Using Black Friday Sales to Drive Sales Effective or Not -Learning Research at JIM, Ghaziabad
So, this was the topic chosen by me for my research project. As it was quite an interesting one and I wanted to look more into the details of this. Eventually in first semester we had a specific subject for research projects and then I decided to go ahead with this. I am lucky enough that this proposal was accepted and approved by the committee. Also, I was being guided at each step as in which direction I have to proceed keeping my points into consideration.
The phrase “Black Friday” signifies a positive boost in retail sales that didn't grow nationwide till late 1980s, when merchants started to spread the red-to-black profit narrative. Black Friday was described as the day stores began to turn a profit for the year and as the biggest shopping day in the United States.
So, it was chosen to be the day after Thanksgiving. Retailers typically offer steep discounts on Black Friday to kick off the holiday season. It's a critical day for the retail sector, as the holiday season accounts for almost 20% or more of annual sales for many retailers. This is the day on which many retailers have traditionally made enough sales to put them in the black for the year. The stock market can be affected by having extra days off for Thanksgiving or Christmas.Now this concept is there in online platforms too, but as far as consumer sentiment has still predominant that best deals are reserved for those camp out on the sidewalk or make a trip to store. The pandemic has upturned this notion, however, and most retailers like Target, Walmart, and Best Buy have already declared that stores will remain closed on Thanksgiving in an attempt to avoid risky crowds — moving the Black Friday season more solidly into online territory. Black Friday has slowly been moderate in term of multi-day affair, helpfully prodded by Amazon’s month-long online sales. This year though should firmly put an end to the chaotic optics of in-store shopping mania.
According to a Sales force prediction, holiday demand will be pulled earlier in the shopping season, not only due to the halo effect from Prime Day deals, but also because of consumers’ concerns about personal safety, delivery delays, and product availability. We expect retailers and brands to push holiday promotions and deals more heavily during this time to leverage the buzz and excitement. The brand will reach new audience through partnership to increase their overall profit margin in the annual year. There will be many discounts offer provided to the consumer so that they buy the commodity as per their preference to motivate them and satisfy their buying intention. It has also created an urge between the customers as they would have more no of option and that led to a competitive market. And the cost of the product will be reduced till certain aspect as the middle man will not be indulging in this market it also let customer to fell as they money has been valued and they would get feeling as customer is the king. It also helps as to avoid cash transaction in money as it is not permissible in pandemic and it also led to online payment app as the customer will able to pay for respective order directly to delivery agent and there would be no point of caution for customer. This method seems like a win-win for both the consumers and companies.
Pulkit Kaul
MBA IInd Semester, Batch 2020-22
Jaipuria Institute of Management, Ghaziabad
