BREAKING NEWS

Advertisement

Lifestyle

Updated on: Thursday, November 25, 2021, 07:09 PM IST

What is Black Friday? Its significance and history; all you need to know

In 2020, Cyber Monday sales totalled $10.8 billion, which outpaced Black Friday's total sales of $9.4 billion.
Photo: Representative Image

Photo: Representative Image

Advertisement

Black Friday (the day following the Thanksgiving Day holiday on the last Thursday in November) is the biggest retail sales day in the United States, often regarded as the unofficial start of the holiday shopping season.

A very popular shopping festival that takes place every year generates more and more people to spend and buy products. In 2020, more than 100 million shopped online on Black Friday, up from 93.2 million people in 2019

Cyber Monday, the Monday after Black Friday, is a 24-hour online shopping event that was created to persuade people to do their shopping online and is now seen as an extension of the Black Friday sales. In 2020, Cyber Monday sales totalled $10.8 billion, which outpaced Black Friday's total sales of $9.4 billion.

Black Friday came to be associated with Thanksgiving since the middle of the 20th century. The Friday after Thanksgiving, when people in the US were offered attractive discounts on products, has now been exported to much of the rest of the world, including India where e-commerce companies such as Amazon and Flipkart launch their individual Black Friday sales.

Black Friday is also believed to symbolise the US gold market crash of 1869. It was the day plummeting gold prices caused a market crash, the effects of which were felt by the US economy for years.

In recent years, the shopping tradition has moved online, with 2018 being a record-breaking year for eCommerce retailers bringing in a record $6.2 billion in online sales, growing by 23.6% compared to the previous year.

Online merchandising is all about the clever science of displaying the best offers and products on a site in such a way that increases sales and that's when the shopping season comes in when people are itching to spend money they received during Thanksgiving and shopping for upcoming Christmas eve.

Sales can be overwhelming, so helping your potential customers find the most interesting and relevant offers is one of the best ways to make them open their wallets.

To generate more sales, retailers drive more traffic to their website quickly, that’s why paid social media and Google ads are marketers’ go-to tactics for driving online footfall.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Advertisement
Published on: Thursday, November 25, 2021, 07:09 PM IST
Advertisement