November has become synonymous with Black Friday in South Africa and Bloemfontein businesses and locals are not left behind with this annual hunt down for specials. Whether it is in a long queue in a mall or by getting caught up in the online shopping space.
The Director of the School of Financial Planning Law at the University of the Free State, Dr Liezel Alsemgeest, believes that all the spending on Black Friday is a great opportunity for retail companies, as the economy needs a push. She warns consumers to be cautious when they step out to hunt down bargains, emphasising that proper research is vital.
“If you do your research, then Black Friday can be a great thing. However, if you take a chance and go and walk in the shops on Black Friday or shop online, you can get caught up in the hype. Then you might spend money on things you did not necessarily need OR sometimes you might buy something that the retailer indicates is on sale, but is not really,” Alsemgeest advises.
Local business, Booze Town, has been taking part in the rush for the last two years. According to Emmanuel Papgis from the retail and wholesale liquor store, Black Friday is an opportunity to give back to their clients in the last week of November, while giving them [clients] a chance to stock up for the festive season. “We are running it [specials] for the week, and not just the weekend, to give everyone a chance to benefit from Black Friday Deals and not have the fear of them being run over in-store or standing and waiting in overly long queues,” he says.
United Furniture Outlets (UFO) in Bloemfontein’s branch manager, Nico Rheeder, says that having specials during this time of the year will help the business achieve their budget while selling quality furniture.
“At the end of the day it is a chain reaction,” he adds. On the business side of things, Rheeder highlights that marketing and pricing should be prioritised and executed accordingly. “You must advertise correctly and you must have enough stock. What you advertise, you need to make sure you have enough stock available for the customers. In terms of prices compared to your competitors, your price must be 100% correct so that you don’t have customers walking out of the store.”
For Rheeder, the goal that locals businesses should aim to achieve in preparation for the rush is to make sure that they have the correct merchandise, correct prices and enough stock.
Dr Liezel Alsemgeest’s 5 tips to consider when hunting down Black Friday specials:
- Make a list of what you need.
- Do your research on what a good price is for that item.
- Only buy if an offer is below that value.
- Only buy what is on your list.
- Try and block out the noise of retailers and be intentional with your spending.
Running Black Friday specials this month? Here are a few tips:
- Prioritise advertising and marketing good quality products/services before and during.
- Compare your prices to your competitors to ensure that you are competitive during the Black Friday season.
- Sell good quality stock. Avoid selling damaged goods.
- Make sure you have sufficient stock of the products you have on special.
- Ensure that your teams in various departments are ready/equipped to handle the extra flow of clients.
Gypseenia Lion
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