The time is upon us and you can almost feel the buzz in the air, right? Every year, consumers are gearing up to score big and GoBiz is here to help you do the same since you've got skin in the game too. 

Even though inflation is on everyone’s mind right now, Black Friday is still happening no matter what and you need to be prepared for what’s to come. 

We know you're not just looking to score a one-off deal; you're aiming for long-term, strategic gains from this anticipated yearly event. And you are here because you want to maximize profits while optimizing stock. Ah, the cycle of retail life!

Well let’s get right into it so that you can find out how your business can make the most of this sales bonanza.

What is all the hype?

Black Friday 2023 falls on November 24th and it’s that magical time of the year when shoppers get a head start on their holiday gifts and retailers rake in the profits. So where did this phenomenon actually come from? 

Interestingly, fun fact, the term "Black Friday" was first coined in the 1960’s in Philadelphia, where it was initially used to describe the heavy and disruptive pedestrian and vehicle traffic that would occur on the day after Thanksgiving. Over the years, the term evolved into a positive occasion, representing the day when retailers' ledgers moved "into the black," signifying a profit. 

Now let's talk numbers. Did you know that in the United States alone, on just one day, Black Friday sales reached an all time high of $9.12 billion in 2022? That’s right, making it one of the most lucrative days of the year for retailers. With the help of Cyber Monday and the increasing popularity of online shopping, this time of the year was a retail goldmine, but is that in the past? 

Great questions…

So what can we expect in 2023? That’s a tough call, and according to Forbes, consumer spending has cooled down due to rising interest rates, higher prices in non-discretionary spending categories, and depleted savings. These current economic conditions may be challenging times for holiday season sales and the second half of 2023 which will also set the tone for 2024. 

This doesn’t mean that you should worry, but just be prepared if you don’t meet your company sales goals this year - these times are confusing for everyone. 

What are people actually buying?

Before you even start crafting your strategy, you've got to know what's hot.

• Tech Gadgets: Think smartphones, smart home devices, and gaming consoles.
• Fashion: Designer labels and everyday wear alike fly off the digital shelves.
• Home Goods: From blenders to furniture, people are keen on making their homes a fresh new redesign. .
• Toys and Games: Come Black Friday, every parent turns into a stealthy Santa as toys are advertised at huge bargains. 

Alright, you know the lay of the land. Now how do you capitalize on it?

What strategies work to skyrocket sales?

• Update your website with Black Friday messaging. 

Your website should be as welcoming as a hug and as exciting as a fireworks display. Update the look and feel, and make sure people can shop from their couch—or anywhere else—easily.

• Don’t just beat the clock, set it.

Time waits for no one, especially not on Black Friday and you MUST create a sense of urgency. Flash sales and "early-bird" deals are your friends here. It’s like playing a high-stakes game where everyone’s a winner.

• Reach the masses with social media.

Your social media platforms are not just for sharing memes; they're your ticket to Black Friday gold. Think beyond posts—think live streams, interactive stories, and those viral reels.

• Unleash exciting email campaigns.

Emails are your trusty sidekicks, there when you need them. Teaser emails, countdowns, last-minute steals—you get the gist. The more tailored, the better.

• Sweeten the deal with a gift with purchase.

A little freebie can turn a shopper from a one-time buyer into a lifetime customer. It's that little extra something that makes a big difference.

• Partner up for more sales opportunities.

Join forces with a complementary brand and offer bundled deals. It's like when two superhero teams unite to save the world.

• Make shopping fun with games and quizzes. 

An interactive quiz that leads to product suggestions? Genius. Make shopping as enjoyable as binge-watching a great show.

Just don’t do it.

There are some companies that are against and do not believe in the Black Friday mass shopping event as they focus on social causes or sustainability instead. There is nothing wrong about opting out of being a part of this online extravaganza due to your brand mission and vision and if that’s you, then rock that lane!

What is GoBizUSA doing?

Right, what's GoBiz bringing to the table? Get ready for exclusive B2B deals that will make your head spin—in a good way. For the inside scoop, sign up for our newsletter to be in the know.

To access our Black Friday specials click here.

So there you have it! Black Friday is not just another day; it’s the day. And now you're more than ready for whatever it throws your way. Whether you play it traditional or make your own rules, one thing is certain: It's going to be a ride you won't forget. 

Happy selling and shopping!

Frequently Asked Questions

When should I begin the Black Friday buzz?

The sooner, the better. We suggest that you start promoting at least one month minimum to get those marketing engines purring.

How can I create urgency without annoying people?

Let your deals speak for themselves. A gentle "while supplies last" works wonders.

What kind of gifts could I offer as a “Free Gift With Purchase”?

Something relevant and useful, like a mini-product or a discount on future purchases.