Black Friday may be loved by shoppers around the world, but when it comes to smaller retailers, it has often been the case that it is seen as the Grinch that stole Christmas. It didn’t just steal Christmas. It carefully wrapped it up with stunning wrapping paper and a pretty bow and handed it straight to the big retailers.
In the US, Black Friday is the first Friday after Thanksgiving. Speaking to Betway Casino, the retail doctor, Bob Phibbs states: “Most smaller retailers would do well to not even try and compete on the day after Thanksgiving,”. Does that mean that these small retailers are shut out in the cold? Does it mean that they will never see their share of the $58 billion spend? We believe that not all is lost.
Small Business Saturday
It may well be that smaller retailers are unable to stand up and compete with the big boys for Black Friday, but this was recognised a decade or so ago. This saw the conception of Small Business Saturday. As the name suggests, this is a day dedicated to spending at smaller independent retailers.
Its creation allows the small retailers out there to piggyback off the back of Black Friday’s popularity. As Phibbs goes on to say: “It’s about putting a focus squarely on the high street and putting out a big welcome sign for customers. It’s all about customers.”. This drive to push customers towards smaller retailers means that they are able to ride the wave associated with Black Friday and still stand to benefit.
An alternative approach
When you look at the big retailers, Black Friday is all about one thing: huge discounts. Of course, that is not a problem as we all love these discounts and actively hunt them down as soon as they arrive. The problem is that small retailers just can’t compete. They are already paying more for their stock than the big retailers and to try and match discounts would see them literally giving their stock away. That is why they need to approach Black Friday differently.
There is a change taking place in customers. It is no longer just about the discount. They want great service and fast delivery. These are areas where smaller retailers can come up trumps. By shifting the focus away from being solely about price, smaller retailers have a real chance of competing.
An online presence
For smaller retailers to really benefit from Black Friday then they need to make the move online where one might find some video game adaptions among other things. Yes, people will always love the in-store experience, but an online presence makes you more accessible and means that you can be reached by a new customer base.
Given the events of the last year or two, there is a degree of nervousness when it comes to shopping in-store. If smaller retailers ensure that they can sell online they are increasing their chances of making Black Friday, and the whole festive period, a real success story.