The day after Thanksgiving is called Black Friday. The holiday season usually starts after this. There are a huge number of sales all around the world during the Black Friday season and people want to buy as much they can at discounted prices.
Now Black Friday Sales happen online too since the arrival of eCommerce. And it is not just the very day that attracts customers. Stores now offer discounts that last the whole week. It has emerged as a major sales day of the year and products worth billions of dollars are sold. There are some reasons why people go crazy for these sales.
We make a lot of plans in our daily lives. Those plans include shopping lists of the things we plan to buy. We decide the budget we want to spend. But most importantly, we decide what we need and what we do not.
But if there is a sale going on, we might let go of our plans and focus on the sale instead. Psychologists have studied this phenomenon in which people sometimes buy things they actually do not need just because there is a sale in place. Or, the need for that thing is not significant but they still buy it.
As an illustration, consider the latest smartphone model you might want to buy during Black Friday sale 2019 but probably do not need. If you find out there is a discount on it, you will be tempted to spend lesser money than usual and grab it. Lower prices cloud our thinking and make us spend the money we have instantly so that we do not regret not buying the products later.
The other aspect that makes us spend is the time limit. Time limits are intrinsic to sales. Sales are not sales without them. Businesses create an environment of urgency that customers are tempted to respond to.
Beside the time limit, there is another limit that impacts consumer decisions, and that is the number of items or products. If there were an unlimited number of products on sale, nobody will be in a rush to buy anything. Why labour when you are guaranteed the product?
The concept of getting up on time to reach the store and avail the deal still holds value despite the arrival of online stores. They do not necessarily have to make the extra effort of getting out of their beds to reach the stores in time. They can order anything from their homes too. But people still visit stores in droves to avail any discount available
There is another interesting thing here that needs a mention. Even if someone does not get the product they badly want due to any possible reasons, they still would not like to return empty-handed. Since there was a discount going on, they would like to buy other products that attract them during Black Friday global. This is a huge advantage for businesses that might not be able to sell the product that customer actually desires.
Brands might also be able to sell those products that do not have any discount on them. This is because customers think there is a discount on everything and end up buying things they otherwise might not.
We all save money that we later want to spend. But when there is a sale going in, our buying is transformed from a boring, mundane experience to a proper hunt. We find pleasure in looking out for a variety of Product Packaging being sold for lower prices. This pleasure is inversely proportional to the time limit allotted by stores. The lesser the time limit, the more excited customers get about discovering new products.
We aspire to hoard as many products as we can while staying within these limits. This also makes buyers feel better about themselves. For instance, if someone has got a better deal than their friends, they will be ecstatic about it.
Retailers target the mindset of consumers when they visit the store through Advertising Materials. Their aim is to capture their attention and sell them as many products as possible. They do different things from playing music to spraying enchanting scents to make customers stay. The psychological effects of pleasant smells have been studied extensively till now.
Scents have been linked to memory. They invoke previous memories. If you smell the aroma of a bakery item that you bought during the last holiday, you will definitely want to buy it again. The reason is that it triggers the positive emotions that surround that product. You want to replay those emotions to relive that experience.
This is also a great opportunity for Printing Services. They create a lot of attractive prints for business during the sale season and mint a lot of revenue.
The more time customers spend in stores, the more chances there are of selling products to them. Positive feelings are central to this strategy. When buyers start feeling positive about the overall environment of a store, they feel comfortable while spending their money.
Although there is a lot of competition among different buyers, people have still got a positive impression of other people. The collective buying experience is appealing and it makes every customer feel they are an important part of the sale.
The holiday season is special. It presents unique opportunities for both customers and businesses. Customers are willing to spend their money and brands are trying to cash on it. The opportunities could be maximized by deploying clever strategies by both of them.