoff to the Christmas shopping season. “Black” refers to stores moving from the “red” to the “black,” back when accounting records were kept by hand, and red ink indicated a loss, and black a profit. Ever since the start of the modern Macy’s Thanksgiving Day Parade in 1924, the Friday after Thanksgiving has been known as the unofficial start to a bustling holiday shopping season.
In the 1960’s, police in Philadelphia griped about the congested streets, clogged with motorists and pedestrians, calling it “Black Friday.” In a non-retail sense, it also describes a financial crisis of 1869: a stock market catastrophe set off by gold spectators who tried and failed to corner the gold market, causing the market to collapse and stocks to plummet.
Why did it become so popular?
As retailers began to realize they could draw big crowds by discounting prices, Black Friday became the day to shop, even better than those last minute Christmas sales. Some retailers put their items up for sale on the morning of Thanksgiving, or email online specials to consumers days or weeks before the actual event. The most shopped for items are electronics and popular toys, as these may be the most drastically discounted. However, prices are slashed on everything from home furnishings to apparel.
Black Friday is a long day, with many retailers opening up at 5 am or even earlier to hordes of people waiting anxiously outside the windows. There are numerous doorbuster deals and loss leaders – prices so low the store may not make a profit – to entice shoppers. Most large retailers post their Black Friday ad scans, coupons and offers online beforehand to give consumers time to find out about sales and plan their purchases. Other companies take a different approach, waiting until the last possible moment to release their Black Friday ads, hoping to create a buzz and keep customers eagerly checking back for an announcement.
More and more, consumers are choosing to shop online, not wanting to wait outside in the early morning chill with a crush of other shoppers or battle over the last most-wanted item. Often, many people show up for a small number of limited-time “door-buster” deals, such as large flat-screen televisions or laptops for a few hundred dollars. Since these coveted items sell out quickly, quite a few shoppers leave the store empty handed. The benefit of online shopping is that you will know right away if the MP3 player you want is out of stock, and can easily find another one without having to travel from store to store. Also, many online retailers have pre-Black Friday or special Thanksgiving sales, so you may not even have to wait until the big day to save. So, there you have it – the Black Friday history behind the best shopping day of the year! (Source: blackfriday.)
Cyber Monday is November 27, 2017, the first Monday after Thanksgiving. It’s expected to be the biggest shopping day of the year. Adobe Digital Insights predicts that online shoppers will spend $6.6 billion, 16.5 percent more than in 2016. online, a 9.4 percent increase. It would replace Black Friday, which will only receive $5 billion in online sales.
Cyber Monday is so popular because 75 percent of shoppers dive in first thing Monday morning.
Twenty-five percent shop during lunch and 34 percent go online Monday night. Only 19 percent take advantage of Cyber Monday sales the rest of the week.
Nearly a third of shoppers begin Cyber Monday shopping on Sunday. That’s becoming more and more popular. It used to be that shoppers needed the faster internet speeds from work computers. Now, personal laptops and mobile devices are as fast as work computers.
Cyber-Monday is starting earlier because most online retailers start their Cyber Monday deals earlier. In fact, top stores like Wal-mart, Target, and Amazon start Cyberweek sales on Thanksgiving Day itself. The best way to get in on their deals is to sign up for their email newsletters.
What Are the Sales Trends for Cyber Monday?
Cyber Monday is becoming more popular while Black Friday is becoming less so. Cyber Monday was christened by thebalance.com).in 2005. Each year since then, new records are set as more and more people enjoy the convenience of shopping online. Cyber Monday sales have more than tripled since 2009 (Source:
Black Friday in Nigeria
Black Friday is a universal event today. In Nigeria, Jumia and Konga are among retail outlets that provide Black Friday shopping opportunities for Nigerians. For instance, in 2016, online retail giant, Jumia Nigeria announced a 70 per cent discount sales of regular prices on most of its items that were displayed across all Jumia online stores, during the Black Friday Sales.
So for Black Friday shopping in Nigeria, it’s almost impossible to not know about Jumia’s Black Friday sales. Konga has what is called ‘Black Friday Yakata Day’ which gives buyers mouth-watering discounts. Payporte is calling theirs Payporte Double Black while Yudala is also having an offline Black Friday event. As you can see, most Black Friday offers as made by online stores.
There has also been allegations that when some shopping malls and super markets in Nigeria advertise Black Friday offers but when buyers pack several products and get to the point of payment, they are told that the discounts do not apply to several of the products they picked. Please beware of such baits. Despite this, Black Friday is a good opportunity to acquire products at interesting prices.