Thursday, 27 November 2014

Black Friday - are you participating?

In a really crowded marketplace, are you participating in the Black Friday sales bonanza? I think that this event has been created out of nothing relevant to the UK but retailers wanting to shift as many units as possible. Amazon started the trend and it's the big online retailers and multiples that have run with it. The good thing for retailers with the timing of the event is that it coincides with many people's last payday before Christmas, so they are feeling a little flush and many are ready to spend and get a large chunk of their Christmas shopping done.

As a small independent retailer, you have one of two options, in my eyes. You can either roll with it or try to stand against it.  Here's what I mean-

Roll with it
There has become such hype about the event, many independents will feel that they simply have to offer some Black Friday savings or promotions. To get lost in the retail marketplace on such a busy day would be a major trading blow. To compete with Amazon, Tesco and the like, you'll have to box quite clever to find a niche in the marketplace but they exist. I would think that this will be a good strategy for retailers that will see a large footfall passing their door - those in major shopping centres or city centres or those near a Tesco.

Try to stand against it
There is a viewpoint that independents won't be able to price compete on days like this. Independents can offer their own bespoke products and services at their own prices. Next Saturday is Small Business Saturday, and that's when you can get behind a marketing event that is designed just for you.

I'm sure that retailers will take many different stances in relation to this but the one thing I advise is that you measure how successful it has been and learn from it for next year.

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