Black Friday as most people see it as a day which comes after Thanksgiving, where shoppers are on a huge shopping spree buying all sorts of good and items from clothes to Electronics to utensils on huge discounted and shop owners look forward to this day as a profitable making day. But there is much more significance to this day.
The term was initially used to describe a financial market crisis which happened on 24th September 1869. Two wall street brokers Jay Gould and Jim Fisk brought as much USA’s gold as possible in hope to drive gold price sky rocketing and later sell it on high price, but the strategy reversed which made stock market to crash and making everyone bankrupt After doing business for almost a year in losses or in red stores saw their business to run in profits after shoppers poured their money on highly discounted goodies exactly after Thanksgiving thereby accounting the business in black or profit.
Another version of story which revolves around this term heads back to 1950s when Philadelphia police used it to describe the utter chaos when tourists and shoppers headed towards the city a day advance of Army- Navy football game held on Saturday each year which made them work long hours and shop owners and merchants too took advantage of the crowd making it hard for the law makers and imposers to control the crowd and deal with situation. Many changes were done with names, like changing black Friday to big Friday to surpass the notion of black being colour of negativity but nothing worked. The term spread like wildfire in 80s and all of retail section took advantage of this and created a new event which is supposed to spread positivity and is marked as day of red to black. Slowly steadily shop owners Created a four day event from one day to market their goods which engaged small businesses on weekends and also the following Monday which is now known as Cyber Monday to encourage their sales.
Though there is a huge surround of shoppers In market during this day in the countries which celebrate Thanksgiving, few drops can also be seen in countries like India where online shopping is popular. Black Friday sales offers a huge time to browse and buy products at a very low rate and can also give us some reasonable and amazing exchange offers. Since companies operate globally it is also to have your product shipped from country to country. Therefore many Indian companies are getting inspired by the concept of. Black Friday and are celebrating the event on Indian platforms by offering goods at a very discounted price to increase their sales.
What is different in the black Friday sales for the year 2020 in India?
This year is very much different than rest of the year due to the novel coronavirus as majority of the year the country was supposedly in a strict lockdown. With malls and small retail businesses opened their doors for the customers such schemes can prove to be of high significance in driving their sales to a higher level. Shop owners and retailers were sure that due to such events they can liquidate all the stocks which was piled up in between summer and autumn, an attempt to recover from the losses which non essential retail section saw during pandemic. As traveling and shipping continues to be restricted customers can thus expect a delay in delivery of goods something which is also a point to note.
Did sales increase during the pandemic?
The origin country of the event saw a record breaking sales, where people spent overall 9 billion USD on the brands. Almost 21.6 % of increase was seen for the year 2020 than amount which was on the day in year 2019. While online sales saw and increase in their sales as many as 38% percent had decided to help small and local business owners.
An increase in sales were also recorded in Indian shops where platforms like Amazon gave up to 50% off on international brands along extended sales with discounted price as done by Flipkart. Along with several other deals which were held by retail chains like Vero Moda, Marks and Spencer etc. Black Friday sales are thus seen as a way to keep consumer busy in window shopping and luring in buying goods which they did not get a chance to buy during Diwali. The sales happened in the India during the Black Friday has benefitted as much as 70,000 retailer through Amazon Platform which encouraged the online platforms to also show made-in-India goods with limited period offers making a huge set of revenue to flow in the market.
In conclusion, this year’s Black Friday sales is not usual like the other years, may be a huge revenue might pour into market. A lot of dealers may see a rise or fall in their sales due to pandemic but the Indian will keep on coming up with such schemes to lure customers in order to promote and increase their sales.