Black Friday is like marmite, you either love it or hate it!! But there is one thing for certain, it is no longer ‘that thing they do in America’, it is here in the UK and it’s not going away. So, we have a choice to make, we can either decide to get involved or look at the alternatives.
Here at team BBD, we are split with the love it or hate it thing and are undecided as to whether we should ignore it or get involved! It has created many a debate in the office, so we thought why not write a blog and get all the ‘emotion’ down on paper!!
Black Friday has essential been all about large retailers selling electrical goods and getting richer off the proceeds. However, since lockdown consumers are more interested in shopping local and supporting small businesses. So do designers, like yourselves, want to join the Black Friday Buzz. Well let’s take a look at the Pros and Cons and then you can decide!!
• It can be a means to generate more sales which in turn creates more revenue.
• It can help off load old or discontinued stock that is taking space up in your warehouse or home! BUT remember – you do not have to discount all your products.
• Provides a talking point with your stockist which keeps your brand in the forefront of their mind.
• By offering a discount or a freebie it can help to create loyalty with the independent shops.
• Black Friday could help generate pre orders for Spring i.e. offer 10% off if you order for Spring 2023 now. This will help with print runs and stock management.
• It can create the pressure to discount when small businesses cannot afford to.
• This in turn would reduce profit margins during a potentially busy period.
• Stockist may wait to see if you are offering anything for black Friday which will reduce sales in the lead up to it.
• Cash flow could be affected as an increase in production may be necessary to cope with the demands of Black Friday.
• Encouraging more sales could be seen as unethically and at odds with the increased awareness of sustainability.
I hope our list of pros and cons has made it easier for you to decide (we are still unable to agree in the office!!). You can check out our next blog which is the alternatives to Black Friday – coming soon!!