Black Friday is upon us and the best way of getting the most out of the sales is by taking advantage of these proven 5 tips for saving on Black Friday in 2022.
One of the biggest shopping days of the year, Black Friday is seen as an ideal time to get the best deals and discounts on items on your list, whether you’re buying online or in stores.
Saving on Black Friday
Black Friday is usually regarded by many as the official launch of the holiday shopping season. In Nigeria, about a week or two after the Black Friday sales, schools go on holiday, corporations shut down for the year and people get into the festive mood.
On the other hand, retailers work their staff overtime as the Black Friday weekend, as with the entire holiday period, is the busiest shopping day of the year.
However, there has been a debate about whether Black Friday sales are actually sales. Are Nigerians really getting the best deals during the Black Friday sales?
There are doubts, but on average, online and some physical stores are known to offer discounts during the Black Friday sales.
Due to the rigorous competition on Black Friday, many companies have opted to offer a series of sales leading up to Black Friday.
Tips for Black Friday Shopping
The overall goal of Black Friday is to shop smartly and save big. However, there are sneaky ploys used by retailers that can lead you astray.
By applying the right tips, some of which are listed below, your Black Friday purchases will save you a portion of your total expenditure.
Whether you’re shopping for holiday gifts or you’re buying for yourself, scoring the best Black Friday deals means starting early.
Black Friday sale items are usually limited. By starting early, you can be among those who make the purchase before they run out of stock.
Come up with a plan
Still, on starting early, before Black Friday arrives, take some time to establish a shopping plan. Whether you are shopping online or in person, consider what you’re shopping for and scout the deals ahead of time.
To be sure you are getting the best deals, don’t forget to compare prices. This sometimes means scouring the different websites or visiting the local shops to know what would be on offer, how much they go for, and how much is being shaved off.
Unfortunately, in Nigeria, price tracking tools and deal alert websites are not yet a thing. Price tracking websites allow you to view the price history of a product to see if that product ‘on sale’ is really a deal or not.
Avoid impulse buying
Don’t buy something just because it’s on sale. Shoppers can easily fall into a trap and end up purchasing a sale item because the deal sounded too good to be true.
You don’t need another refrigerator just because it comes cheap if you already have one at home.
Go into Black Friday knowing which products you want to buy. There are lots of deals on Black Friday, and it’s easy to end up spending more than you want because you get swept into the buying fever.
To avoid impulse buying, make a list of products you plan to buy on Black Friday. Otherwise, you could easily be distracted by other deals.
Don’t spend money you don’t have.
No matter how cheap an item is going for, if you can’t afford it, don’t buy it. Stick to the plan. What might seem like a good idea in December becomes an awful idea in January when all the bills start rolling in. Don’t buy things you can’t afford.
Black Friday: Deal Or No Deal?
According to Forbes, a 2022 survey shows that shoppers are more influenced by sales and promotions when it comes to beginning their holiday shopping. This is likely due to high inflation and the threat of recession.
But how would you know whether you are really getting a discount or not?
The tips below will help you know if you’re getting a good price on the items on your shopping list.
Check the price history
The internet may make shopping easier, but it’s also allowed for real-time dynamic pricing. That means products are constantly fluctuating in price, even changing several times per day.
That constant shift of prices can leave consumers wondering if they’re getting the best price now, or if they should wait before clicking the purchase button.
Reviewing a product’s price history is one of the easiest ways to see if you’re scoring a deal, or if you should hold off.
Be flexible with the different models
If you’re looking for a discount on a large appliance like a TV or a big-money product like a laptop, you’ll want to make sure the model you want matches the model that’s on sale.
However, to get a gd deal, you may want to be flexible about what model you purchase.
Many of the big Black Friday doorbuster deals on TVs and other electronics are often for what’s referred to as derivative models. Brands often create these models specifically for holiday sales so they can be sold at an enticingly low price. But they’re usually scaled-back versions of what’s popular.
Buying a derivative model doesn’t mean you’ll be getting a subpar product.
Derivative products from major brands are known to perform equally as well as their parent models, despite being cheaper.
Consider shipping costs
Even if you’re getting a good deal on the price of an item, there are two factors you still need to consider: Shipping and return costs.
Increases in shipping, transportation, fuel, and wage costs are taking a bite out of retailer profits. Retailers in turn are passing those costs on to consumers.
As a result, more e-commerce brands are starting to raise their order minimums for free shipping, and some are even charging customers for online returns.
So, while a product may appear on the shelf at a discount rate, be sure that you are not paying the difference in shipping fees.
Bonus tips for getting the best Black Friday shopping
Make a shopping budget.
If you plan on shopping this Black Friday, then you absolutely have to budget before you hit the first store, whether online or physical.
A budget is a plan for your money. And stepping into one of the biggest sale days of the year without a spending plan is a recipe for disaster.
Also, apply some discipline. Do not exceed your budget.
Do your research
Once you’ve set how much you’ll spend, it’s time to do some research. Thinking ahead will help you prioritise your spending.
Doing your research will give you an adequate sense of where the best deals are so you can hit fewer stops and avoid overspending.
Use your loyalty programs
Again, big retail shops and online stores do have loyalty programs for their customers. In some cases, these shops offer exclusive Black Friday deals to their loyal customers.
In some cases that means getting early access to deals or special coupons based on your shopping habits, free shipping, and some percentage off your order.